NetApp (NASDAQ:NTAP) was upgraded by investment analysts at Bank of America from a “neutral” rating to a “buy” rating in a report released on Tuesday, The Fly reports.

Other analysts have also recently issued research reports about the company. DA Davidson lifted their target price on NetApp from $53.00 to $56.00 and gave the stock a “buy” rating in a research report on Tuesday, November 14th. Piper Jaffray Companies set a $52.00 target price on NetApp and gave the stock a “buy” rating in a research report on Tuesday, November 14th. Maxim Group reissued a “buy” rating and set a $56.00 price target on shares of NetApp in a report on Friday, October 27th. Lake Street Capital reissued a “buy” rating and set a $54.00 price target (up previously from $49.00) on shares of NetApp in a report on Thursday, November 16th. Finally, UBS Group reissued a “buy” rating and set a $52.00 price target (up previously from $45.00) on shares of NetApp in a report on Thursday, November 16th. One analyst has rated the stock with a sell rating, nineteen have given a hold rating and fifteen have given a buy rating to the stock. NetApp has a consensus rating of “Hold” and an average target price of $52.81.

Shares of NetApp (NASDAQ:NTAP) opened at $57.73 on Tuesday. The company has a current ratio of 1.67, a quick ratio of 1.64 and a debt-to-equity ratio of 0.55. NetApp has a 52-week low of $37.43 and a 52-week high of $64.06. The company has a market capitalization of $14,985.70, a PE ratio of 24.78, a PEG ratio of 1.79 and a beta of 1.32.

NetApp (NASDAQ:NTAP) last posted its earnings results on Wednesday, November 15th. The data storage provider reported $0.81 EPS for the quarter, topping the Zacks’ consensus estimate of $0.69 by $0.12. NetApp had a return on equity of 26.77% and a net margin of 11.49%. The business had revenue of $1.42 billion for the quarter, compared to analysts’ expectations of $1.38 billion. During the same quarter in the previous year, the firm earned $0.60 earnings per share. The business’s revenue was up 6.1% compared to the same quarter last year. research analysts forecast that NetApp will post 2.76 EPS for the current fiscal year.

In other NetApp news, EVP Henri P. Richard sold 1,976 shares of NetApp stock in a transaction that occurred on Friday, December 1st. The stock was sold at an average price of $55.91, for a total value of $110,478.16. Following the sale, the executive vice president now owns 11,884 shares of the company’s stock, valued at approximately $664,434.44. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, VP Joel D. Reich sold 3,371 shares of NetApp stock in a transaction that occurred on Friday, November 17th. The shares were sold at an average price of $53.17, for a total value of $179,236.07. The disclosure for this sale can be found here. Insiders sold a total of 176,629 shares of company stock worth $9,568,956 in the last ninety days. 0.47% of the stock is owned by corporate insiders.

A number of institutional investors and hedge funds have recently made changes to their positions in NTAP. Exane Derivatives boosted its holdings in NetApp by 59,850.0% in the 3rd quarter. Exane Derivatives now owns 2,398 shares of the data storage provider’s stock valued at $105,000 after purchasing an additional 2,394 shares in the last quarter. First Personal Financial Services boosted its holdings in NetApp by 27,540.0% in the 3rd quarter. First Personal Financial Services now owns 2,764 shares of the data storage provider’s stock valued at $121,000 after purchasing an additional 2,754 shares in the last quarter. Quantbot Technologies LP purchased a new stake in NetApp in the 3rd quarter valued at approximately $131,000. IFP Advisors Inc boosted its stake in shares of NetApp by 45.3% during the 4th quarter. IFP Advisors Inc now owns 2,571 shares of the data storage provider’s stock worth $142,000 after acquiring an additional 801 shares in the last quarter. Finally, Tower Research Capital LLC TRC boosted its stake in shares of NetApp by 227.3% during the 4th quarter. Tower Research Capital LLC TRC now owns 3,286 shares of the data storage provider’s stock worth $182,000 after acquiring an additional 2,282 shares in the last quarter. 96.67% of the stock is currently owned by institutional investors.

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About NetApp

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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Analyst Recommendations for NetApp (NASDAQ:NTAP)

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