NetApp (NASDAQ:NTAP) Shares Gap Up to $43.99

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Shares of NetApp Inc. (NASDAQ:NTAP) gapped up prior to trading on Monday . The stock had previously closed at $44.55, but opened at $43.99. NetApp shares last traded at $43.81, with a volume of 61,773 shares trading hands.

NTAP has been the topic of a number of analyst reports. Deutsche Bank initiated coverage on NetApp in a research note on Thursday, June 18th. They issued a “hold” rating and a $43.00 price target on the stock. Barclays lifted their price target on NetApp from $43.00 to $46.00 and gave the company an “equal weight” rating in a research note on Thursday, May 28th. Zacks Investment Research downgraded NetApp from a “hold” rating to a “sell” rating and set a $47.00 price target on the stock. in a research note on Wednesday, May 27th. Loop Capital downgraded NetApp from a “buy” rating to a “hold” rating and decreased their price target for the company from $70.00 to $43.00 in a research note on Monday, April 27th. Finally, Wells Fargo & Co decreased their price target on NetApp from $55.00 to $46.00 and set an “equal weight” rating on the stock in a research note on Tuesday, March 31st. Five analysts have rated the stock with a sell rating, sixteen have assigned a hold rating and six have issued a buy rating to the stock. NetApp currently has a consensus rating of “Hold” and an average price target of $50.89.

The company has a market capitalization of $9.73 billion, a price-to-earnings ratio of 12.53, a PEG ratio of 1.38 and a beta of 1.31. The stock has a fifty day moving average price of $44.19 and a two-hundred day moving average price of $49.17. The company has a quick ratio of 1.14, a current ratio of 1.18 and a debt-to-equity ratio of 4.74.

NetApp (NASDAQ:NTAP) last released its quarterly earnings results on Wednesday, May 27th. The data storage provider reported $1.19 earnings per share for the quarter, topping the Zacks’ consensus estimate of $1.04 by $0.15. NetApp had a return on equity of 168.65% and a net margin of 15.13%. The company had revenue of $1.40 billion during the quarter, compared to analysts’ expectations of $1.37 billion. During the same period in the previous year, the firm posted $1.22 earnings per share. The business’s revenue for the quarter was down 12.0% compared to the same quarter last year. As a group, research analysts forecast that NetApp Inc. will post 2.69 earnings per share for the current fiscal year.

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, July 29th. Investors of record on Friday, July 10th will be paid a $0.48 dividend. The ex-dividend date is Thursday, July 9th. This represents a $1.92 annualized dividend and a yield of 4.33%. NetApp’s payout ratio is currently 54.39%.

A number of institutional investors have recently added to or reduced their stakes in the stock. Cim Investment Mangement Inc. increased its stake in NetApp by 3.6% in the first quarter. Cim Investment Mangement Inc. now owns 7,662 shares of the data storage provider’s stock valued at $319,000 after purchasing an additional 267 shares during the last quarter. Utah Retirement Systems increased its stake in NetApp by 0.7% in the fourth quarter. Utah Retirement Systems now owns 45,652 shares of the data storage provider’s stock valued at $2,842,000 after purchasing an additional 300 shares during the last quarter. Meeder Asset Management Inc. increased its stake in NetApp by 87.5% in the first quarter. Meeder Asset Management Inc. now owns 662 shares of the data storage provider’s stock valued at $28,000 after purchasing an additional 309 shares during the last quarter. Amalgamated Bank increased its stake in NetApp by 0.8% in the fourth quarter. Amalgamated Bank now owns 41,098 shares of the data storage provider’s stock valued at $2,558,000 after purchasing an additional 328 shares during the last quarter. Finally, Cigna Investments Inc. New increased its stake in NetApp by 5.7% in the first quarter. Cigna Investments Inc. New now owns 6,514 shares of the data storage provider’s stock valued at $272,000 after purchasing an additional 350 shares during the last quarter. Hedge funds and other institutional investors own 90.17% 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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