Argus Raises NetApp (NASDAQ:NTAP) Price Target to $75.00

NetApp (NASDAQ:NTAP) had its price objective raised by Argus from $66.00 to $75.00 in a research report report published on Friday morning, The Fly reports. The firm currently has a buy rating on the data storage provider’s stock.

Several other brokerages have also recently issued reports on NTAP. Citigroup restated a sell rating and issued a $40.00 target price (down previously from $55.00) on shares of NetApp in a report on Friday, August 16th. Stifel Nicolaus reduced their price target on shares of NetApp from $75.00 to $60.00 and set a buy rating for the company in a research report on Friday, August 2nd. Zacks Investment Research upgraded shares of NetApp from a hold rating to a buy rating and set a $64.00 price target for the company in a research report on Wednesday, November 6th. Credit Suisse Group upped their price target on shares of NetApp from $60.00 to $70.00 and gave the company an outperform rating in a research report on Thursday, November 14th. Finally, ValuEngine upgraded shares of NetApp from a sell rating to a hold rating in a research report on Wednesday, October 2nd. Three equities research analysts have rated the stock with a sell rating, fifteen have issued a hold rating, ten have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. NetApp has a consensus rating of Hold and an average price target of $62.71.

Shares of NetApp stock traded down $0.64 during trading hours on Friday, hitting $62.85. The company had a trading volume of 186,035 shares, compared to its average volume of 2,409,623. The company’s 50-day moving average is $55.62 and its two-hundred day moving average is $57.29. NetApp has a twelve month low of $44.55 and a twelve month high of $78.35. The company has a debt-to-equity ratio of 2.14, a current ratio of 1.31 and a quick ratio of 1.27. The company has a market cap of $14.96 billion, a P/E ratio of 15.64, a price-to-earnings-growth ratio of 1.49 and a beta of 1.56.

NetApp (NASDAQ:NTAP) last issued its earnings results on Wednesday, November 13th. The data storage provider reported $1.09 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.94 by $0.15. NetApp had a net margin of 17.20% and a return on equity of 95.04%. The business had revenue of $1.37 billion during the quarter, compared to analysts’ expectations of $1.38 billion. During the same quarter in the prior year, the business posted $1.06 EPS. The company’s revenue for the quarter was down 9.6% on a year-over-year basis. Sell-side analysts expect that NetApp will post 3.54 EPS for the current year.

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, January 23rd. Shareholders of record on Friday, January 3rd will be given a dividend of $0.48 per share. The ex-dividend date is Thursday, January 2nd. This represents a $1.92 dividend on an annualized basis and a yield of 3.05%. NetApp’s payout ratio is currently 47.76%.

In other NetApp news, Director Gerald Held sold 7,000 shares of the company’s stock in a transaction on Wednesday, August 21st. The shares were sold at an average price of $47.23, for a total transaction of $330,610.00. Following the completion of the transaction, the director now owns 14,391 shares in the company, valued at approximately $679,686.93. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, VP Joel D. Reich sold 3,963 shares of the company’s stock in a transaction on Wednesday, August 21st. The stock was sold at an average price of $47.29, for a total transaction of $187,410.27. Following the transaction, the vice president now owns 12,249 shares of the company’s stock, valued at approximately $579,255.21. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 20,963 shares of company stock valued at $987,420. 0.33% of the stock is owned by insiders.

Institutional investors have recently made changes to their positions in the business. Hexavest Inc. purchased a new position in NetApp during the 2nd quarter worth $26,000. Kistler Tiffany Companies LLC raised its position in NetApp by 315.4% during the 2nd quarter. Kistler Tiffany Companies LLC now owns 511 shares of the data storage provider’s stock worth $32,000 after buying an additional 388 shares during the last quarter. CWM LLC raised its position in NetApp by 113.0% during the 2nd quarter. CWM LLC now owns 639 shares of the data storage provider’s stock worth $39,000 after buying an additional 339 shares during the last quarter. Rational Advisors LLC raised its position in NetApp by 1,256.9% during the 2nd quarter. Rational Advisors LLC now owns 692 shares of the data storage provider’s stock worth $43,000 after buying an additional 641 shares during the last quarter. Finally, North Star Investment Management Corp. purchased a new position in NetApp during the 3rd quarter worth $40,000. Institutional investors own 99.42% of the company’s stock.

About NetApp

NetApp, Inc provides software, systems, and services to manage and share data on-premises, and private and public clouds worldwide. It offers cloud data services, such as ONTAP cloud storage data management and NetApp cloud sync data synchronization services; NetApp SaaS backup for Microsoft Office 365; NetApp cloud backup solutions; OnCommand management software and management integration tools; and NetApp private storage for cloud.

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