Weekly Investment Analysts’ Ratings Changes for NetApp (NTAP)

Posted by Defense World Staff on Jun 7th, 2023

NetApp (NASDAQ: NTAP) has recently received a number of price target changes and ratings updates:

6/1/2023 – NetApp had its “maintains” rating reaffirmed by analysts at SpectralCast, Inc..
6/1/2023 – NetApp had its price target raised by analysts at Deutsche Bank Aktiengesellschaft from $70.00 to $75.00.
6/1/2023 – NetApp had its price target raised by analysts at Stifel Nicolaus from $75.00 to $80.00.
6/1/2023 – NetApp had its price target raised by analysts at Northland Securities from $86.00 to $89.00.
6/1/2023 – NetApp had its price target raised by analysts at Wedbush from $70.00 to $75.00.
6/1/2023 – NetApp had its price target raised by analysts at Raymond James from $72.00 to $77.00.
6/1/2023 – NetApp had its price target raised by analysts at Barclays PLC from $67.00 to $69.00.
5/18/2023 – NetApp is now covered by analysts at StockNews.com. They set a “hold” rating on the stock.
4/20/2023 – NetApp was downgraded by analysts at Bank of America Co. from a “neutral” rating to an “underperform” rating. They now have a $58.00 price target on the stock, down previously from $70.00.
4/11/2023 – NetApp had its price target lowered by analysts at Raymond James from $75.00 to $72.00. They now have an “outperform” rating on the stock.
4/10/2023 – NetApp was upgraded by analysts at Stifel Nicolaus from a “hold” rating to a “buy” rating. They now have a $75.00 price target on the stock.

NetApp Stock Performance

NTAP stock opened at $70.06 on Wednesday. The company has a quick ratio of 1.30, a current ratio of 1.35 and a debt-to-equity ratio of 2.06. The company has a market capitalization of $14.99 billion, a price-to-earnings ratio of 12.08, a P/E/G ratio of 1.83 and a beta of 1.19. NetApp, Inc. has a 12 month low of $58.08 and a 12 month high of $79.09. The firm has a 50 day moving average of $65.26 and a two-hundred day moving average of $64.91.

NetApp (NASDAQ:NTAP – Get Rating) last posted its earnings results on Wednesday, May 31st. The data storage provider reported $1.54 EPS for the quarter, topping the consensus estimate of $1.34 by $0.20. The company had revenue of $1.58 billion during the quarter, compared to the consensus estimate of $1.54 billion. NetApp had a net margin of 20.02% and a return on equity of 93.62%. During the same period in the previous year, the firm posted $1.21 earnings per share. As a group, equities analysts anticipate that NetApp, Inc. will post 4.4 EPS for the current fiscal year.

NetApp Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, July 26th. Investors of record on Friday, July 7th will be issued a dividend of $0.50 per share. This represents a $2.00 annualized dividend and a dividend yield of 2.85%. The ex-dividend date is Thursday, July 6th. NetApp’s dividend payout ratio is currently 34.48%.

Insider Buying and Selling

In related news, President Cesar Cernuda sold 18,000 shares of the company’s stock in a transaction on Wednesday, March 15th. The shares were sold at an average price of $60.09, for a total transaction of $1,081,620.00. Following the completion of the sale, the president now directly owns 44,829 shares of the company’s stock, valued at approximately $2,693,774.61. The transaction was disclosed in a legal filing with the SEC, which is available through this link. In related news, President Cesar Cernuda sold 18,000 shares of the company’s stock in a transaction on Wednesday, March 15th. The shares were sold at an average price of $60.09, for a total transaction of $1,081,620.00. Following the completion of the transaction, the president now directly owns 44,829 shares in the company, valued at approximately $2,693,774.61. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Also, CEO George Kurian sold 2,250 shares of the company’s stock in a transaction on Monday, April 10th. The shares were sold at an average price of $64.50, for a total transaction of $145,125.00. Following the transaction, the chief executive officer now owns 142,670 shares of the company’s stock, valued at $9,202,215. The disclosure for this sale can be found here. In the last three months, insiders sold 24,750 shares of company stock valued at $1,514,205. Company insiders own 0.26% of the company’s stock.

Hedge Funds Weigh In On NetApp

Large investors have recently bought and sold shares of the stock. Private Advisor Group LLC raised its stake in shares of NetApp by 66.3% in the 1st quarter. Private Advisor Group LLC now owns 7,740 shares of the data storage provider’s stock valued at $643,000 after buying an additional 3,086 shares in the last quarter. Commonwealth of Pennsylvania Public School Empls Retrmt SYS raised its stake in shares of NetApp by 6.0% in the 1st quarter. Commonwealth of Pennsylvania Public School Empls Retrmt SYS now owns 29,741 shares of the data storage provider’s stock valued at $2,469,000 after buying an additional 1,672 shares in the last quarter. Sei Investments Co. raised its stake in shares of NetApp by 0.8% in the 1st quarter. Sei Investments Co. now owns 139,507 shares of the data storage provider’s stock valued at $11,563,000 after buying an additional 1,086 shares in the last quarter. Aviva PLC raised its stake in shares of NetApp by 41.0% in the 1st quarter. Aviva PLC now owns 98,770 shares of the data storage provider’s stock valued at $8,198,000 after buying an additional 28,705 shares in the last quarter. Finally, Prudential PLC acquired a new position in shares of NetApp in the 1st quarter valued at $465,000. 87.92% of the stock is currently owned by institutional investors and hedge funds.

NetApp, Inc provides software, systems, and services to manage and share data on-premises, and private and public clouds worldwide. The company offers cloud data services, including NetApp Cloud Volumes Service for AWS, NetApp Cloud Volumes ONTAP, NetApp Cloud Sync, NetApp Cloud Secure, NetApp Cloud Tiering, NetApp SaaS Backup, NetApp Kubernetes Service, and NetApp Cloud Insights.