Barclays Capital cut shares of NetApp (NASDAQ:NTAP) from an overweight rating to an equal weight rating in a research report sent to investors on Tuesday morning, Analyst Ratings Network reports. The firm currently has $46.00 price target on the stock.
Shares of NetApp (NASDAQ:NTAP) traded up 1.29% on Tuesday, hitting $43.28. 2,506,733 shares of the company’s stock traded hands. NetApp has a 1-year low of $26.26 and a 1-year high of $44.65. The stock has a 50-day moving average of $42.50 and a 200-day moving average of $38.33. The company has a market cap of $14.719 billion and a P/E ratio of 29.80. NetApp also saw unusually large options trading activity on Tuesday. Stock traders acquired 14,709 call options on the stock. This represents an increase of 113% compared to the average volume of 6,912 call options.
NetApp (NASDAQ:NTAP) last announced its earnings results on Wednesday, August 14th. The company reported $0.53 EPS for the quarter, beating the Thomson Reuters consensus estimate of $0.49 by $0.04. The company had revenue of $1.52 billion for the quarter, compared to the consensus estimate of $1.53 billion. During the same quarter in the prior year, the company posted $0.42 earnings per share. The company’s quarterly revenue was up 4.9% on a year-over-year basis. On average, analysts predict that NetApp will post $2.75 earnings per share for the current fiscal year.
The company also recently declared a quarterly dividend, which is scheduled for Friday, October 25th. Stockholders of record on Monday, October 21st will be given a dividend of $0.15 per share. This represents a $0.60 dividend on an annualized basis and a yield of 1.40%. The ex-dividend date of this dividend is Thursday, October 17th.
In other NetApp news, Chairman Daniel Warmenhoven sold 10,000 shares of the company’s stock in a transaction that occurred on Monday, September 23rd. The stock was sold at an average price of $43.28, for a total value of $432,800.00. Following the transaction, the chairman now directly owns 64,748 shares in the company, valued at approximately $2,802,293. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link.
NTAP has been the subject of a number of other recent research reports. Analysts at William Blair downgraded shares of NetApp (NASDAQ:NTAP) from a market perform rating to an underperform rating in a research note to investors on Friday, September 20th. Separately, analysts at Cantor Fitzgerald initiated coverage on shares of NetApp (NASDAQ:NTAP) in a research note to investors on Thursday, September 19th. They set a buy rating and a $53.00 price target on the stock. Finally, analysts at TheStreet reiterated a positive rating on shares of NetApp (NASDAQ:NTAP) in a research note to investors on Monday, September 16th. Two analysts have rated the stock with a sell rating, seventeen have assigned a hold rating and seventeen have issued a buy rating to the company. NetApp presently has a consensus rating of Hold and an average target price of $43.66.
NetApp, Inc (NASDAQ:NTAP) is a provider of storage systems and data management solutions for information technology (IT) infrastructures.
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