NetApp Inc. (NASDAQ:NTAP) Receives $51.00 Consensus PT from Brokerages

Shares of NetApp Inc. (NASDAQ:NTAP) have received an average recommendation of “Hold” from the twenty-eight brokerages that are presently covering the company, MarketBeat.com reports. Five investment analysts have rated the stock with a sell rating, sixteen have issued a hold rating and six have given a buy rating to the company. The average 1-year price target among analysts that have updated their coverage on the stock in the last year is $49.56.

A number of analysts have recently issued reports on NTAP shares. Bank of America upgraded NetApp from a “neutral” rating to a “buy” rating and lifted their price target for the company from $50.00 to $55.00 in a research report on Friday. Stifel Nicolaus downgraded NetApp from a “buy” rating to a “hold” rating and dropped their price target for the company from $55.00 to $50.00 in a research report on Monday, May 11th. William Blair reissued a “hold” rating on shares of NetApp in a report on Thursday, June 4th. Susquehanna Bancshares decreased their price objective on NetApp from $63.00 to $60.00 and set a “positive” rating on the stock in a report on Thursday, May 28th. Finally, Loop Capital cut NetApp from a “buy” rating to a “hold” rating and decreased their price objective for the company from $70.00 to $43.00 in a report on Monday, April 27th.

Shares of NTAP traded up $0.35 during trading hours on Tuesday, reaching $44.37. 2,331,012 shares of the company’s stock traded hands, compared to its average volume of 2,585,107. The stock has a market cap of $9.73 billion, a PE ratio of 12.53, a price-to-earnings-growth ratio of 1.38 and a beta of 1.31. The company has a current ratio of 1.18, a quick ratio of 1.14 and a debt-to-equity ratio of 4.74. The firm’s 50 day simple moving average is $44.19 and its 200-day simple moving average is $49.17. NetApp has a 12 month low of $34.66 and a 12 month high of $65.38.

NetApp (NASDAQ:NTAP) last issued its quarterly earnings results on Wednesday, May 27th. The data storage provider reported $1.19 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $1.04 by $0.15. The firm had revenue of $1.40 billion during the quarter, compared to the consensus estimate of $1.37 billion. NetApp had a return on equity of 168.65% and a net margin of 15.13%. The company’s revenue for the quarter was down 12.0% on a year-over-year basis. During the same quarter last year, the company posted $1.22 EPS. As a group, analysts expect that NetApp will post 2.69 earnings per share for the current fiscal year.

The business also recently declared a quarterly dividend, which will be paid on Wednesday, July 29th. Shareholders of record on Friday, July 10th will be given a $0.48 dividend. This represents a $1.92 dividend on an annualized basis and a yield of 4.33%. The ex-dividend date is Thursday, July 9th. NetApp’s payout ratio is 54.39%.

A number of institutional investors and hedge funds have recently modified their holdings of the business. Bank of New York Mellon Corp boosted its stake in shares of NetApp by 9.6% in the fourth quarter. Bank of New York Mellon Corp now owns 5,416,736 shares of the data storage provider’s stock worth $337,192,000 after acquiring an additional 473,061 shares during the period. State Street Corp boosted its stake in shares of NetApp by 1.0% in the first quarter. State Street Corp now owns 9,958,075 shares of the data storage provider’s stock worth $415,152,000 after acquiring an additional 95,027 shares during the period. Providence Capital Advisors LLC bought a new position in shares of NetApp in the first quarter worth about $2,064,000. Blair William & Co. IL boosted its stake in shares of NetApp by 11.3% in the fourth quarter. Blair William & Co. IL now owns 6,256 shares of the data storage provider’s stock worth $389,000 after acquiring an additional 637 shares during the period. Finally, AXA boosted its stake in shares of NetApp by 513.6% in the first quarter. AXA now owns 64,855 shares of the data storage provider’s stock worth $2,703,000 after acquiring an additional 54,286 shares during the period. Institutional investors and hedge funds own 90.17% of the company’s stock.

NetApp Company Profile

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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