NetApp (NASDAQ:NTAP) Now Covered by Oppenheimer

Investment analysts at Oppenheimer initiated coverage on shares of NetApp (NASDAQ:NTAP - Get Free Report) in a report released on Wednesday, Marketbeat.com reports. The brokerage set a "market perform" rating on the data storage provider's stock.

NTAP has been the subject of a number of other research reports. Susquehanna restated a "positive" rating and issued a $155.00 price objective on shares of NetApp in a research report on Monday, August 26th. Loop Capital upgraded NetApp from a "hold" rating to a "buy" rating and lifted their price target for the company from $121.00 to $150.00 in a research note on Tuesday, September 3rd. Wedbush reiterated a "neutral" rating and issued a $120.00 price objective on shares of NetApp in a research report on Monday, August 26th. Citigroup boosted their target price on shares of NetApp from $120.00 to $130.00 and gave the stock a "neutral" rating in a research report on Thursday, August 15th. Finally, Evercore ISI increased their price target on shares of NetApp from $120.00 to $130.00 and gave the company an "in-line" rating in a report on Monday, August 12th. One investment analyst has rated the stock with a sell rating, eleven have assigned a hold rating and six have issued a buy rating to the company's stock. According to MarketBeat, NetApp presently has an average rating of "Hold" and an average price target of $129.06.

NetApp Stock Performance

Shares of NASDAQ:NTAP traded down $0.81 on Wednesday, reaching $120.11. The company's stock had a trading volume of 747,723 shares, compared to its average volume of 1,804,830. The stock has a market capitalization of $24.60 billion, a P/E ratio of 23.76, a PEG ratio of 4.54 and a beta of 1.24. NetApp has a 52-week low of $76.41 and a 52-week high of $135.01. The stock's 50-day moving average is $121.07 and its two-hundred day moving average is $121.76. The company has a debt-to-equity ratio of 1.34, a current ratio of 0.96 and a quick ratio of 0.91.

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

Insider Activity

In other news, EVP Elizabeth M. O'callahan sold 705 shares of the company'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 of the company's stock, valued at $1,475,782.80. This represents a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. In related news, CEO George Kurian sold 8,500 shares of the stock in a transaction on Monday, October 21st. The stock was sold at an average price of $126.11, for a total value of $1,071,935.00. Following the transaction, the chief executive officer now directly owns 292,778 shares of the company's stock, valued at approximately $36,922,233.58. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, EVP Elizabeth M. O'callahan sold 705 shares of NetApp stock in a transaction on Thursday, October 10th. The shares were sold at an average price of $126.20, for a total value of $88,971.00. Following the completion of the transaction, the executive vice president now owns 11,694 shares in the company, valued at $1,475,782.80. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 10,890 shares of company stock valued at $1,369,172 over the last quarter. Company insiders own 0.47% of the company's stock.

Hedge Funds Weigh In On NetApp

A number of large investors have recently modified their holdings of NTAP. Concurrent Investment Advisors LLC acquired a new position in shares of NetApp during the 1st quarter valued at $281,000. Bleakley Financial Group LLC boosted its position in shares of NetApp by 5.3% in the first quarter. Bleakley Financial Group LLC now owns 8,115 shares of the data storage provider's stock worth $852,000 after buying an additional 405 shares during the period. State Board of Administration of Florida Retirement System grew its stake in shares of NetApp by 19.5% in the first quarter. State Board of Administration of Florida Retirement System now owns 293,504 shares of the data storage provider's stock valued at $30,809,000 after buying an additional 47,951 shares in the last quarter. Mitsubishi UFJ Asset Management Co. Ltd. raised its holdings in shares of NetApp by 14.2% during the 1st quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 267,040 shares of the data storage provider's stock valued at $28,031,000 after buying an additional 33,279 shares during the period. Finally, Blair William & Co. IL lifted its position in NetApp by 11.4% during the 1st quarter. Blair William & Co. IL now owns 19,411 shares of the data storage provider's stock worth $2,038,000 after acquiring an additional 1,990 shares in the last quarter. 92.17% of the stock is currently owned by hedge funds and other institutional investors.

NetApp 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.