NetApp (NTAP) Given a $74.00 Price Target at Pivotal Research


Pivotal Research set a $74.00 price target on NetApp (NASDAQ:NTAP) in a research note released on Wednesday, Marketbeat Ratings reports. The brokerage currently has a buy rating on the data storage provider’s stock.

Other equities research analysts also recently issued reports about the stock. Deutsche Bank upped their price objective on shares of NetApp from $37.00 to $40.00 and gave the company a sell rating in a report on Thursday, February 15th. Zacks Investment Research raised shares of NetApp from a hold rating to a buy rating and set a $64.00 price objective on the stock in a report on Tuesday, February 6th. Maxim Group upped their price objective on shares of NetApp to $69.00 and gave the company a buy rating in a report on Tuesday, February 13th. TheStreet downgraded shares of NetApp from a b rating to a c+ rating in a report on Wednesday, February 14th. Finally, Citigroup upped their price objective on shares of NetApp from $53.00 to $62.00 and gave the company a neutral rating in a report on Tuesday, February 13th. Two research analysts have rated the stock with a sell rating, eleven have issued a hold rating and twenty have issued a buy rating to the company. The stock presently has an average rating of Buy and a consensus price target of $64.04.


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NetApp opened at $67.15 on Wednesday, according to Marketbeat Ratings. The stock has a market cap of $18.24 billion, a price-to-earnings ratio of 22.46, a price-to-earnings-growth ratio of 1.96 and a beta of 1.26. NetApp has a 52 week low of $37.43 and a 52 week high of $72.85. The company has a current ratio of 1.89, a quick ratio of 1.88 and a debt-to-equity ratio of 0.75.

NetApp (NASDAQ:NTAP) last released its quarterly earnings data on Wednesday, May 23rd. The data storage provider reported $1.05 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $1.01 by $0.04. The business had revenue of $1.64 billion for the quarter, compared to the consensus estimate of $1.60 billion. NetApp had a net margin of 1.29% and a return on equity of 33.87%. The company’s revenue was up 10.8% compared to the same quarter last year. During the same period in the prior year, the firm earned $0.86 earnings per share. analysts anticipate that NetApp will post 3.36 earnings per share for the current fiscal year.


The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, July 25th. Investors of record on Friday, July 6th will be given a $0.40 dividend. This represents a $1.60 annualized dividend and a dividend yield of 2.38%. This is a boost from NetApp’s previous quarterly dividend of $0.20. The ex-dividend date is Thursday, July 5th. NetApp’s dividend payout ratio is 26.76%.

In related news, VP Joel D. Reich sold 11,641 shares of the company’s stock in a transaction that occurred on Friday, March 2nd. The shares were sold at an average price of $60.02, for a total value of $698,692.82. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, EVP Henri P. Richard sold 2,450 shares of the company’s stock in a transaction that occurred on Monday, April 16th. The stock was sold at an average price of $68.19, for a total transaction of $167,065.50. Following the completion of the transaction, the executive vice president now owns 4,534 shares in the company, valued at $309,173.46. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 72,754 shares of company stock worth $4,742,818. 0.47% of the stock is owned by company insiders.


Hedge funds have recently bought and sold shares of the stock. Moneta Group Investment Advisors LLC increased its position in shares of NetApp by 441.0% in the first quarter. Moneta Group Investment Advisors LLC now owns 1,650 shares of the data storage provider’s stock worth $102,000 after purchasing an additional 1,345 shares during the last quarter. Fortis Advisors LLC bought a new position in shares of NetApp in the first quarter worth approximately $127,000. IFP Advisors Inc increased its position in shares of NetApp by 45.3% in the fourth 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 last quarter. Tower Research Capital LLC TRC increased its position in shares of NetApp by 227.3% in the fourth 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 last quarter. Finally, Summit Securities Group LLC bought a new position in shares of NetApp in the fourth quarter worth approximately $210,000. Institutional investors own 91.04% of the company’s stock.


About NetApp

NetApp, Inc provides software, systems, and services to manage and store computer data worldwide. It offers flash; flash arrays that support data management; hybrid arrays to deploy the speed of flash storage; hybrid cloud; ONTAP cloud storage data management service; NetApp cloud sync hybrid data management Software as a Service; NetApp private storage for cloud; and AltaVault cloud-integrated solutions.

Analyst Recommendations for NetApp (NASDAQ:NTAP)

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