NetApp (NASDAQ:NTAP) had its price target reduced by investment analysts at Maxim Group to $86.00 in a research note issued to investors on Thursday, The Fly reports. The firm presently has a “buy” rating on the data storage provider’s stock. Maxim Group’s target price suggests a potential upside of 38.73% from the stock’s current price.
Several other analysts also recently issued reports on the company. Credit Suisse Group started coverage on NetApp in a research note on Thursday, April 11th. They issued an “outperform” rating and a $89.00 price target for the company. BidaskClub downgraded NetApp from a “strong-buy” rating to a “buy” rating in a research note on Wednesday, April 24th. Citigroup reduced their price target on NetApp from $77.00 to $75.00 and set a “neutral” rating for the company in a research note on Thursday, February 14th. Oppenheimer restated a “hold” rating on shares of NetApp in a research note on Thursday, February 14th. Finally, Loop Capital cut their target price on NetApp to $85.00 and set a “buy” rating for the company in a research report on Thursday, February 14th. Three research analysts have rated the stock with a sell rating, twelve have given a hold rating and fourteen have given a buy rating to the company’s stock. The stock presently has a consensus rating of “Hold” and an average target price of $77.00.
NTAP opened at $61.99 on Thursday. The firm has a market capitalization of $15.31 billion, a P/E ratio of 20.73, a PEG ratio of 1.01 and a beta of 1.40. NetApp has a 1 year low of $54.50 and a 1 year high of $88.08. The company has a quick ratio of 1.53, a current ratio of 1.56 and a debt-to-equity ratio of 0.93.
NetApp (NASDAQ:NTAP) last released its quarterly earnings results on Wednesday, May 22nd. The data storage provider reported $1.10 earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of $1.13 by ($0.03). The firm had revenue of $1.59 billion during the quarter, compared to the consensus estimate of $1.64 billion. NetApp had a net margin of 16.85% and a return on equity of 60.32%. The business’s revenue for the quarter was down 3.2% compared to the same quarter last year. During the same quarter last year, the firm earned $1.05 earnings per share. On average, research analysts expect that NetApp will post 4.04 EPS for the current fiscal year.
Several institutional investors have recently bought and sold shares of NTAP. First Interstate Bank increased its holdings in NetApp by 15.0% in the 1st quarter. First Interstate Bank now owns 1,130 shares of the data storage provider’s stock worth $78,000 after purchasing an additional 147 shares in the last quarter. Destination Wealth Management increased its holdings in NetApp by 53.3% in the 1st quarter. Destination Wealth Management now owns 460 shares of the data storage provider’s stock worth $32,000 after purchasing an additional 160 shares in the last quarter. FTB Advisors Inc. increased its holdings in NetApp by 14.6% in the 4th quarter. FTB Advisors Inc. now owns 1,318 shares of the data storage provider’s stock worth $78,000 after purchasing an additional 168 shares in the last quarter. LS Investment Advisors LLC increased its holdings in NetApp by 2.3% in the 4th quarter. LS Investment Advisors LLC now owns 7,681 shares of the data storage provider’s stock worth $458,000 after purchasing an additional 173 shares in the last quarter. Finally, Commerce Bank increased its holdings in NetApp by 1.3% in the 1st quarter. Commerce Bank now owns 13,951 shares of the data storage provider’s stock worth $967,000 after purchasing an additional 183 shares in the last quarter. 91.87% of the stock is owned by institutional investors.
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.
Receive News & Ratings for NetApp Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for NetApp and related companies with MarketBeat.com's FREE daily email newsletter.