NetApp Inc. (NTAP) Sees Large Drop in Short Interest
NetApp Inc. (NASDAQ:NTAP) saw a large drop in short interest in December. As of December 15th, there was short interest totalling 12,978,002 shares, a drop of 15.6% from the November 30th total of 15,384,635 shares. Based on an average trading volume of 3,318,152 shares, the short-interest ratio is presently 3.9 days. Currently, 4.9% of the company’s stock are sold short.
Shares of NetApp (NTAP) opened at $57.07 on Thursday. The company has a current ratio of 1.67, a quick ratio of 1.64 and a debt-to-equity ratio of 0.55. The stock has a market cap of $15,230.00, a P/E ratio of 24.49, a price-to-earnings-growth ratio of 1.79 and a beta of 1.29. NetApp has a 1 year low of $35.08 and a 1 year high of $58.99.
NetApp (NASDAQ:NTAP) last issued its quarterly earnings data on Wednesday, November 15th. The data storage provider reported $0.81 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $0.69 by $0.12. NetApp had a net margin of 11.49% and a return on equity of 26.77%. The firm had revenue of $1.42 billion during the quarter, compared to the consensus estimate of $1.38 billion. During the same period last year, the business posted $0.60 earnings per share. The business’s revenue for the quarter was up 6.1% compared to the same quarter last year. sell-side analysts anticipate that NetApp will post 2.72 EPS for the current fiscal year.
A number of equities analysts recently commented on NTAP shares. Maxim Group lifted their price target on NetApp from $56.00 to $61.00 and gave the stock a “buy” rating in a report on Thursday, November 16th. Morgan Stanley reiterated an “underweight” rating on shares of NetApp in a report on Saturday, September 23rd. Piper Jaffray Companies set a $52.00 price target on NetApp and gave the stock a “buy” rating in a report on Tuesday, November 14th. Barclays upgraded NetApp from an “underweight” rating to an “overweight” rating and lifted their price target for the stock from $38.00 to $52.00 in a report on Thursday, November 9th. Finally, Royal Bank of Canada lifted their price target on NetApp from $45.00 to $50.00 and gave the stock a “sector perform” rating in a report on Monday, November 13th. Two analysts have rated the stock with a sell rating, nineteen have assigned a hold rating and fourteen have assigned a buy rating to the company’s stock. The stock has a consensus rating of “Hold” and an average target price of $50.15.
In related news, CEO George Kurian sold 75,000 shares of NetApp stock in a transaction dated Monday, November 20th. The stock was sold at an average price of $52.50, for a total transaction of $3,937,500.00. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, EVP Henri P. Richard sold 1,976 shares of NetApp stock in a transaction dated Wednesday, November 1st. The stock was sold at an average price of $44.62, for a total value of $88,169.12. Following the transaction, the executive vice president now owns 13,860 shares of the company’s stock, valued at approximately $618,433.20. The disclosure for this sale can be found here. Insiders sold a total of 164,084 shares of company stock valued at $8,521,250 in the last 90 days. 0.47% of the stock is owned by corporate insiders.
Several hedge funds and other institutional investors have recently added to or reduced their stakes in NTAP. Boston Partners acquired a new stake in shares of NetApp in the third quarter valued at approximately $315,629,000. Renaissance Technologies LLC raised its position in shares of NetApp by 781.1% in the second quarter. Renaissance Technologies LLC now owns 3,339,574 shares of the data storage provider’s stock valued at $133,750,000 after buying an additional 2,960,542 shares in the last quarter. Janus Henderson Group PLC raised its position in shares of NetApp by 6,495.7% in the second quarter. Janus Henderson Group PLC now owns 2,312,525 shares of the data storage provider’s stock valued at $92,617,000 after buying an additional 2,277,464 shares in the last quarter. BlackRock Inc. raised its position in shares of NetApp by 7.5% in the second quarter. BlackRock Inc. now owns 21,648,037 shares of the data storage provider’s stock valued at $867,006,000 after buying an additional 1,517,967 shares in the last quarter. Finally, FMR LLC raised its position in shares of NetApp by 89.2% in the second quarter. FMR LLC now owns 3,044,302 shares of the data storage provider’s stock valued at $121,924,000 after buying an additional 1,435,588 shares in the last quarter. Institutional investors own 94.71% of the company’s stock.
NetApp, Inc (NetApp) provides software, systems and services to manage and store customer data. The Company enables enterprises, service providers, governmental organizations, and partners to envision, deploy and evolve their information technology (IT) environments. The Company offers a portfolio of products and services that satisfy a range of customer workloads across different data types and deployment models.
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