NetApp (NASDAQ:NTAP) Price Target Increased to $145.00 by Analysts at TD Cowen

NetApp (NASDAQ:NTAPFree Report) had its target price lifted by TD Cowen from $135.00 to $145.00 in a research report released on Wednesday morning, Benzinga reports. They currently have a buy rating on the data storage provider’s stock.

Several other research analysts also recently weighed in on NTAP. Barclays boosted their price target on NetApp from $100.00 to $116.00 and gave the company an equal weight rating in a report on Friday, May 31st. JPMorgan Chase & Co. upgraded NetApp from an underweight rating to a neutral rating and boosted their price target for the company from $95.00 to $125.00 in a report on Friday, May 31st. Citigroup boosted their price target on NetApp from $110.00 to $120.00 and gave the company a neutral rating in a report on Tuesday, May 21st. Evercore ISI boosted their price target on NetApp from $95.00 to $105.00 and gave the company an in-line rating in a report on Friday, March 1st. Finally, UBS Group boosted their price target on NetApp from $93.00 to $96.00 and gave the company a neutral rating in a report on Friday, March 1st. One analyst has rated the stock with a sell rating, eleven have assigned a hold rating and six have assigned a buy rating to the company’s stock. Based on data from MarketBeat, NetApp has an average rating of Hold and a consensus price target of $117.81.

Read Our Latest Stock Report on NetApp

NetApp Trading Down 0.9 %

Shares of NetApp stock opened at $126.17 on Wednesday. The company has a debt-to-equity ratio of 1.74, a current ratio of 1.19 and a quick ratio of 1.15. NetApp has a 1 year low of $70.82 and a 1 year high of $127.97. The company has a market capitalization of $25.97 billion, a P/E ratio of 27.19, a P/E/G ratio of 5.13 and a beta of 1.25. The business has a 50 day moving average price of $110.24 and a 200 day moving average price of $98.72.

NetApp (NASDAQ:NTAPGet Free Report) last issued its quarterly earnings data on Thursday, May 30th. The data storage provider reported $1.80 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.48 by $0.32. NetApp had a return on equity of 114.54% and a net margin of 15.73%. The firm had revenue of $1.67 billion during the quarter, compared to the consensus estimate of $1.65 billion. During the same period in the previous year, the firm posted $1.20 EPS. The company’s quarterly revenue was up 5.5% compared to the same quarter last year. Sell-side analysts anticipate that NetApp will post 5.49 EPS for the current fiscal year.

NetApp announced that its Board of Directors has authorized a share repurchase program on Thursday, May 30th that allows the company to buyback $1.00 billion in shares. This buyback authorization allows the data storage provider to repurchase up to 4% of its shares through open market purchases. Shares buyback programs are often an indication that the company’s management believes its shares are undervalued.

NetApp Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Wednesday, July 24th. Investors of record on Friday, July 5th will be given a dividend of $0.52 per share. This represents a $2.08 dividend on an annualized basis and a yield of 1.65%. This is a boost from NetApp’s previous quarterly dividend of $0.50. The ex-dividend date of this dividend is Friday, July 5th. NetApp’s dividend payout ratio is 43.10%.

Insider Buying and Selling

In other NetApp news, EVP Elizabeth M. O’callahan sold 871 shares of the company’s stock in a transaction dated Wednesday, April 10th. The shares were sold at an average price of $103.02, for a total value of $89,730.42. Following the completion of the transaction, the executive vice president now directly owns 9,601 shares of the company’s stock, valued at approximately $989,095.02. The transaction was disclosed in a filing with the SEC, which is accessible through this link. In other NetApp news, EVP Elizabeth M. O’callahan sold 871 shares of the company’s stock in a transaction dated Wednesday, April 10th. The shares were sold at an average price of $103.02, for a total value of $89,730.42. Following the completion of the transaction, the executive vice president now directly owns 9,601 shares of the company’s stock, valued at approximately $989,095.02. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Also, CEO George Kurian sold 8,500 shares of the company’s stock in a transaction dated Monday, April 15th. The shares were sold at an average price of $103.16, for a total transaction of $876,860.00. Following the completion of the transaction, the chief executive officer now directly owns 252,702 shares of the company’s stock, valued at $26,068,738.32. The disclosure for this sale can be found here. In the last three months, insiders sold 17,871 shares of company stock valued at $1,828,830. Company insiders own 0.37% of the company’s stock.

Hedge Funds Weigh In On NetApp

Several large investors have recently modified their holdings of NTAP. Norges Bank bought a new position in shares of NetApp during the fourth quarter worth about $232,502,000. First Trust Advisors LP lifted its position in shares of NetApp by 57.5% during the fourth quarter. First Trust Advisors LP now owns 5,643,780 shares of the data storage provider’s stock worth $497,556,000 after purchasing an additional 2,059,574 shares during the last quarter. Los Angeles Capital Management LLC lifted its position in shares of NetApp by 254.8% during the first quarter. Los Angeles Capital Management LLC now owns 2,304,512 shares of the data storage provider’s stock worth $241,905,000 after purchasing an additional 1,654,942 shares during the last quarter. TD Asset Management Inc lifted its position in shares of NetApp by 127.0% during the fourth quarter. TD Asset Management Inc now owns 1,698,277 shares of the data storage provider’s stock worth $149,720,000 after purchasing an additional 950,204 shares during the last quarter. Finally, Wedge Capital Management L L P NC bought a new position in shares of NetApp during the fourth quarter worth about $74,257,000. Institutional investors own 92.17% of the company’s stock.

About NetApp

(Get Free Report)

NetApp, Inc provides cloud-led and data-centric services to manage and share data on-premises, and private and public clouds worldwide. It operates in two segments, Hybrid Cloud and Public Could. The company offers intelligent data management software, such as NetApp ONTAP, NetApp Snapshot, NetApp SnapCenter Backup Management, NetApp SnapMirror Data Replication, NetApp SnapLock Data Compliance, and storage infrastructure solutions, including NetApp All-Flash FAS series, NetApp Fabric Attached Storage, NetApp E/EF series, and NetApp StorageGRID.

Further Reading

Analyst Recommendations for NetApp (NASDAQ:NTAP)

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