NetApp Inc. (NASDAQ:NTAP) Receives $51.00 Average Target Price from Analysts

NetApp Inc. (NASDAQ:NTAP) has been assigned an average recommendation of “Hold” from the twenty-eight analysts that are presently covering the firm, MarketBeat reports. Five research analysts have rated the stock with a sell rating, sixteen have given a hold rating and six have assigned a buy rating to the company. The average 12-month target price among brokerages that have issued ratings on the stock in the last year is $49.56.

Several equities analysts have recently weighed in on the stock. Wells Fargo & Co decreased their price target on shares of NetApp from $55.00 to $46.00 and set an “equal weight” rating on the stock in a research note on Tuesday, March 31st. Zacks Investment Research cut shares of NetApp from a “hold” rating to a “sell” rating and set a $47.00 price target for the company. in a research report on Wednesday, May 27th. Citigroup lifted their price target on shares of NetApp from $32.00 to $37.00 and gave the company a “sell” rating in a research report on Thursday, May 28th. Bank of America upgraded shares of NetApp from a “neutral” rating to a “buy” rating and lifted their price objective for the company from $50.00 to $55.00 in a report on Friday. Finally, William Blair restated a “hold” rating on shares of NetApp in a report on Thursday, June 4th.

Shares of NetApp stock opened at $41.83 on Tuesday. The company has a current ratio of 1.18, a quick ratio of 1.14 and a debt-to-equity ratio of 4.74. NetApp has a 12-month low of $34.66 and a 12-month high of $65.38. The firm has a market capitalization of $9.06 billion, a price-to-earnings ratio of 11.82, a PEG ratio of 1.28 and a beta of 1.31. The firm’s 50 day simple moving average is $44.24 and its two-hundred day simple moving average is $49.60.

NetApp (NASDAQ:NTAP) last released its quarterly earnings results on Wednesday, May 27th. The data storage provider reported $1.19 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $1.04 by $0.15. The company had revenue of $1.40 billion for the quarter, compared to analyst estimates of $1.37 billion. NetApp had a net margin of 15.13% and a return on equity of 168.65%. The firm’s revenue was down 12.0% on a year-over-year basis. During the same quarter last year, the business earned $1.22 earnings per share. On average, sell-side analysts predict that NetApp will post 2.7 EPS for the current fiscal year.

The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, July 29th. Investors of record on Friday, July 10th will be paid a dividend of $0.48 per share. This represents a $1.92 dividend on an annualized basis and a dividend yield of 4.59%. The ex-dividend date of this dividend is Thursday, July 9th. NetApp’s dividend payout ratio is currently 54.39%.

Several hedge funds and other institutional investors have recently modified their holdings of NTAP. Meeder Asset Management Inc. boosted its position in NetApp by 87.5% during the 1st quarter. Meeder Asset Management Inc. now owns 662 shares of the data storage provider’s stock worth $28,000 after acquiring an additional 309 shares during the period. Procyon Private Wealth Partners LLC acquired a new stake in NetApp during the 4th quarter worth about $32,000. Sowell Financial Services LLC boosted its position in NetApp by 40.8% during the 4th quarter. Sowell Financial Services LLC now owns 642 shares of the data storage provider’s stock worth $40,000 after acquiring an additional 186 shares during the period. Aigen Investment Management LP acquired a new stake in NetApp during the 1st quarter worth about $50,000. Finally, Signaturefd LLC lifted its holdings in shares of NetApp by 58.0% during the 1st quarter. Signaturefd LLC now owns 1,876 shares of the data storage provider’s stock valued at $78,000 after buying an additional 689 shares during the last quarter. Institutional investors and hedge funds own 90.17% 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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Analyst Recommendations for NetApp (NASDAQ:NTAP)

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