NetApp (NTAP) Given a $62.00 Price Target at Pivotal Research

NetApp (NASDAQ:NTAP) has been assigned a $62.00 price objective by analysts at Pivotal Research in a note issued to investors on Thursday. The firm currently has a “buy” rating on the data storage provider’s stock. Pivotal Research’s target price points to a potential upside of 2.24% from the stock’s previous close.

Several other equities analysts also recently issued reports on the stock. DA Davidson upped their price objective on shares of NetApp from $53.00 to $56.00 and gave the company a “buy” rating in a report on Tuesday, November 14th. Piper Jaffray Companies set a $52.00 price objective on shares of NetApp and gave the company a “buy” rating in a report on Tuesday, November 14th. Maxim Group restated a “buy” rating and set a $56.00 price objective on shares of NetApp in a report on Friday, October 27th. ValuEngine upgraded shares of NetApp from a “hold” rating to a “buy” rating in a report on Thursday, November 16th. Finally, UBS Group restated a “buy” rating and set a $52.00 price objective (up previously from $45.00) on shares of NetApp in a report on Thursday, November 16th. One equities research analyst has rated the stock with a sell rating, seventeen have given a hold rating and sixteen have issued a buy rating to the stock. NetApp presently has a consensus rating of “Hold” and a consensus price target of $54.22.

Shares of NetApp (NASDAQ:NTAP) opened at $60.64 on Thursday. The company has a market cap of $15,671.35, a PE ratio of 26.03, a price-to-earnings-growth ratio of 1.82 and a beta of 1.33. NetApp has a 1 year low of $37.43 and a 1 year high of $64.06. The company has a current ratio of 1.67, a quick ratio of 1.64 and a debt-to-equity ratio of 0.55.

NetApp (NASDAQ:NTAP) last released its quarterly earnings results on Wednesday, February 14th. The data storage provider reported $0.99 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $0.91 by $0.08. NetApp had a net margin of 11.49% and a return on equity of 26.77%. During the same quarter last year, the business earned $0.82 earnings per share. equities research analysts predict that NetApp will post 2.84 EPS for the current year.

In other news, VP Joel D. Reich sold 3,371 shares of the firm’s stock in a transaction that occurred on Friday, November 17th. The shares were sold at an average price of $53.17, for a total transaction of $179,236.07. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, CEO George Kurian sold 75,000 shares of the firm’s stock in a transaction that occurred on Monday, November 20th. The stock was sold at an average price of $52.50, for a total transaction of $3,937,500.00. The disclosure for this sale can be found here. In the last quarter, insiders sold 176,629 shares of company stock worth $9,568,956. 0.47% of the stock is owned by corporate insiders.

Hedge funds and other institutional investors have recently modified their holdings of the company. Exane Derivatives grew its stake in shares of NetApp by 59,850.0% during the 3rd quarter. Exane Derivatives now owns 2,398 shares of the data storage provider’s stock worth $105,000 after purchasing an additional 2,394 shares during the period. First Personal Financial Services grew its stake in shares of NetApp by 27,540.0% during the 3rd quarter. First Personal Financial Services now owns 2,764 shares of the data storage provider’s stock worth $121,000 after purchasing an additional 2,754 shares during the period. Quantbot Technologies LP acquired a new stake in shares of NetApp during the 3rd quarter worth approximately $131,000. IFP Advisors Inc grew its stake in shares of NetApp by 45.3% during the 4th quarter. IFP Advisors Inc now owns 2,571 shares of the data storage provider’s stock worth $142,000 after purchasing an additional 801 shares during the period. Finally, Tower Research Capital LLC TRC grew its stake in shares of NetApp by 227.3% during the 4th quarter. Tower Research Capital LLC TRC now owns 3,286 shares of the data storage provider’s stock worth $182,000 after purchasing an additional 2,282 shares during the period. 96.67% of the stock is currently owned by institutional investors and hedge funds.

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About NetApp

NetApp, Inc (NetApp) provides software, systems and services to manage and store customer data. The Company enables enterprises, service providers, governmental organizations, and partners to envision, deploy and evolve their information technology (IT) environments. The Company offers a portfolio of products and services that satisfy a range of customer workloads across different data types and deployment models.

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