NetApp (NASDAQ:NTAP) received a $83.00 price objective from DA Davidson in a research note issued on Thursday. The brokerage presently has a “buy” rating on the data storage provider’s stock. DA Davidson’s price target would suggest a potential upside of 23.60% from the company’s current price. DA Davidson also issued estimates for NetApp’s Q1 2019 earnings at $0.66 EPS, Q2 2019 earnings at $0.75 EPS, Q4 2019 earnings at $0.88 EPS, FY2019 earnings at $3.11 EPS, Q1 2020 earnings at $0.80 EPS, Q2 2020 earnings at $0.86 EPS, Q3 2020 earnings at $0.94 EPS, Q4 2020 earnings at $1.03 EPS and FY2020 earnings at $3.65 EPS.
NTAP has been the subject of several other research reports. Zacks Investment Research raised shares of NetApp from a “hold” rating to a “buy” rating and set a $65.00 target price for the company in a research note on Tuesday, February 13th. BMO Capital Markets upped their target price on shares of NetApp from $63.00 to $73.00 and gave the company an “outperform” rating in a research note on Friday, April 6th. Pivotal Research raised shares of NetApp from a “hold” rating to a “buy” rating and upped their target price for the company from $62.00 to $72.00 in a research note on Wednesday, April 4th. Bank of America raised shares of NetApp from a “neutral” rating to a “buy” rating in a research note on Tuesday, February 13th. Finally, Maxim Group upped their target price on shares of NetApp to $69.00 and gave the company a “buy” rating in a research note on Tuesday, February 13th. Two equities research analysts have rated the stock with a sell rating, eleven have issued a hold rating and twenty have given a buy rating to the company. The company presently has a consensus rating of “Buy” and an average target price of $64.04.
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Shares of NASDAQ:NTAP opened at $67.15 on Thursday. NetApp has a 52 week low of $37.43 and a 52 week high of $72.85. The company has a quick ratio of 1.88, a current ratio of 1.89 and a debt-to-equity ratio of 0.75. The company has a market capitalization of $18.24 billion, a price-to-earnings ratio of 22.46, a PEG ratio of 1.96 and a beta of 1.26.
NetApp (NASDAQ:NTAP) last issued its earnings results 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. NetApp had a net margin of 1.29% and a return on equity of 33.87%. The firm had revenue of $1.64 billion during the quarter, compared to the consensus estimate of $1.60 billion. During the same quarter in the prior year, the firm earned $0.86 earnings per share. The business’s quarterly revenue was up 10.8% on a year-over-year basis. research analysts anticipate that NetApp will post 3.36 EPS for the current year.
In other NetApp news, VP Joel D. Reich sold 11,641 shares of the stock in a transaction on Friday, March 2nd. The shares were sold at an average price of $60.02, for a total value of $698,692.82. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Also, CEO George Kurian sold 7,020 shares of the stock in a transaction on Monday, March 5th. The shares were sold at an average price of $60.98, for a total transaction of $428,079.60. The disclosure for this sale can be found here. Insiders have sold 72,754 shares of company stock valued at $4,742,818 in the last 90 days. 0.47% of the stock is currently owned by corporate insiders.
A number of hedge funds have recently made changes to their positions in NTAP. Moneta Group Investment Advisors LLC lifted its stake in 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 valued at $102,000 after acquiring an additional 1,345 shares during the last quarter. Fortis Advisors LLC acquired a new stake in NetApp in the first quarter valued at $127,000. IFP Advisors Inc lifted its stake in NetApp by 45.3% in the fourth quarter. IFP Advisors Inc now owns 2,571 shares of the data storage provider’s stock valued at $142,000 after acquiring an additional 801 shares during the last quarter. Tower Research Capital LLC TRC lifted its stake in 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 valued at $182,000 after acquiring an additional 2,282 shares during the last quarter. Finally, Summit Securities Group LLC acquired a new stake in NetApp in the fourth quarter valued at $210,000. Hedge funds and other 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.
