NetApp Inc. (NASDAQ:NTAP)’s stock price gapped down prior to trading on Thursday . The stock had previously closed at $53.70, but opened at $51.37. NetApp shares last traded at $49.78, with a volume of 3,990,219 shares changing hands.

A number of research analysts recently issued reports on NTAP shares. Barclays reiterated an “equal weight” rating and issued a $48.00 target price (up from $47.00) on shares of NetApp in a research note on Thursday, August 15th. Piper Jaffray Companies lowered shares of NetApp from an “overweight” rating to a “neutral” rating and decreased their price target for the stock from $75.00 to $48.00 in a research report on Friday, August 2nd. Wells Fargo & Co restated a “market perform” rating and issued a $50.00 price target (down from $53.00) on shares of NetApp in a research report on Thursday, August 15th. Longbow Research lowered shares of NetApp from a “buy” rating to a “neutral” rating in a research report on Monday, July 29th. Finally, Citigroup restated a “sell” rating and issued a $40.00 price target (down from $55.00) on shares of NetApp in a research report on Friday, August 16th. Three investment analysts have rated the stock with a sell rating, seventeen have given a hold rating and nine have given a buy rating to the stock. The stock presently has an average rating of “Hold” and an average price target of $59.75.

The company has a debt-to-equity ratio of 1.33, a quick ratio of 1.39 and a current ratio of 1.42. The firm’s 50-day moving average price is $51.57 and its two-hundred day moving average price is $60.33. The firm has a market capitalization of $12.38 billion, a price-to-earnings ratio of 12.38, a price-to-earnings-growth ratio of 1.25 and a beta of 1.55.

NetApp (NASDAQ:NTAP) last issued its earnings results on Wednesday, August 14th. The data storage provider reported $0.65 earnings per share for the quarter, beating the consensus estimate of $0.46 by $0.19. NetApp had a net margin of 16.74% and a return on equity of 77.11%. The business had revenue of $1.24 billion for the quarter, compared to analyst estimates of $1.23 billion. During the same period in the previous year, the business earned $1.04 EPS. The firm’s revenue was down 16.1% on a year-over-year basis. As a group, equities research analysts anticipate that NetApp Inc. will post 3.49 EPS for the current year.

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, October 23rd. Stockholders of record on Friday, October 4th will be given a dividend of $0.48 per share. The ex-dividend date of this dividend is Thursday, October 3rd. This represents a $1.92 annualized dividend and a dividend yield of 3.86%. NetApp’s dividend payout ratio (DPR) is currently 47.76%.

In other news, Director Gerald Held sold 7,000 shares of NetApp stock in a transaction dated Wednesday, August 21st. The shares were sold at an average price of $47.23, for a total transaction of $330,610.00. Following the sale, the director now directly owns 14,391 shares in the company, valued at approximately $679,686.93. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, VP Joel D. Reich sold 3,963 shares of NetApp stock in a transaction dated Wednesday, August 21st. The shares were sold at an average price of $47.29, for a total transaction of $187,410.27. Following the sale, the vice president now owns 12,249 shares in the company, valued at $579,255.21. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 20,963 shares of company stock worth $987,420. 0.33% of the stock is owned by company insiders.

Several institutional investors have recently modified their holdings of NTAP. World Asset Management Inc lifted its holdings in NetApp by 1.5% during the 2nd quarter. World Asset Management Inc now owns 19,354 shares of the data storage provider’s stock valued at $1,194,000 after purchasing an additional 291 shares during the last quarter. CWM LLC lifted its holdings in NetApp by 113.0% during the 2nd quarter. CWM LLC now owns 639 shares of the data storage provider’s stock valued at $39,000 after purchasing an additional 339 shares during the last quarter. Commerce Bank lifted its holdings in NetApp by 2.5% during the 2nd quarter. Commerce Bank now owns 14,295 shares of the data storage provider’s stock valued at $882,000 after purchasing an additional 344 shares during the last quarter. Kistler Tiffany Companies LLC lifted its holdings in NetApp by 315.4% during the 2nd quarter. Kistler Tiffany Companies LLC now owns 511 shares of the data storage provider’s stock valued at $32,000 after purchasing an additional 388 shares during the last quarter. Finally, Wetherby Asset Management Inc. lifted its holdings in NetApp by 10.5% during the 2nd quarter. Wetherby Asset Management Inc. now owns 4,455 shares of the data storage provider’s stock valued at $275,000 after purchasing an additional 423 shares during the last quarter. Institutional investors and hedge funds own 96.12% of the company’s stock.

About NetApp (NASDAQ:NTAP)

NetApp, Inc provides software, systems, and services to manage and share data on-premises, and private and public clouds worldwide. It offers cloud data services, such as ONTAP cloud storage data management and NetApp cloud sync data synchronization services; NetApp SaaS backup for Microsoft Office 365; NetApp cloud backup solutions; OnCommand management software and management integration tools; and NetApp private storage for cloud.

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