NetApp (NTAP) Upgraded to Strong-Buy at BidaskClub

NetApp (NASDAQ:NTAP) was upgraded by research analysts at BidaskClub from a “buy” rating to a “strong-buy” rating in a research report issued on Friday.

Several other analysts also recently commented on the stock. Argus upped their price target on shares of NetApp to $76.00 and gave the company a “buy” rating in a research report on Thursday, April 12th. Zacks Investment Research upgraded shares of NetApp from a “hold” rating to a “buy” rating and set a $63.00 price target for the company in a research report on Tuesday, February 20th. Maxim Group upped their price target on shares of NetApp from $70.00 to $81.00 and gave the company a “buy” rating in a research report on Thursday, April 12th. Piper Jaffray Companies reiterated an “overweight” rating and issued a $72.00 price target on shares of NetApp in a research report on Friday, March 23rd. Finally, TheStreet downgraded shares of NetApp from a “b” rating to a “c+” rating in a research report on Wednesday, February 14th. Two analysts have rated the stock with a sell rating, ten have given a hold rating, twenty have given a buy rating and one has issued a strong buy rating to the stock. The stock currently has an average rating of “Buy” and an average target price of $65.69.

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NTAP stock opened at $74.35 on Friday. NetApp has a 12 month low of $37.43 and a 12 month high of $75.40. The firm has a market capitalization of $19.92 billion, a P/E ratio of 24.70, a price-to-earnings-growth ratio of 1.75 and a beta of 1.25. The company has a quick ratio of 1.86, a current ratio of 1.89 and a debt-to-equity ratio of 0.75.

NetApp (NASDAQ:NTAP) last released its quarterly earnings results on Wednesday, May 23rd. The data storage provider reported $1.05 EPS for the quarter, beating the 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 EPS. NetApp’s revenue for the quarter was up 10.8% on a year-over-year basis. equities research analysts forecast that NetApp will post 3.54 earnings per share for the current fiscal year.

In other news, CEO George Kurian sold 7,020 shares of the stock in a transaction dated Thursday, April 5th. The shares were sold at an average price of $61.95, for a total value of $434,889.00. Following the completion of the transaction, the chief executive officer now owns 27,657 shares in the company, valued at approximately $1,713,351.15. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, SVP Matthew K. Fawcett sold 16,188 shares of the stock in a transaction dated Tuesday, June 5th. The shares were sold at an average price of $70.42, for a total transaction of $1,139,958.96. Following the completion of the transaction, the senior vice president now owns 55,856 shares of the company’s stock, valued at approximately $3,933,379.52. The disclosure for this sale can be found here. Insiders sold a total of 115,389 shares of company stock valued at $7,904,558 in the last quarter. Insiders own 0.47% of the company’s stock.

Several institutional investors and hedge funds have recently made changes to their positions in the company. Oakview Capital Management L.P. increased its holdings in shares of NetApp by 7.3% in the 1st quarter. Oakview Capital Management L.P. now owns 430,168 shares of the data storage provider’s stock valued at $26,537,000 after purchasing an additional 29,398 shares in the last quarter. Amalgamated Bank increased its holdings in shares of NetApp by 7.7% in the 1st quarter. Amalgamated Bank now owns 38,330 shares of the data storage provider’s stock valued at $2,365,000 after purchasing an additional 2,731 shares in the last quarter. Summit Trail Advisors LLC increased its holdings in shares of NetApp by 6,367.4% in the 1st quarter. Summit Trail Advisors LLC now owns 2,773,654 shares of the data storage provider’s stock valued at $2,774,000 after purchasing an additional 2,730,767 shares in the last quarter. WINTON GROUP Ltd increased its holdings in shares of NetApp by 127.7% in the 1st quarter. WINTON GROUP Ltd now owns 298,199 shares of the data storage provider’s stock valued at $18,396,000 after purchasing an additional 167,262 shares in the last quarter. Finally, CIBC World Markets Inc. acquired a new stake in NetApp in the 1st quarter valued at about $1,961,000. Institutional investors and hedge funds own 91.05% of the company’s stock.

NetApp Company Profile

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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