NetApp Inc. (NASDAQ:NTAP) shares traded -0.70% lower at $79.51 on Wall Street last session.
In accordance with the data, 23 analysts cover NetApp Inc. (NASDAQ:NTAP). The consensus rating among analysts is ‘Hold’. As we calculate the median target price by taking the range between a high of $89.00 and a low of $60.00, we find $77.00. Given the previous closing price of $80.07, this indicates a potential downside of -3.83 percent. NTAP stock price is now 10.61% away from the 50-day moving average and 18.85% away from the 200-day moving average. The market capitalization of the company currently stands at $17.01B.
It has been rated a hold by 13 analysts and a buy by 6. Brokers who have rated the stock have averaged $75.63 as their price target over the next twelve months.
With the price target of $80, Citigroup recently initiated with Neutral rating for NetApp Inc. (NASDAQ: NTAP).
In other news, Kurian George, Chief Executive Officer sold 4,500 shares of the company’s stock on Jul 11. The stock was sold for $353,322 at an average price of $78.52. Upon completion of the transaction, the Chief Executive Officer now directly owns 278,550 shares in the company, valued at $22.15 million. An SEC document containing details of the transaction can be found on the SEC’s website. On Jul 10, EVP, Chief Legal Officer O’Callahan Elizabeth M sold 872 shares of the business’s stock. A total of $66,124 was realized by selling the stock at an average price of $75.83. This leaves the insider owning 13,081 shares of the company worth $1.04 million. Insiders disposed of 408,749 shares of company stock worth roughly $32.5 million over the past 1 year. A total of 0.20% of the company’s stock is owned by insiders.
There have been several recent changes in the stakes of large investors in NTAP stock. A new stake in NetApp Inc. shares was purchased by DEPRINCE RACE & ZOLLO INC during the first quarter worth $29,308,000. QUBE RESEARCH & TECHNOLOGIES LTD invested $24,772,000 in shares of NTAP during the first quarter. In the first quarter, TREXQUANT INVESTMENT LP acquired a new stake in NetApp Inc. valued at approximately $7,065,000. EXODUSPOINT CAPITAL MANAGEMENT, LP acquired a new stake in NTAP for approximately $4,325,000. TEZA CAPITAL MANAGEMENT LLC purchased a new stake in NTAP valued at around $3,591,000 in the second quarter. In total, there are 1,011 active investors with 91.40% ownership of the company’s stock.
NetApp Inc. (NASDAQ: NTAP) opened at $80.06 on Friday. During the past 12 months, NetApp Inc. has had a low of $58.08 and a high of $80.14. As of last week, the company has a debt-to-equity ratio of 2.06, a current ratio of 1.30, and a quick ratio of 1.30. According to the stock market information, the enterprise value for the company is $16.50B, which is based on a 13.73 price-to-earnings ratio, a 1.74 price-to-earnings-growth ratio, and a beta of 1.22. The fifty day moving average price for NTAP is $72.20 and a two-hundred day moving average price translates $66.98 for the stock.
The latest earnings results from NetApp Inc. (NASDAQ: NTAP) was released for Apr, 2023. According to the Computer Hardware Company, earnings per share came in at $1.54, beating analysts’ expectations of $1.34 by 0.2. This compares to $1.13 EPS in the same period last year. The net profit margin was 20.00% and return on equity was 123.70% for NTAP. The company reported revenue of $1.58 billion for the quarter, compared to $1.68 billion a year earlier. Comparatively to last year’s same quarter, the company’s quarterly revenue fell -5.89 percent. For the current quarter, analysts expect NTAP to generate $1.41B in revenue.
Moreover, the firm recently paid out its quarterly dividend on 07/26/2023. Investors who held shares on 07/07/2023 were paid a $0.50 dividend. On an annualized basis, this represents a $2.00 dividend and a 2.52% percent yield. There was an ex-dividend date of 07/06/2023 for this dividend. In terms of dividend payout ratio, NTAP is presently at 34.00%.
NetApp Inc.(NTAP) Company Profile
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. In addition, it provides cloud storage and data services comprising NetApp Cloud Volumes ONTAP, Azure NetApp Files, Amazon FSx for NetApp ONTAP, NetApp Cloud Volumes Service for Google Cloud, and cloud operations services, such as NetApp Cloud Insights, Spot by NetApp, and Instaclustr. Further, the company offers application-aware data management service under the NetApp Astra name; and professional and support services, such as strategic consulting, professional, managed, and support services. Additionally, it provides assessment, design, implementation, and migration services. The company serves the energy, financial service, government, technology, internet, life science, healthcare service, manufacturing, media, entertainment, animation, video postproduction, and markets through a direct sales force and an ecosystem of partners. NetApp, Inc. was incorporated in 1992 and is headquartered in San Jose, California.
