Brokerages Set NetApp, Inc. (NASDAQ:NTAP) Target Price at $85.71

Shares of NetApp, Inc. (NASDAQ:NTAP) have been assigned a consensus rating of “Buy” from the twenty-seven analysts that are covering the company, MarketBeat.com reports. One research analyst has rated the stock with a sell rating, ten have given a hold rating and fifteen have assigned a buy rating to the company. The average 12-month target price among brokers that have updated their coverage on the stock in the last year is $85.71.

Several equities research analysts recently issued reports on NTAP shares. Susquehanna Bancshares reiterated a “buy” rating and issued a $95.00 price objective on shares of NetApp in a report on Wednesday, August 25th. Susquehanna reiterated a “buy” rating and issued a $95.00 price objective on shares of NetApp in a report on Wednesday, August 25th. Morgan Stanley lifted their price objective on NetApp from $96.00 to $102.00 and gave the stock an “overweight” rating in a report on Thursday, September 9th. Stifel Nicolaus lifted their price objective on NetApp from $80.00 to $90.00 and gave the stock a “hold” rating in a report on Thursday, August 26th. Finally, Wells Fargo & Company boosted their target price on NetApp from $75.00 to $87.00 and gave the stock an “equal weight” rating in a report on Thursday, August 26th.

Shares of NetApp stock opened at $90.25 on Monday. The company has a quick ratio of 1.78, a current ratio of 1.81 and a debt-to-equity ratio of 3.66. NetApp has a twelve month low of $41.90 and a twelve month high of $94.32. The business has a 50-day moving average price of $87.87 and a 200 day moving average price of $81.70. The firm has a market cap of $20.18 billion, a PE ratio of 24.07, a P/E/G ratio of 2.48 and a beta of 1.32.

NetApp (NASDAQ:NTAP) last announced its quarterly earnings results on Tuesday, August 24th. The data storage provider reported $1.15 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $0.95 by $0.20. NetApp had a return on equity of 151.60% and a net margin of 14.49%. The firm had revenue of $1.46 billion during the quarter, compared to analyst estimates of $1.43 billion. During the same quarter in the previous year, the business earned $0.73 EPS. NetApp’s revenue for the quarter was up 11.9% compared to the same quarter last year. On average, sell-side analysts expect that NetApp will post 4.23 EPS for the current year.

The company also recently announced a quarterly dividend, which will be paid on Wednesday, October 27th. Shareholders of record on Friday, October 8th will be given a $0.50 dividend. This represents a $2.00 dividend on an annualized basis and a yield of 2.22%. The ex-dividend date is Thursday, October 7th. NetApp’s payout ratio is 60.61%.

In other news, CEO George Kurian sold 4,250 shares of the company’s stock in a transaction on Monday, August 30th. The stock was sold at an average price of $87.08, for a total transaction of $370,090.00. Following the sale, the chief executive officer now owns 164,576 shares of the company’s stock, valued at $14,331,278.08. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Carrie Palin sold 1,867 shares of the company’s stock in a transaction on Tuesday, September 21st. The stock was sold at an average price of $88.73, for a total value of $165,658.91. The disclosure for this sale can be found here. In the last three months, insiders sold 10,367 shares of company stock worth $933,039. 0.28% of the stock is owned by corporate insiders.

Hedge funds have recently modified their holdings of the stock. First Horizon Advisors Inc. acquired a new position in shares of NetApp during the first quarter worth $35,000. AGF Investments LLC grew its stake in shares of NetApp by 97.2% during the first quarter. AGF Investments LLC now owns 489 shares of the data storage provider’s stock worth $36,000 after purchasing an additional 241 shares in the last quarter. Stonebridge Capital Advisors LLC acquired a new position in shares of NetApp during the first quarter worth $37,000. Lazard Asset Management LLC acquired a new position in shares of NetApp during the first quarter worth $40,000. Finally, Strategic Blueprint LLC acquired a new position in shares of NetApp during the second quarter worth $40,000. Hedge funds and other institutional investors own 91.73% 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. The company offers cloud data services, including NetApp Cloud Volumes Service for AWS, NetApp Cloud Volumes ONTAP, NetApp Cloud Sync, NetApp Cloud Secure, NetApp Cloud Tiering, NetApp SaaS Backup, NetApp Kubernetes Service, and NetApp Cloud Insights.

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Analyst Recommendations for NetApp (NASDAQ:NTAP)

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