NetApp (NASDAQ:NTAP) was downgraded by Morgan Stanley from an “overweight” rating to an “equal weight” rating in a research note issued on Tuesday, AnalystRatingsNetwork reports.
The analysts wrote, “We move to a Cautious view of our group as cloud computing adoption accelerates faster than expected. We downgrade ACN to EW, NTAP to EW, and TDC to UW on revenue and multiple risk from cloud adoption, and upgrade BRCD to EW and WDC to OW on better risk/reward. We favor AAPL, HPQ, WDC into 2014.”
Several other analysts have also recently commented on the stock. Analysts at TheStreet reiterated a “buy” rating on shares of NetApp in a research note to investors on Tuesday. Finally, analysts at BMO Capital Markets reiterated a “hold” rating on shares of NetApp in a research note to investors on Sunday, November 17th. They now have a $47.00 price target on the stock. One equities research analyst has rated the stock with a sell rating, twenty-one have issued a hold rating and thirteen have assigned a buy rating to the stock. The company presently has an average rating of “Hold” and an average price target of $44.32.
Shares of NetApp (NASDAQ:NTAP) traded down 0.25% on Tuesday, hitting $40.64. The stock had a trading volume of 1,769,159 shares. NetApp has a 52-week low of $31.74 and a 52-week high of $44.65. The stock has a 50-day moving average of $40.20 and a 200-day moving average of $40.47. The company has a market cap of $13.846 billion and a P/E ratio of 25.38.
NetApp (NASDAQ:NTAP) last announced its earnings results on Wednesday, November 13th. The company reported $0.66 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.63 by $0.03. The company had revenue of $1.55 billion for the quarter, compared to the consensus estimate of $1.60 billion. During the same quarter last year, the company posted $0.51 earnings per share. NetApp’s revenue was up .6% compared to the same quarter last year. Analysts expect that NetApp will post $2.70 EPS for the current fiscal year.
The company also recently declared a quarterly dividend, which is scheduled for Wednesday, January 22nd. Stockholders of record on Thursday, January 9th will be given a dividend of $0.15 per share. This represents a $0.60 dividend on an annualized basis and a yield of 1.47%. The ex-dividend date of this dividend is Tuesday, January 7th.
NetApp, Inc (NASDAQ:NTAP) is a provider of storage systems and data management solutions for information technology (IT) infrastructures.
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