NetApp (NASDAQ:NTAP) Price Target Cut to $100.00 by Analysts at JPMorgan Chase & Co.

NetApp (NASDAQ:NTAPGet Rating) had its price target cut by equities researchers at JPMorgan Chase & Co. from $110.00 to $100.00 in a note issued to investors on Wednesday, The Fly reports. JPMorgan Chase & Co.‘s target price indicates a potential upside of 48.37% from the company’s previous close.

Other equities research analysts also recently issued reports about the company. Deutsche Bank Aktiengesellschaft lifted their target price on NetApp from $85.00 to $90.00 and gave the stock a “hold” rating in a research report on Wednesday, March 23rd. Bank of America cut shares of NetApp from a “buy” rating to a “neutral” rating and cut their target price for the company from $100.00 to $96.00 in a research note on Thursday, March 24th. Susquehanna reiterated a “buy” rating and issued a $110.00 target price on shares of NetApp in a research note on Wednesday, March 23rd. Barclays upgraded shares of NetApp from an “equal weight” rating to an “overweight” rating and boosted their price objective for the stock from $85.00 to $102.00 in a research report on Thursday, March 10th. Finally, UBS Group started coverage on shares of NetApp in a research report on Tuesday, April 5th. They set a “neutral” rating and a $91.00 target price for the company. One investment analyst has rated the stock with a sell rating, nine have given a hold rating and eleven have assigned a buy rating to the company. According to MarketBeat, NetApp has an average rating of “Hold” and an average price target of $99.39.

Shares of NASDAQ:NTAP opened at $67.40 on Wednesday. The stock has a fifty day moving average of $77.70 and a 200-day moving average of $84.57. The company has a market capitalization of $15.00 billion, a PE ratio of 15.25, a price-to-earnings-growth ratio of 1.73 and a beta of 1.24. NetApp has a one year low of $64.58 and a one year high of $96.82. The company has a debt-to-equity ratio of 2.70, a quick ratio of 1.51 and a current ratio of 1.55.

NetApp (NASDAQ:NTAPGet Rating) last posted its quarterly earnings data on Wednesday, February 23rd. The data storage provider reported $1.20 EPS for the quarter, topping analysts’ consensus estimates of $1.07 by $0.13. The business had revenue of $1.61 billion for the quarter, compared to analyst estimates of $1.61 billion. NetApp had a return on equity of 126.47% and a net margin of 16.34%. The firm’s revenue for the quarter was up 9.8% on a year-over-year basis. During the same period in the previous year, the company posted $0.94 earnings per share. As a group, research analysts forecast that NetApp will post 4.26 EPS for the current fiscal year.

In other news, President Cesar Cernuda sold 14,000 shares of the firm’s stock in a transaction on Tuesday, March 15th. The shares were sold at an average price of $80.79, for a total transaction of $1,131,060.00. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CEO George Kurian sold 4,250 shares of the firm’s stock in a transaction on Monday, March 21st. The shares were sold at an average price of $89.86, for a total transaction of $381,905.00. The disclosure for this sale can be found here. Insiders have sold a total of 24,625 shares of company stock worth $1,976,109 in the last quarter. 0.28% of the stock is currently owned by company insiders.

Hedge funds have recently added to or reduced their stakes in the company. US Bancorp DE raised its stake in NetApp by 3.8% during the third quarter. US Bancorp DE now owns 19,381 shares of the data storage provider’s stock worth $1,740,000 after buying an additional 710 shares during the last quarter. Public Sector Pension Investment Board raised its stake in NetApp by 8.3% during the third quarter. Public Sector Pension Investment Board now owns 37,786 shares of the data storage provider’s stock worth $3,392,000 after buying an additional 2,890 shares during the last quarter. Achmea Investment Management B.V. bought a new position in NetApp during the third quarter worth $35,000. First Republic Investment Management Inc. raised its stake in NetApp by 46.9% during the third quarter. First Republic Investment Management Inc. now owns 130,617 shares of the data storage provider’s stock worth $11,724,000 after buying an additional 41,673 shares during the last quarter. Finally, Bank of Nova Scotia raised its stake in NetApp by 10.7% during the third quarter. Bank of Nova Scotia now owns 38,570 shares of the data storage provider’s stock worth $3,462,000 after buying an additional 3,724 shares during the last quarter. 91.91% of the stock is owned by hedge funds and other institutional investors.

NetApp Company Profile (Get Rating)

NetApp, Inc provides software, systems, and cloud services to manage and share data on-premises, and private and public clouds worldwide. The company offers cloud storage services, including NetApp Cloud Volumes; cloud control solutions, such as NetApp Cloud Manager and NetApp Virtual Desktop Service; cloud services and analytics comprising NetApp Cloud Insights, NetApp Cloud Sync, NetApp Cloud Compliance, NetApp Cloud Tiering, NetApp SaaS Backup, NetApp Cloud Backup, and NetApp Global File Cache; and Cloud Optimization solutions, such as Spot by NetApp, Spot Cloud Analyzer by NetApp, Spot Eco by NetApp, Spot Ocean by NetApp, Spot Wave by NetApp, Spot Elastigroup by NetApp, and NetApp Virtual Desktop Managed Service.

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