NetApp (NASDAQ:NTAP) Price Target Lowered to $68.00 at Credit Suisse Group

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NetApp (NASDAQ:NTAP) had its price objective decreased by Credit Suisse Group from $70.00 to $68.00 in a report issued on Thursday morning, BenzingaRatingsTable reports. Credit Suisse Group currently has an outperform rating on the data storage provider’s stock.

A number of other equities research analysts have also recently commented on NTAP. Zacks Investment Research cut NetApp from a strong-buy rating to a hold rating and set a $73.00 price target on the stock. in a report on Tuesday, November 19th. Stifel Nicolaus decreased their price target on NetApp from $70.00 to $66.00 and set a buy rating on the stock in a report on Thursday. Susquehanna Bancshares reissued a buy rating and set a $85.00 price target on shares of NetApp in a report on Monday. Argus raised their price target on NetApp from $66.00 to $75.00 and gave the company a buy rating in a report on Friday, November 15th. Finally, Maxim Group raised their price target on NetApp from $66.00 to $74.00 and gave the company a positive rating in a report on Thursday, November 14th. Four investment analysts have rated the stock with a sell rating, fifteen have assigned a hold rating and nine have assigned a buy rating to the company. NetApp presently has a consensus rating of Hold and an average price target of $64.00.

NASDAQ:NTAP traded down $0.94 on Thursday, reaching $54.24. 3,217,318 shares of the company’s stock traded hands, compared to its average volume of 2,375,587. The company has a quick ratio of 1.27, a current ratio of 1.31 and a debt-to-equity ratio of 2.14. The stock has a 50-day simple moving average of $60.10 and a 200-day simple moving average of $56.27. The firm has a market cap of $13.25 billion, a PE ratio of 13.49, a P/E/G ratio of 1.31 and a beta of 1.58. NetApp has a 12 month low of $44.55 and a 12 month high of $78.35.

NetApp (NASDAQ:NTAP) last posted its quarterly earnings results on Wednesday, February 12th. The data storage provider reported $1.16 EPS for the quarter, missing the Zacks’ consensus estimate of $1.18 by ($0.02). The business had revenue of $1.40 billion for the quarter, compared to the consensus estimate of $1.47 billion. NetApp had a net margin of 17.20% and a return on equity of 95.04%. NetApp’s revenue was down 10.2% compared to the same quarter last year. During the same period in the prior year, the business earned $1.20 earnings per share. On average, equities analysts anticipate that NetApp will post 3.72 earnings per share for the current year.

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, April 22nd. Stockholders of record on Friday, April 3rd will be given a dividend of $0.48 per share. The ex-dividend date of this dividend is Thursday, April 2nd. This represents a $1.92 dividend on an annualized basis and a dividend yield of 3.54%. NetApp’s payout ratio is 47.76%.

In related news, EVP Henri P. Richard sold 2,500 shares of NetApp stock in a transaction dated Wednesday, January 15th. The stock was sold at an average price of $64.20, for a total value of $160,500.00. Following the completion of the transaction, the executive vice president now owns 143,855 shares in the company, valued at $9,235,491. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CAO Scott R. Allen sold 2,781 shares of NetApp stock in a transaction dated Friday, December 13th. The stock was sold at an average price of $62.23, for a total value of $173,061.63. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 5,284 shares of company stock valued at $333,743. Company insiders own 0.33% of the company’s stock.

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Sumitomo Mitsui DS Asset Management Company Ltd lifted its holdings in NetApp by 8.1% during the third quarter. Sumitomo Mitsui DS Asset Management Company Ltd now owns 19,770 shares of the data storage provider’s stock worth $1,038,000 after acquiring an additional 1,484 shares during the period. Assenagon Asset Management S.A. raised its stake in shares of NetApp by 2.9% in the third quarter. Assenagon Asset Management S.A. now owns 10,800 shares of the data storage provider’s stock valued at $567,000 after buying an additional 300 shares during the period. Campbell & CO Investment Adviser LLC bought a new stake in shares of NetApp in the third quarter valued at $441,000. CIBC Private Wealth Group LLC raised its stake in shares of NetApp by 143.8% in the third quarter. CIBC Private Wealth Group LLC now owns 29,459 shares of the data storage provider’s stock valued at $1,547,000 after buying an additional 17,377 shares during the period. Finally, Commerzbank Aktiengesellschaft FI raised its stake in shares of NetApp by 116.5% in the third quarter. Commerzbank Aktiengesellschaft FI now owns 55,359 shares of the data storage provider’s stock valued at $2,907,000 after buying an additional 29,794 shares during the period. Institutional investors own 98.26% of the company’s stock.

About NetApp

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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