NetApp (NASDAQ:NTAP) Rating Increased to Sell at BidaskClub

BidaskClub upgraded shares of NetApp (NASDAQ:NTAP) from a strong sell rating to a sell rating in a research note published on Friday, BidAskClub reports.

A number of other research firms have also recently commented on NTAP. Bank of America reduced their target price on shares of NetApp from $60.00 to $56.00 and set a neutral rating on the stock in a research report on Thursday, August 15th. Credit Suisse Group reissued an outperform rating and set a $60.00 target price (down from $62.00) on shares of NetApp in a research report on Thursday, August 15th. Barclays reissued an equal weight rating and set a $48.00 target price (up from $47.00) on shares of NetApp in a research report on Thursday, August 15th. JPMorgan Chase & Co. boosted their target price on shares of NetApp from $64.00 to $67.00 and gave the stock a neutral rating in a research report on Tuesday, June 25th. Finally, Lake Street Capital cut shares of NetApp from a buy rating to a hold rating and reduced their target price for the stock from $69.00 to $65.00 in a research report on Thursday, May 23rd. Five investment analysts have rated the stock with a sell rating, fifteen have given a hold rating and nine have assigned a buy rating to the company. NetApp currently has a consensus rating of Hold and a consensus target price of $59.52.

NTAP opened at $47.01 on Friday. The company has a 50 day moving average of $55.21 and a two-hundred day moving average of $63.98. NetApp has a 52-week low of $44.55 and a 52-week high of $88.08. The company has a quick ratio of 1.42, a current ratio of 1.42 and a debt-to-equity ratio of 1.33. The company has a market cap of $11.10 billion, a P/E ratio of 11.69, a P/E/G ratio of 0.95 and a beta of 1.48.

NetApp (NASDAQ:NTAP) last posted its earnings results on Wednesday, August 14th. The data storage provider reported $0.65 EPS for the quarter, topping analysts’ consensus estimates of $0.46 by $0.19. NetApp had a net margin of 16.74% and a return on equity of 77.11%. The business had revenue of $1.24 billion for the quarter, compared to analysts’ expectations of $1.23 billion. During the same period in the previous year, the company posted $1.04 earnings per share. The business’s revenue for the quarter was down 16.1% compared to the same quarter last year. Research analysts anticipate that NetApp will post 3.35 earnings per share for the current year.

The business also recently declared a quarterly dividend, which will be paid on Wednesday, October 23rd. Investors of record on Friday, October 4th will be issued a $0.48 dividend. The ex-dividend date of this dividend is Thursday, October 3rd. This represents a $1.92 annualized dividend and a yield of 4.08%. NetApp’s dividend payout ratio is presently 47.76%.

In related news, SVP Matthew K. Fawcett sold 11,195 shares of the company’s stock in a transaction on Monday, June 3rd. The shares were sold at an average price of $58.76, for a total value of $657,818.20. Following the sale, the senior vice president now directly owns 76,722 shares of the company’s stock, valued at $4,508,184.72. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CFO Ronald J. Pasek sold 58,052 shares of the company’s stock in a transaction on Monday, June 3rd. The shares were sold at an average price of $58.49, for a total transaction of $3,395,461.48. Following the completion of the sale, the chief financial officer now directly owns 122,806 shares in the company, valued at $7,182,922.94. The disclosure for this sale can be found here. Insiders sold 161,092 shares of company stock worth $9,676,120 over the last ninety days. 0.33% of the stock is currently owned by corporate insiders.

Institutional investors and hedge funds have recently bought and sold shares of the stock. Shelton Capital Management acquired a new stake in NetApp in the first quarter valued at $25,000. Hexavest Inc. acquired a new stake in shares of NetApp during the second quarter worth $26,000. Group One Trading L.P. raised its holdings in shares of NetApp by 196.9% during the first quarter. Group One Trading L.P. now owns 443 shares of the data storage provider’s stock worth $31,000 after purchasing an additional 900 shares during the period. Destination Wealth Management raised its holdings in shares of NetApp by 53.3% during the first quarter. Destination Wealth Management now owns 460 shares of the data storage provider’s stock worth $32,000 after purchasing an additional 160 shares during the period. Finally, Kistler Tiffany Companies LLC raised its holdings in shares of NetApp by 315.4% during the second quarter. Kistler Tiffany Companies LLC now owns 511 shares of the data storage provider’s stock worth $32,000 after purchasing an additional 388 shares during the period. 93.62% of the stock is currently owned by hedge funds and other institutional investors.

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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