NetApp (NASDAQ:NTAP) Earns Buy Rating from Goldman Sachs Group

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Goldman Sachs Group reissued their buy rating on shares of NetApp (NASDAQ:NTAP) in a research report report published on Thursday morning, Briefing.com Automated Import reports. Goldman Sachs Group currently has a $61.00 price objective on the data storage provider’s stock, up from their previous price objective of $54.00.

A number of other research firms have also recently weighed in on NTAP. BidaskClub cut NetApp from a sell rating to a strong sell rating in a research report on Wednesday, August 7th. Credit Suisse Group reissued an outperform rating and issued a $60.00 price objective (down previously from $62.00) on shares of NetApp in a research report on Thursday. Wells Fargo & Co reissued a market perform rating and issued a $50.00 price objective (down previously from $53.00) on shares of NetApp in a research report on Thursday. Evercore ISI began coverage on NetApp in a research report on Wednesday, June 5th. They issued an in-line rating and a $65.00 price objective for the company. Finally, Loop Capital lowered their price objective on NetApp to $60.00 and set a buy rating for the company in a research report on Friday, August 2nd. Five analysts have rated the stock with a sell rating, fifteen have issued a hold rating and nine have issued a buy rating to the company. The company has an average rating of Hold and an average target price of $59.52.

Shares of NASDAQ NTAP opened at $46.76 on Thursday. The company has a current ratio of 1.42, a quick ratio of 1.42 and a debt-to-equity ratio of 1.33. The stock has a market capitalization of $11.10 billion, a PE ratio of 11.63, a price-to-earnings-growth ratio of 0.95 and a beta of 1.48. The stock’s fifty day simple moving average is $56.10 and its two-hundred day simple moving average is $64.24. NetApp has a 12-month low of $44.55 and a 12-month high of $88.08.

NetApp (NASDAQ:NTAP) last announced its earnings results on Wednesday, August 14th. The data storage provider reported $0.65 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.46 by $0.19. The business had revenue of $1.24 billion for the quarter, compared to analysts’ expectations of $1.23 billion. NetApp had a return on equity of 77.11% and a net margin of 16.74%. The business’s revenue for the quarter was down 16.1% on a year-over-year basis. During the same quarter last year, the firm earned $1.04 EPS. On average, equities analysts predict that NetApp will post 3.35 earnings per share for the current fiscal year.

The company also recently announced a quarterly dividend, which will be paid on Wednesday, October 23rd. Investors of record on Friday, October 4th will be paid a $0.48 dividend. The ex-dividend date of this dividend is Thursday, October 3rd. This represents a $1.92 dividend on an annualized basis and a yield of 4.11%. NetApp’s dividend payout ratio (DPR) is 47.76%.

In related news, SVP Matthew K. Fawcett sold 38,195 shares of the firm’s stock in a transaction on Friday, June 21st. The stock was sold at an average price of $61.55, for a total value of $2,350,902.25. Following the completion of the transaction, the senior vice president now owns 38,527 shares in the company, valued at approximately $2,371,336.85. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CFO Ronald J. Pasek sold 58,052 shares of the firm’s stock in a transaction on Monday, June 3rd. The stock was sold at an average price of $58.49, for a total value of $3,395,461.48. Following the completion of the transaction, the chief financial officer now owns 122,806 shares of the company’s stock, valued at approximately $7,182,922.94. The disclosure for this sale can be found here. Insiders sold a total of 161,092 shares of company stock valued at $9,676,120 in the last 90 days. 0.33% of the stock is currently owned by company insiders.

A number of hedge funds have recently modified their holdings of NTAP. Amundi Pioneer Asset Management Inc. raised its stake in NetApp by 87.8% in the 2nd quarter. Amundi Pioneer Asset Management Inc. now owns 3,221,610 shares of the data storage provider’s stock worth $878,488,000 after acquiring an additional 1,505,804 shares during the last quarter. Invesco Ltd. raised its stake in NetApp by 18.3% in the 2nd quarter. Invesco Ltd. now owns 6,050,117 shares of the data storage provider’s stock worth $373,291,000 after acquiring an additional 937,586 shares during the last quarter. Nuveen Asset Management LLC raised its stake in NetApp by 357.6% in the 2nd quarter. Nuveen Asset Management LLC now owns 992,896 shares of the data storage provider’s stock worth $61,261,000 after acquiring an additional 775,940 shares during the last quarter. Artisan Partners Limited Partnership purchased a new position in NetApp in the 1st quarter worth $52,475,000. Finally, Bank of Montreal Can raised its stake in NetApp by 35.2% in the 1st quarter. Bank of Montreal Can now owns 2,572,566 shares of the data storage provider’s stock worth $178,383,000 after acquiring an additional 670,441 shares during the last quarter. Institutional investors own 96.66% of the company’s stock.

NetApp Company Profile

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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Analyst Recommendations for NetApp (NASDAQ:NTAP)

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