Fintel reports that on July 26, 2023, Morgan Stanley upgraded their outlook for Netapp (NASDAQ:NTAP) from Underweight to Equal-Weight .
Analyst Price Forecast Suggests 4.46% Downside
As of July 6, 2023, the average one-year price target for Netapp is 75.54. The forecasts range from a low of 60.60 to a high of $93.45. The average price target represents a decrease of 4.46% from its latest reported closing price of 79.06.
See our leaderboard of companies with the largest price target upside.
The projected annual revenue for Netapp is 6,860MM, an increase of 6.18%. The projected annual non-GAAP EPS is 5.84.
Netapp Declares $0.50 Dividend
On May 31, 2023 the company declared a regular quarterly dividend of $0.50 per share ($2.00 annualized). Shareholders of record as of July 7, 2023 received the payment on July 26, 2023. Previously, the company paid $0.50 per share.
At the current share price of $79.06 / share, the stock's dividend yield is 2.53%.
Looking back five years and taking a sample every week, the average dividend yield has been 2.99%, the lowest has been 0.98%, and the highest has been 5.43%. The standard deviation of yields is 0.78 (n=235).
The current dividend yield is 0.58 standard deviations below the historical average.
The company's 3-Year dividend growth rate is 0.04%, demonstrating that it has increased its dividend over time.
What is the Fund Sentiment?
There are 1415 funds or institutions reporting positions in Netapp. This is a decrease of 29 owner(s) or 2.01% in the last quarter. Average portfolio weight of all funds dedicated to NTAP is 0.20%, a decrease of 24.88%. Total shares owned by institutions increased in the last three months by 1.79% to 230,416K shares. 
The put/call ratio of NTAP is 1.06, indicating a bearish outlook.
What are Other Shareholders Doing?
Primecap Management holds 15,909K shares representing 7.49% ownership of the company. In it's prior filing, the firm reported owning 16,141K shares, representing a decrease of 1.46%. The firm decreased its portfolio allocation in NTAP by 0.20% over the last quarter.
Capital International Investors holds 12,137K shares representing 5.71% ownership of the company. In it's prior filing, the firm reported owning 12,107K shares, representing an increase of 0.24%. The firm increased its portfolio allocation in NTAP by 2.11% over the last quarter.
VPMCX - Vanguard PRIMECAP Fund Investor Shares holds 8,563K shares representing 4.03% ownership of the company. In it's prior filing, the firm reported owning 8,606K shares, representing a decrease of 0.50%. The firm decreased its portfolio allocation in NTAP by 0.17% over the last quarter.
Ameriprise Financial holds 6,799K shares representing 3.20% ownership of the company. In it's prior filing, the firm reported owning 6,690K shares, representing an increase of 1.61%. The firm decreased its portfolio allocation in NTAP by 80.93% over the last quarter.
VTSMX - Vanguard Total Stock Market Index Fund Investor Shares holds 6,670K shares representing 3.14% ownership of the company. In it's prior filing, the firm reported owning 6,612K shares, representing an increase of 0.86%. The firm decreased its portfolio allocation in NTAP by 0.98% over the last quarter.
Netapp Background Information
(This description is provided by the company.)
NetApp, Inc. is an American hybrid cloud data services and data management company. NetApp offers cloud data services for management of applications and data both online and physically. n addition, 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. Further, it provides assessment, design, implementation, and migration services.
Additional reading:
- Form of Restricted Stock Unit Agreement (Performance-Based) – Billings approved for use under the Company’s 2021 Equity Incentive Plan, effective July 1, 2022
- Form of Restricted Stock Unit Agreement (Performance-Based) – Total Shareholder Return approved for use under the Company’s 2021 Equity Incentive Plan, effective July 1, 2022
- AMENDMENT NO. 2 Dated as of May 3, 2023 AMENDED AND RESTATED CREDIT AGREEMENT Dated as of January 22, 2021
- Subsidiaries of the Company.
- Description of Capital Stock of the Company.
This story originally appeared on Fintel.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
