NetApp Inc. (NASDAQ:NTAP) shares reached a new 52-week high during mid-day trading on Friday . The company traded as high as $79.75 and last traded at $78.53, with a volume of 3296451 shares changing hands. The stock had previously closed at $77.31.
A number of research analysts recently issued reports on NTAP shares. Morgan Stanley raised their target price on shares of NetApp from $62.00 to $64.00 and gave the company an “equal weight” rating in a research note on Friday, April 6th. DA Davidson set a $79.00 price target on shares of NetApp and gave the stock a “buy” rating in a research report on Friday, April 6th. Cross Research lowered shares of NetApp from a “buy” rating to a “hold” rating in a research report on Monday, April 2nd. William Blair upgraded shares of NetApp from a “market perform” rating to an “outperform” rating in a research report on Tuesday, April 17th. Finally, Deutsche Bank raised their price target on shares of NetApp from $40.00 to $43.00 and gave the stock a “sell” rating in a research report on Thursday, May 24th. Two research analysts have rated the stock with a sell rating, nine have assigned a hold rating, twenty-one have issued a buy rating and one has issued a strong buy rating to the company. The company currently has an average rating of “Buy” and a consensus price target of $67.50.
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The firm has a market capitalization of $20.11 billion, a P/E ratio of 26.26, a PEG ratio of 1.56 and a beta of 1.25. The company has a current ratio of 1.89, a quick ratio of 1.86 and a debt-to-equity ratio of 0.75.
NetApp (NASDAQ:NTAP) last announced its quarterly earnings results on Wednesday, May 23rd. The data storage provider reported $1.05 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.01 by $0.04. NetApp had a net margin of 1.29% and a return on equity of 33.87%. The firm had revenue of $1.64 billion during the quarter, compared to the consensus estimate of $1.60 billion. During the same period last year, the firm posted $0.86 EPS. The firm’s quarterly revenue was up 10.8% on a year-over-year basis. equities analysts predict that NetApp Inc. will post 3.54 EPS for the current year.
The company also recently declared a quarterly dividend, which will be paid on Wednesday, July 25th. Investors of record on Friday, July 6th will be issued a dividend of $0.40 per share. This is an increase from NetApp’s previous quarterly dividend of $0.20. This represents a $1.60 annualized dividend and a yield of 2.04%. The ex-dividend date of this dividend is Thursday, July 5th. NetApp’s dividend payout ratio (DPR) is currently 26.76%.
In related news, EVP Henri P. Richard sold 4,900 shares of NetApp stock in a transaction dated Tuesday, April 10th. The shares were sold at an average price of $66.00, for a total transaction of $323,400.00. Following the completion of the transaction, the executive vice president now directly owns 6,984 shares of the company’s stock, valued at approximately $460,944. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO George Kurian sold 7,020 shares of NetApp stock in a transaction dated Thursday, April 5th. The shares were sold at an average price of $61.95, for a total transaction of $434,889.00. Following the transaction, the chief executive officer now directly owns 27,657 shares of the company’s stock, valued at $1,713,351.15. The disclosure for this sale can be found here. Insiders have sold a total of 212,652 shares of company stock valued at $15,446,439 over the last three months. 0.47% of the stock is currently owned by insiders.
A number of hedge funds have recently made changes to their positions in the stock. Mount Yale Investment Advisors LLC bought a new position in shares of NetApp in the first quarter worth about $191,000. Dynamic Technology Lab Private Ltd raised its stake in shares of NetApp by 79.4% in the first quarter. Dynamic Technology Lab Private Ltd now owns 32,800 shares of the data storage provider’s stock worth $2,024,000 after acquiring an additional 14,512 shares during the last quarter. Oakview Capital Management L.P. raised its stake in shares of NetApp by 7.3% in the first quarter. Oakview Capital Management L.P. now owns 430,168 shares of the data storage provider’s stock worth $26,537,000 after acquiring an additional 29,398 shares during the last quarter. Amalgamated Bank raised its stake in shares of NetApp by 7.7% in the first quarter. Amalgamated Bank now owns 38,330 shares of the data storage provider’s stock worth $2,365,000 after acquiring an additional 2,731 shares during the last quarter. Finally, Summit Trail Advisors LLC raised its stake in shares of NetApp by 6,367.4% in the first quarter. Summit Trail Advisors LLC now owns 2,773,654 shares of the data storage provider’s stock worth $2,774,000 after acquiring an additional 2,730,767 shares during the last quarter. 90.87% of the stock is owned by hedge funds and other institutional investors.
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.