NetApp (NTAP) Sets New 52-Week High on Analyst Upgrade

Shares of NetApp, Inc. (NASDAQ:NTAP) reached a new 52-week high on Monday after Royal Bank Of Canada raised their price target on the stock to $60.00. Royal Bank Of Canada currently has a positive rating on the stock. NetApp traded as high as $58.68 and last traded at $58.26, with a volume of 3439100 shares trading hands. The stock had previously closed at $57.53.

A number of other analysts have also weighed in on NTAP. Citigroup increased their price objective on NetApp from $41.00 to $43.00 and gave the company a “neutral” rating in a research note on Thursday, August 17th. Susquehanna Bancshares reaffirmed a “positive” rating and issued a $50.00 price target (up previously from $48.00) on shares of NetApp in a research note on Wednesday, August 16th. Piper Jaffray Companies set a $50.00 price target on NetApp and gave the stock a “buy” rating in a research note on Monday, August 14th. FBN Securities reaffirmed an “outperform” rating on shares of NetApp in a research note on Sunday, August 20th. Finally, Drexel Hamilton reaffirmed a “buy” rating and issued a $62.00 price target (up previously from $60.00) on shares of NetApp in a research note on Friday, August 18th. Two investment analysts have rated the stock with a sell rating, eighteen have given a hold rating and fifteen have issued a buy rating to the company. The company presently has a consensus rating of “Hold” and a consensus price target of $49.39.

In other news, VP Joel D. Reich sold 3,371 shares of the firm’s stock in a transaction on Friday, November 17th. The stock was sold at an average price of $53.17, for a total transaction of $179,236.07. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, EVP Henri P. Richard sold 1,976 shares of the firm’s stock in a transaction on Friday, December 1st. The shares were sold at an average price of $55.91, for a total value of $110,478.16. Following the transaction, the executive vice president now owns 11,884 shares of the company’s stock, valued at $664,434.44. The disclosure for this sale can be found here. In the last quarter, insiders sold 187,036 shares of company stock valued at $9,316,158. 0.47% of the stock is owned by corporate insiders.

Large investors have recently modified their holdings of the company. Exane Derivatives increased its holdings in shares of NetApp by 59,850.0% during the third quarter. Exane Derivatives now owns 2,398 shares of the data storage provider’s stock valued at $105,000 after acquiring an additional 2,394 shares in the last quarter. First Personal Financial Services increased its holdings in shares of NetApp by 27,540.0% during the third quarter. First Personal Financial Services now owns 2,764 shares of the data storage provider’s stock valued at $121,000 after acquiring an additional 2,754 shares in the last quarter. Krilogy Financial LLC bought a new position in shares of NetApp during the second quarter valued at $122,000. Quantbot Technologies LP bought a new position in shares of NetApp during the third quarter valued at $131,000. Finally, FTB Advisors Inc. increased its holdings in shares of NetApp by 50.2% during the third quarter. FTB Advisors Inc. now owns 4,544 shares of the data storage provider’s stock valued at $199,000 after acquiring an additional 1,519 shares in the last quarter. Hedge funds and other institutional investors own 94.97% of the company’s stock.

The company has a debt-to-equity ratio of 0.55, a quick ratio of 1.64 and a current ratio of 1.67. The stock has a market cap of $15,540.00, a price-to-earnings ratio of 21.90, a price-to-earnings-growth ratio of 1.89 and a beta of 1.29.

NetApp (NASDAQ:NTAP) last issued its quarterly earnings results on Wednesday, November 15th. The data storage provider reported $0.81 earnings per share for the quarter, beating the consensus estimate of $0.69 by $0.12. NetApp had a return on equity of 26.77% and a net margin of 11.49%. The firm had revenue of $1.42 billion during the quarter, compared to the consensus estimate of $1.38 billion. During the same period last year, the company earned $0.60 earnings per share. The company’s revenue was up 6.1% on a year-over-year basis. equities research analysts predict that NetApp, Inc. will post 2.72 earnings per share for the current fiscal year.

The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, January 24th. Investors of record on Friday, January 5th will be issued a $0.20 dividend. The ex-dividend date is Thursday, January 4th. This represents a $0.80 annualized dividend and a yield of 1.37%. NetApp’s payout ratio is 34.33%.

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About NetApp

NetApp, Inc (NetApp) provides software, systems and services to manage and store customer data. The Company enables enterprises, service providers, governmental organizations, and partners to envision, deploy and evolve their information technology (IT) environments. The Company offers a portfolio of products and services that satisfy a range of customer workloads across different data types and deployment models.

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