NetApp (NASDAQ: NTAP – Get Rating) was upgraded by equities research analysts at Deutsche Bank Aktiengesellschaft from a “hold” rating to a “buy” rating in a research note issued on Tuesday, The Fly reports. The brokerage currently has a $ 84.00 price objective on the data storage provider’s stock, down from their prior objective price of $ 90.00. Deutsche Bank Aktiengesellschaft’s target price suggests a potential upside of 28.38% from the stock’s previous close.
Other equities research analysts have also issued reports about the company. Wedbush dropped their price target on NetApp from $ 85.00 to $ 80.00 and set a “neutral” rating on the stock in a research report on Thursday, June 2nd. OTR Global lowered NetApp to a “positive” rating in a research report on Friday, May 27th. UBS Group assumed coverage on NetApp in a research report on Tuesday, April 5th. They issued a “neutral” rating and a $ 91.00 target price on the stock. StockNews.com raised NetApp from a “hold” rating to a “buy” rating in a research report on Thursday, June 9th. Finally, Barclays dropped their target price on NetApp from $ 102.00 to $ 88.00 and set an “overweight” rating on the stock in a research report on Thursday, June 2nd. One research analyst has rated the stock with a sell rating, seven have issued a hold rating and fourteen have assigned a buy rating to the company. According to data from MarketBeat, the stock has an average rating of “Buy” and an average price target of $ 94.11.
NTAP stock opened at $ 65.43 on Tuesday. The company has a current ratio of 1.50, a quick ratio of 1.45 and a debt-to-equity ratio of 2.85. The firm has a market cap of $ 14.56 billion, a P / E ratio of 15.96, a P / E / G ratio of 1.71 and a beta of 1.24. NetApp has a 12-month low of $ 63.71 and a 12-month high of $ 96.82. The stock’s 50 day simple moving average is $ 72.58 and its 200 day simple moving average is $ 82.45.
NetApp (NASDAQ: NTAP – Get Rating) last posted its quarterly earnings results on Wednesday, June 1st. The data storage provider reported $ 1.42 earnings per share (EPS) for the quarter, beating the consensus estimate of $ 1.28 by $ 0.14. The business had revenue of $ 1.68 billion for the quarter, compared to analyst estimates of $ 1.68 billion. NetApp had a return on equity of 127.40% and a net margin of 14.83%. The business’s revenue was up 8.0% compared to the same quarter last year. During the same period in the prior year, the company posted $ 0.96 EPS. On average, research analysts forecast that NetApp will post 4.45 EPS for the current fiscal year.
In related news, CEO George Kurian sold 2,125 shares of the firm’s stock in a transaction dated Monday, May 23rd. The stock was sold at an average price of $ 66.95, for a total transaction of $ 142,268.75. Following the completion of the transaction, the chief executive officer now owns 156,129 shares of the company stock, valued at $ 10,452,836.55. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, CFO Michael J. Berry purchased 5,000 shares of the firm’s stock in a transaction that occurred on Friday, June 3rd. The stock was bought at an average price of $ 72.04 per share, with a total value of $ 360,200.00. Following the transaction, the chief financial officer now directly owns 95,875 shares in the company, valued at $ 6,906,835. The disclosure for this purchase can be found here. Insiders have sold 12,750 shares of company stock valued at $ 993,799 in the last ninety days. Company insiders own 0.28% of the company stock.
Several large investors have recently added to or reduced their stakes in the stock. Teachers Retirement System of The State of Kentucky boosted its position in shares of NetApp by 7.0% in the 1st quarter. Teachers Retirement System of The State of Kentucky now owns 356,960 shares of the data storage provider’s stock valued at $ 29,628,000 after purchasing an additional 23,418 shares during the period. Mirae Asset Global Investments Co. Ltd. boosted its position in shares of NetApp by 25.0% in the 1st quarter. Mirae Asset Global Investments Co. Ltd. now owns 22,446 shares of the data storage provider’s stock valued at $ 1,863,000 after purchasing an additional 4,493 shares during the period. Walleye Capital LLC lifted its stake in NetApp by 76.3% in the 1st quarter. Walleye Capital LLC now owns 47,963 shares of the data storage provider’s stock worth $ 3,981,000 after acquiring an additional 20,760 shares in the last quarter. EverSource Wealth Advisors LLC lifted its stake in NetApp by 410.9% in the 1st quarter. EverSource Wealth Advisors LLC now owns 659 shares of the data storage provider’s stock worth $ 54,000 after acquiring an additional 530 shares in the last quarter. Finally, Capital International Sarl lifted its stake in NetApp by 1.3% in the 1st quarter. Capital International Sarl now owns 59,762 shares of the data storage provider’s stock worth $ 4,960,000 after acquiring an additional 750 shares in the last quarter. Institutional investors and hedge funds own 91.91% of the company stock.
NetApp Company Profile: (Get Rating)
NetApp, Inc provides software, systems, and cloud services to manage and share data on-premises, and private and public clouds worldwide. The company offers cloud storage services, including NetApp Cloud Volumes; cloud control solutions, such as NetApp Cloud Manager and NetApp Virtual Desktop Service; cloud services and analytics comprising NetApp Cloud Insights, NetApp Cloud Sync, NetApp Cloud Compliance, NetApp Cloud Tiering, NetApp SaaS Backup, NetApp Cloud Backup, and NetApp Global File Cache; and Cloud Optimization solutions, such as Spot by NetApp, Spot Cloud Analyzer by NetApp, Spot Eco by NetApp, Spot Ocean by NetApp, Spot Wave by NetApp, Spot Elastigroup by NetApp, and NetApp Virtual Desktop Managed Service.
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