NetApp’s (NTAP) Buy Rating Reaffirmed at UBS AG
NetApp, Inc. (NASDAQ:NTAP)‘s stock had its “buy” rating restated by research analysts at UBS AG in a report issued on Wednesday. They presently have a $62.00 target price on the data storage provider’s stock, up from their previous target price of $52.00. UBS AG’s price objective would indicate a potential upside of 12.56% from the company’s previous close.
Other equities analysts also recently issued reports about the stock. Citigroup Inc. boosted their price target on shares of NetApp from $41.00 to $43.00 and gave the stock a “neutral” rating in a report on Thursday, August 17th. ValuEngine upgraded NetApp from a “hold” rating to a “buy” rating in a research report on Thursday, November 16th. Susquehanna Bancshares Inc restated a “positive” rating and issued a $50.00 price objective (up from $48.00) on shares of NetApp in a research report on Wednesday, August 16th. DA Davidson upped their target price on NetApp from $53.00 to $56.00 and gave the stock a “buy” rating in a research note on Tuesday, November 14th. Finally, BMO Capital Markets raised NetApp from a “market perform” rating to an “outperform” rating and increased their price objective for the company from $43.00 to $62.00 in a research note on Thursday, November 16th. Two investment analysts have rated the stock with a sell rating, nineteen have given a hold rating and fourteen have given a buy rating to the stock. The company presently has a consensus rating of “Hold” and a consensus target price of $49.04.
Shares of NetApp (NASDAQ:NTAP) opened at $55.08 on Wednesday. The stock has a market cap of $14,763.83, a price-to-earnings ratio of 20.58, a price-to-earnings-growth ratio of 1.77 and a beta of 1.16. The company has a debt-to-equity ratio of 0.55, a quick ratio of 1.64 and a current ratio of 1.67. NetApp has a 52 week low of $34.72 and a 52 week high of $55.50.
NetApp (NASDAQ:NTAP) last issued its earnings results on Wednesday, November 15th. The data storage provider reported $0.81 earnings per share for the quarter, beating the consensus estimate of $0.69 by $0.12. NetApp had a net margin of 11.49% and a return on equity of 26.77%. The business had revenue of $1.42 billion for the quarter, compared to analyst estimates of $1.38 billion. During the same period in the previous year, the business earned $0.60 EPS. The firm’s revenue was up 6.1% on a year-over-year basis. equities research analysts expect that NetApp will post 2.72 earnings per share for the current fiscal year.
In related news, VP Joel D. Reich sold 3,371 shares of NetApp stock in a transaction that occurred on Friday, November 17th. The stock was sold at an average price of $53.17, for a total transaction of $179,236.07. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, CEO George Kurian sold 75,000 shares of NetApp stock in a transaction that occurred on Monday, November 20th. The shares were sold at an average price of $52.50, for a total value of $3,937,500.00. The disclosure for this sale can be found here. In the last quarter, insiders sold 189,630 shares of company stock valued at $9,379,249. 0.47% of the stock is owned by corporate insiders.
Several hedge funds and other institutional investors have recently modified their holdings of the stock. Boston Partners acquired a new position in NetApp during the 3rd quarter valued at about $315,629,000. Renaissance Technologies LLC lifted its holdings in NetApp by 781.1% during the 2nd quarter. Renaissance Technologies LLC now owns 3,339,574 shares of the data storage provider’s stock worth $133,750,000 after buying an additional 2,960,542 shares during the last quarter. Janus Henderson Group PLC lifted its holdings in NetApp by 6,495.7% during the 2nd quarter. Janus Henderson Group PLC now owns 2,312,525 shares of the data storage provider’s stock worth $92,617,000 after buying an additional 2,277,464 shares during the last quarter. BlackRock Inc. increased its position in shares of NetApp by 7.5% during the second quarter. BlackRock Inc. now owns 21,648,037 shares of the data storage provider’s stock worth $867,006,000 after purchasing an additional 1,517,967 shares in the last quarter. Finally, FMR LLC increased its position in NetApp by 89.2% in the 2nd quarter. FMR LLC now owns 3,044,302 shares of the data storage provider’s stock valued at $121,924,000 after acquiring an additional 1,435,588 shares during the period. Hedge funds and other institutional investors own 97.27% of the company’s stock.
NetApp Company Profile
NetApp, Inc (NetApp) provides software, systems and services to manage and store customer data. The Company enables enterprises, service providers, governmental organizations, and partners to envision, deploy and evolve their information technology (IT) environments. The Company offers a portfolio of products and services that satisfy a range of customer workloads across different data types and deployment models.
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