StockNews.com Downgrades NetApp (NASDAQ:NTAP) to Hold

NetApp (NASDAQ:NTAPGet Rating) was downgraded by research analysts at StockNews.com from a “buy” rating to a “hold” rating in a research report issued on Thursday.

Other equities research analysts have also issued reports about the company. Susquehanna Bancshares lowered NetApp to a “neutral” rating and dropped their price target for the company from $100.00 to $75.00 in a research report on Monday. OTR Global upgraded NetApp to a “positive” rating in a research note on Tuesday, July 26th. Susquehanna downgraded NetApp from a “positive” rating to a “neutral” rating and lowered their price objective for the stock from $100.00 to $75.00 in a research note on Monday. JPMorgan Chase & Co. upped their price objective on NetApp from $85.00 to $90.00 and gave the stock an “overweight” rating in a research note on Monday, August 29th. Finally, Evercore ISI upped their price objective on NetApp to $78.00 in a research note on Tuesday, August 23rd. One analyst has rated the stock with a sell rating, nine have issued a hold rating and nine have given a buy rating to the company’s stock. Based on data from MarketBeat.com, NetApp presently has an average rating of “Hold” and a consensus price target of $89.22.

NetApp Stock Down 1.7 %

Shares of NTAP traded down $1.12 during trading on Thursday, reaching $64.23. The company’s stock had a trading volume of 983,592 shares, compared to its average volume of 1,764,875. The company has a quick ratio of 1.31, a current ratio of 1.38 and a debt-to-equity ratio of 3.63. The company has a market cap of $13.96 billion, a price-to-earnings ratio of 15.37, a P/E/G ratio of 1.70 and a beta of 1.19. NetApp has a twelve month low of $61.26 and a twelve month high of $96.82. The company has a fifty day moving average of $71.33 and a two-hundred day moving average of $72.90.

NetApp (NASDAQ:NTAPGet Rating) last posted its quarterly earnings results on Wednesday, August 24th. The data storage provider reported $1.20 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.10 by $0.10. The business had revenue of $1.59 billion for the quarter, compared to analyst estimates of $1.55 billion. NetApp had a return on equity of 128.71% and a net margin of 14.71%. The business’s revenue was up 9.2% compared to the same quarter last year. During the same period in the prior year, the company posted $0.99 EPS. On average, sell-side analysts predict that NetApp will post 4.45 EPS for the current fiscal year.

Insider Activity at NetApp

In other news, CEO George Kurian sold 2,125 shares of the company’s stock in a transaction on Monday, July 25th. The stock was sold at an average price of $69.38, for a total transaction of $147,432.50. Following the completion of the sale, the chief executive officer now directly owns 163,575 shares of the company’s stock, valued at $11,348,833.50. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. In other news, President Cesar Cernuda sold 18,000 shares of the company’s stock in a transaction on Thursday, September 15th. The stock was sold at an average price of $69.82, for a total transaction of $1,256,760.00. Following the completion of the sale, the president now directly owns 78,463 shares of the company’s stock, valued at $5,478,286.66. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Also, CEO George Kurian sold 2,125 shares of the company’s stock in a transaction on Monday, July 25th. The shares were sold at an average price of $69.38, for a total value of $147,432.50. Following the sale, the chief executive officer now directly owns 163,575 shares of the company’s stock, valued at $11,348,833.50. The disclosure for this sale can be found here. Insiders sold 22,250 shares of company stock valued at $1,552,943 over the last 90 days. 0.26% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On NetApp

Several hedge funds have recently bought and sold shares of the business. Vanguard Group Inc. lifted its stake in NetApp by 1.2% in the 1st quarter. Vanguard Group Inc. now owns 25,823,258 shares of the data storage provider’s stock worth $2,143,331,000 after acquiring an additional 294,399 shares in the last quarter. State Street Corp lifted its stake in NetApp by 4.2% in the 4th quarter. State Street Corp now owns 10,051,825 shares of the data storage provider’s stock worth $924,667,000 after acquiring an additional 407,285 shares in the last quarter. Wellington Management Group LLP lifted its stake in NetApp by 70.3% in the 1st quarter. Wellington Management Group LLP now owns 8,329,363 shares of the data storage provider’s stock worth $691,339,000 after acquiring an additional 3,439,053 shares in the last quarter. Boston Partners lifted its stake in NetApp by 14.5% in the 1st quarter. Boston Partners now owns 4,027,043 shares of the data storage provider’s stock worth $333,978,000 after acquiring an additional 510,307 shares in the last quarter. Finally, Bank of New York Mellon Corp increased its position in NetApp by 6.1% in the 1st quarter. Bank of New York Mellon Corp now owns 3,900,409 shares of the data storage provider’s stock worth $323,734,000 after purchasing an additional 225,913 shares during the last quarter. 88.45% of the stock is owned by hedge funds and other institutional investors.

NetApp Company Profile

(Get Rating)

NetApp, Inc provides cloud-led and data-centric services to manage and share data on-premises, and private and public clouds worldwide. It operates in two segments, Hybrid Cloud and Public Could. The company offers intelligent data management software, such as NetApp ONTAP, NetApp Snapshot, NetApp SnapCenter Backup Management, NetApp SnapMirror Data Replication, NetApp SnapLock Data Compliance, NetApp ElementOS software, and NetApp SANtricity software; and storage infrastructure solutions, including NetApp All-Flash FAS series, NetApp Fabric Attached Storage, NetApp FlexPod, NetApp E/EF series, NetApp StorageGRID, and NetApp SolidFire.

See Also

Analyst Recommendations for NetApp (NASDAQ:NTAP)

Receive News & Ratings for NetApp Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for NetApp and related companies with MarketBeat.com's FREE daily email newsletter.