NetApp (NTAP) Raised to “Outperform” at William Blair

William Blair upgraded shares of NetApp (NASDAQ:NTAP) from a market perform rating to an outperform rating in a research note released on Tuesday morning, Marketbeat Ratings reports. William Blair also issued estimates for NetApp’s Q1 2019 earnings at $0.63 EPS, Q2 2019 earnings at $0.79 EPS, Q3 2019 earnings at $0.92 EPS, Q4 2019 earnings at $1.06 EPS and FY2019 earnings at $3.40 EPS.

A number of other brokerages also recently weighed in on NTAP. JPMorgan Chase began coverage on NetApp in a research report on Friday, April 13th. They set an overweight rating and a $80.00 price objective on the stock. Maxim Group raised their price objective on NetApp from $70.00 to $81.00 and gave the company a buy rating in a research report on Thursday, April 12th. Argus raised their price objective on NetApp to $76.00 and gave the company a buy rating in a research report on Thursday, April 12th. DA Davidson downgraded NetApp from a buy rating to a neutral rating and raised their price objective for the company from $56.00 to $64.00 in a research report on Tuesday, January 23rd. Finally, Morgan Stanley raised NetApp from an underweight rating to an equal weight rating and raised their price objective for the company from $41.00 to $64.00 in a research report on Tuesday, January 23rd. One analyst has rated the stock with a sell rating, thirteen have assigned a hold rating and twenty have given a buy rating to the stock. NetApp presently has a consensus rating of Buy and an average price target of $60.30.

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NTAP opened at $69.13 on Tuesday. NetApp has a 12-month low of $37.43 and a 12-month high of $69.75. The company has a debt-to-equity ratio of 0.71, a quick ratio of 1.88 and a current ratio of 1.91. The firm has a market cap of $18,545.61, a PE ratio of 24.81, a PEG ratio of 2.29 and a beta of 1.27.

NetApp (NASDAQ:NTAP) last posted its quarterly earnings results on Wednesday, February 14th. The data storage provider reported $0.99 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.91 by $0.08. NetApp had a positive return on equity of 29.38% and a negative net margin of 0.09%. The business had revenue of $1.52 billion for the quarter, compared to the consensus estimate of $1.49 billion. During the same quarter in the prior year, the company earned $0.82 EPS. equities analysts expect that NetApp will post 2.92 EPS for the current year.

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, April 25th. Stockholders of record on Friday, April 6th will be paid a $0.20 dividend. This represents a $0.80 annualized dividend and a dividend yield of 1.16%. The ex-dividend date of this dividend is Thursday, April 5th. NetApp’s payout ratio is 38.10%.

In other news, EVP Henri P. Richard sold 4,900 shares of the firm’s stock in a transaction dated Tuesday, April 10th. The stock was sold at an average price of $66.00, for a total value of $323,400.00. Following the completion of the transaction, the executive vice president now directly owns 6,984 shares in the company, valued at $460,944. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Also, CEO George Kurian sold 7,020 shares of the firm’s stock in a transaction dated Monday, February 5th. The stock was sold at an average price of $59.48, for a total value of $417,549.60. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 43,877 shares of company stock valued at $2,710,753. Company insiders own 0.47% of the company’s stock.

Several large investors have recently made changes to their positions in the company. IFP Advisors Inc raised its stake in shares of NetApp by 45.3% in the fourth quarter. IFP Advisors Inc now owns 2,571 shares of the data storage provider’s stock worth $142,000 after purchasing an additional 801 shares during the last quarter. Quantitative Systematic Strategies LLC raised its stake in shares of NetApp by 11.5% in the fourth quarter. Quantitative Systematic Strategies LLC now owns 9,358 shares of the data storage provider’s stock worth $518,000 after purchasing an additional 962 shares during the last quarter. SG Americas Securities LLC raised its stake in shares of NetApp by 0.4% in the fourth quarter. SG Americas Securities LLC now owns 264,699 shares of the data storage provider’s stock worth $14,643,000 after purchasing an additional 981 shares during the last quarter. DnB Asset Management AS raised its stake in shares of NetApp by 3.3% in the fourth quarter. DnB Asset Management AS now owns 31,397 shares of the data storage provider’s stock worth $1,737,000 after purchasing an additional 1,000 shares during the last quarter. Finally, Hanseatic Management Services Inc. raised its stake in shares of NetApp by 4.1% in the fourth quarter. Hanseatic Management Services Inc. now owns 25,705 shares of the data storage provider’s stock worth $1,422,000 after purchasing an additional 1,015 shares during the last quarter. Hedge funds and other institutional investors own 95.00% of the company’s stock.

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NetApp Company Profile

NetApp, Inc provides software, systems, and services to manage and store computer data worldwide. It offers flash; flash arrays that support data management; hybrid arrays to deploy the speed of flash storage; hybrid cloud; ONTAP cloud storage data management service; NetApp cloud sync hybrid data management Software as a Service; NetApp private storage for cloud; and AltaVault cloud-integrated solutions.

Analyst Recommendations for NetApp (NASDAQ:NTAP)

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