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NetApp (NASDAQ:NTAP) was upgraded by equities researchers at Morgan Stanley from an “equal weight” rating to an “overweight” rating in a research note issued to investors on Wednesday, Anlyst Ratings reports. The brokerage currently has a $76.00 price target on the data storage provider’s stock. Morgan Stanley’s target price would indicate a potential upside of 18.53% from the company’s current price.
A number of other equities analysts have also recently commented on NTAP. Zacks Investment Research raised shares of NetApp from a “hold” rating to a “strong-buy” rating and set a $68.00 price objective for the company in a research note on Monday, December 7th. Northland Securities raised their target price on shares of NetApp from $51.00 to $57.00 and gave the stock an “outperform” rating in a report on Thursday, August 27th. TheStreet upgraded shares of NetApp from a “c+” rating to a “b” rating in a report on Tuesday, December 1st. ValuEngine upgraded shares of NetApp from a “sell” rating to a “hold” rating in a report on Monday, October 19th. Finally, The Goldman Sachs Group upgraded shares of NetApp from a “sell” rating to a “neutral” rating and raised their target price for the stock from $36.00 to $56.00 in a report on Wednesday, December 2nd. One equities research analyst has rated the stock with a sell rating, sixteen have issued a hold rating, ten have assigned a buy rating and one has assigned a strong buy rating to the stock. NetApp has an average rating of “Hold” and a consensus target price of $58.50.
Shares of NASDAQ:NTAP opened at $64.12 on Wednesday. NetApp has a 52 week low of $34.66 and a 52 week high of $65.38. The stock has a market capitalization of $14.32 billion, a P/E ratio of 21.02, a PEG ratio of 1.68 and a beta of 1.33. The firm has a fifty day simple moving average of $52.96 and a two-hundred day simple moving average of $46.33. The company has a quick ratio of 1.61, a current ratio of 1.65 and a debt-to-equity ratio of 7.11.
NetApp (NASDAQ:NTAP) last issued its quarterly earnings data on Monday, November 30th. The data storage provider reported $1.05 EPS for the quarter, topping analysts’ consensus estimates of $0.73 by $0.32. NetApp had a net margin of 12.44% and a return on equity of 263.77%. The business had revenue of $1.42 billion during the quarter, compared to analysts’ expectations of $1.31 billion. During the same period last year, the company posted $1.09 EPS. The business’s revenue was up 3.3% on a year-over-year basis. On average, analysts expect that NetApp will post 3.1 earnings per share for the current year.
In other news, Director Thomas Michael Nevens sold 16,000 shares of the business’s stock in a transaction dated Thursday, December 3rd. The shares were sold at an average price of $58.88, for a total value of $942,080.00. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Insiders own 0.36% of the company’s stock.
Large investors have recently bought and sold shares of the company. Commonwealth Equity Services LLC raised its holdings in shares of NetApp by 34.5% in the 3rd quarter. Commonwealth Equity Services LLC now owns 18,183 shares of the data storage provider’s stock valued at $797,000 after purchasing an additional 4,661 shares in the last quarter. IFP Advisors Inc grew its position in shares of NetApp by 40.3% in the 2nd quarter. IFP Advisors Inc now owns 1,315 shares of the data storage provider’s stock worth $57,000 after buying an additional 378 shares during the last quarter. Engineers Gate Manager LP grew its position in shares of NetApp by 201.4% in the 3rd quarter. Engineers Gate Manager LP now owns 98,628 shares of the data storage provider’s stock worth $4,324,000 after buying an additional 65,907 shares during the last quarter. Marshall Wace LLP grew its position in shares of NetApp by 1,466.7% in the 2nd quarter. Marshall Wace LLP now owns 147,250 shares of the data storage provider’s stock worth $6,533,000 after buying an additional 137,851 shares during the last quarter. Finally, Connor Clark & Lunn Investment Management Ltd. grew its position in shares of NetApp by 169.6% in the 3rd quarter. Connor Clark & Lunn Investment Management Ltd. now owns 28,953 shares of the data storage provider’s stock worth $1,269,000 after buying an additional 18,215 shares during the last quarter. Institutional investors and hedge funds own 88.53% of the company’s stock.
NetApp Company Profile
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 Sync, NetApp Cloud Tiering, NetApp Global File Cache, NetApp SaaS Backup, NetApp Cloud Manager, NetApp Fabric Orchestrator, and NetApp Cloud Insights.
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