NetApp (NASDAQ:NTAP) Rating Increased to Buy at Citigroup

NetApp (NASDAQ:NTAP) was upgraded by investment analysts at Citigroup from a “sell” rating to a “buy” rating in a report released on Thursday, Briefing.com reports.

NTAP has been the subject of a number of other reports. Credit Suisse Group lifted their price objective on NetApp from $90.00 to $94.00 and gave the stock an “outperform” rating in a research report on Thursday, August 26th. Raymond James lifted their price objective on NetApp from $100.00 to $104.00 and gave the stock an “outperform” rating in a research report on Thursday, August 26th. Stifel Nicolaus lifted their price objective on NetApp from $80.00 to $90.00 and gave the stock a “hold” rating in a research report on Thursday, August 26th. Susquehanna reiterated a “buy” rating and issued a $95.00 price objective on shares of NetApp in a research report on Wednesday, August 25th. Finally, Loop Capital lifted their price objective on NetApp from $90.00 to $95.00 and gave the stock a “buy” rating in a research report on Thursday, August 26th. Ten research analysts have rated the stock with a hold rating and sixteen have issued a buy rating to the company’s stock. According to MarketBeat.com, the stock currently has an average rating of “Buy” and an average target price of $85.71.

Shares of NASDAQ:NTAP opened at $90.25 on Thursday. NetApp has a twelve month low of $41.90 and a twelve month high of $94.32. The firm has a market cap of $20.18 billion, a PE ratio of 24.07, a price-to-earnings-growth ratio of 2.48 and a beta of 1.32. The company has a debt-to-equity ratio of 3.66, a quick ratio of 1.78 and a current ratio of 1.81. The business has a fifty day moving average of $87.87 and a 200-day moving average of $81.70.

NetApp (NASDAQ:NTAP) last announced its earnings results on Tuesday, August 24th. The data storage provider reported $1.15 earnings per share for the quarter, beating the Zacks’ consensus estimate of $0.95 by $0.20. NetApp had a return on equity of 151.60% and a net margin of 14.49%. The company had revenue of $1.46 billion during the quarter, compared to analyst estimates of $1.43 billion. During the same period last year, the company posted $0.73 earnings per share. The firm’s quarterly revenue was up 11.9% compared to the same quarter last year. On average, analysts anticipate that NetApp will post 4.23 EPS for the current fiscal year.

In related news, CEO George Kurian sold 4,250 shares of the business’s stock in a transaction that occurred on Monday, September 27th. The stock was sold at an average price of $93.48, for a total transaction of $397,290.00. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, Director Carrie Palin sold 1,867 shares of the business’s stock in a transaction that occurred on Tuesday, September 21st. The stock was sold at an average price of $88.73, for a total value of $165,658.91. The disclosure for this sale can be found here. In the last quarter, insiders have sold 10,367 shares of company stock worth $933,039. Company insiders own 0.28% of the company’s stock.

Several large investors have recently added to or reduced their stakes in the company. IFM Investors Pty Ltd raised its position in NetApp by 0.6% in the third quarter. IFM Investors Pty Ltd now owns 32,550 shares of the data storage provider’s stock valued at $2,922,000 after purchasing an additional 180 shares during the last quarter. Arden Trust Co grew its stake in NetApp by 2.7% in the third quarter. Arden Trust Co now owns 4,152 shares of the data storage provider’s stock valued at $372,000 after acquiring an additional 111 shares during the period. KMG Fiduciary Partners LLC grew its stake in NetApp by 26.8% in the third quarter. KMG Fiduciary Partners LLC now owns 4,392 shares of the data storage provider’s stock valued at $394,000 after acquiring an additional 927 shares during the period. CFO4Life Group LLC acquired a new stake in NetApp in the third quarter valued at approximately $619,000. Finally, Denali Advisors LLC bought a new position in shares of NetApp in the third quarter valued at approximately $81,000. Hedge funds and other institutional investors own 91.73% of the company’s stock.

About NetApp

NetApp, Inc provides software, systems, and services to manage and share data on-premises, and private and public clouds worldwide. The company offers cloud data services, including NetApp Cloud Volumes Service for AWS, NetApp Cloud Volumes ONTAP, NetApp Cloud Sync, NetApp Cloud Secure, NetApp Cloud Tiering, NetApp SaaS Backup, NetApp Kubernetes Service, and NetApp Cloud Insights.

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Analyst Recommendations for NetApp (NASDAQ:NTAP)

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