NetApp (NASDAQ:NTAP) Trading Down 4.9% – Here’s Why

by · The Cerbat Gem

Shares of NetApp, Inc. (NASDAQ:NTAP – Get Free Report) were down 4.9% on Tuesday . The company traded as low as $118.42 and last traded at $119.12. Approximately 347,292 shares changed hands during mid-day trading, a decline of 81% from the average daily volume of 1,826,401 shares. The stock had previously closed at $125.32.

Analysts Set New Price Targets

A number of equities analysts have recently commented on NTAP shares. Bank of America lifted their price target on shares of NetApp from $105.00 to $110.00 and gave the company an “underperform” rating in a research report on Thursday, August 29th. Wedbush reiterated a “neutral” rating and set a $120.00 price target on shares of NetApp in a report on Monday, August 26th. UBS Group raised their price target on shares of NetApp from $121.00 to $134.00 and gave the stock a “neutral” rating in a research note on Thursday, August 29th. Evercore ISI upped their price objective on NetApp from $120.00 to $130.00 and gave the company an “in-line” rating in a research note on Monday, August 12th. Finally, Stifel Nicolaus raised their target price on NetApp from $138.00 to $140.00 and gave the stock a “buy” rating in a research report on Thursday, August 29th. One investment analyst has rated the stock with a sell rating, ten have given a hold rating and six have given a buy rating to the company’s stock. According to MarketBeat, the stock presently has a consensus rating of “Hold” and an average price target of $129.06.

Read Our Latest Analysis on NTAP

NetApp Trading Down 4.8 %

The company has a market capitalization of $24.54 billion, a price-to-earnings ratio of 25.57, a price-to-earnings-growth ratio of 4.77 and a beta of 1.23. The firm has a fifty day moving average price of $123.89 and a 200-day moving average price of $119.75. The company has a debt-to-equity ratio of 1.34, a quick ratio of 0.91 and a current ratio of 0.96.

NetApp (NASDAQ:NTAP – Get Free Report) last posted its quarterly earnings results on Wednesday, August 28th. The data storage provider reported $1.56 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.45 by $0.11. NetApp had a net margin of 17.01% and a return on equity of 121.41%. The business had revenue of $1.54 billion for the quarter, compared to analyst estimates of $1.53 billion. During the same quarter last year, the business posted $0.84 EPS. The firm’s revenue for the quarter was up 7.6% on a year-over-year basis. As a group, equities analysts anticipate that NetApp, Inc. will post 5.71 EPS for the current year.

NetApp Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, October 23rd. Shareholders of record on Friday, October 4th will be paid a dividend of $0.52 per share. This represents a $2.08 annualized dividend and a yield of 1.74%. The ex-dividend date is Friday, October 4th. NetApp’s payout ratio is 44.83%.

Insider Buying and Selling

In other NetApp news, EVP Elizabeth M. O’callahan sold 705 shares of the company’s stock in a transaction dated Thursday, October 10th. The stock was sold at an average price of $126.20, for a total value of $88,971.00. Following the sale, the executive vice president now owns 11,694 shares in the company, valued at approximately $1,475,782.80. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through this link. In other NetApp news, CAO Lorenzo Daniel De sold 1,685 shares of the company’s stock in a transaction dated Tuesday, September 24th. The shares were sold at an average price of $123.60, for a total value of $208,266.00. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, EVP Elizabeth M. O’callahan sold 705 shares of the business’s stock in a transaction dated Thursday, October 10th. The shares were sold at an average price of $126.20, for a total transaction of $88,971.00. Following the completion of the transaction, the executive vice president now owns 11,694 shares in the company, valued at approximately $1,475,782.80. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 0.37% of the stock is currently owned by corporate insiders.

Institutional Trading of NetApp

Institutional investors and hedge funds have recently bought and sold shares of the company. Park Avenue Securities LLC boosted its stake in NetApp by 10.2% in the first quarter. Park Avenue Securities LLC now owns 4,948 shares of the data storage provider’s stock worth $519,000 after buying an additional 459 shares in the last quarter. Atlas Capital Advisors LLC boosted its stake in shares of NetApp by 14.3% in the 1st quarter. Atlas Capital Advisors LLC now owns 8,778 shares of the data storage provider’s stock worth $921,000 after buying an additional 1,096 shares during the last quarter. DGS Capital Management LLC increased its position in shares of NetApp by 51.1% during the 1st quarter. DGS Capital Management LLC now owns 3,833 shares of the data storage provider’s stock valued at $402,000 after purchasing an additional 1,296 shares during the last quarter. Signet Financial Management LLC boosted its stake in shares of NetApp by 2.1% during the 1st quarter. Signet Financial Management LLC now owns 7,180 shares of the data storage provider’s stock worth $754,000 after acquiring an additional 147 shares during the last quarter. Finally, Wealth Enhancement Advisory Services LLC raised its stake in shares of NetApp by 38.3% in the first quarter. Wealth Enhancement Advisory Services LLC now owns 54,850 shares of the data storage provider’s stock worth $5,758,000 after buying an additional 15,200 shares during the period. 92.17% of the stock is currently owned by hedge funds and other institutional investors.

NetApp Company Profile

(Get Free Report)

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, and storage infrastructure solutions, including NetApp All-Flash FAS series, NetApp Fabric Attached Storage, NetApp E/EF series, and NetApp StorageGRID.

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