NetApp (NASDAQ:NTAP) Price Target Increased to $100.00 by Analysts at Bank of America

NetApp (NASDAQ:NTAPFree Report) had its price objective raised by Bank of America from $85.00 to $100.00 in a research note issued to investors on Wednesday, Benzinga reports. They currently have an underperform rating on the data storage provider’s stock.

Several other equities research analysts also recently weighed in on NTAP. Wedbush raised their price target on NetApp from $100.00 to $120.00 and gave the stock a neutral rating in a report on Tuesday. JPMorgan Chase & Co. raised their price target on shares of NetApp from $87.00 to $95.00 and gave the stock an underweight rating in a report on Friday, March 1st. Citigroup boosted their price objective on shares of NetApp from $110.00 to $120.00 and gave the company a neutral rating in a report on Tuesday, May 21st. Barclays upped their target price on NetApp from $80.00 to $100.00 and gave the company an equal weight rating in a research report on Friday, March 1st. Finally, Morgan Stanley increased their price objective on NetApp from $92.00 to $106.00 and gave the company an equal weight rating in a report on Thursday, May 23rd. Two investment analysts have rated the stock with a sell rating, ten have given a hold rating and six have issued a buy rating to the company’s stock. According to data from MarketBeat.com, the company has an average rating of Hold and an average price target of $105.69.

Read Our Latest Stock Report on NetApp

NetApp Trading Down 0.4 %

NASDAQ:NTAP opened at $117.50 on Wednesday. The stock has a market capitalization of $24.25 billion, a price-to-earnings ratio of 26.70, a PEG ratio of 3.84 and a beta of 1.27. NetApp has a 52 week low of $66.01 and a 52 week high of $118.36. The company has a quick ratio of 1.11, a current ratio of 1.15 and a debt-to-equity ratio of 2.00. The firm has a 50 day moving average of $106.11 and a 200 day moving average of $95.00.

NetApp (NASDAQ:NTAPGet Free Report) last issued its quarterly earnings data on Thursday, February 29th. The data storage provider reported $1.94 EPS for the quarter, beating the consensus estimate of $1.69 by $0.25. NetApp had a return on equity of 109.49% and a net margin of 15.21%. The firm had revenue of $1.61 billion during the quarter, compared to analyst estimates of $1.59 billion. During the same quarter in the prior year, the business posted $1.02 EPS. The business’s revenue for the quarter was up 5.2% compared to the same quarter last year. As a group, sell-side analysts anticipate that NetApp will post 5.16 earnings per share for the current fiscal year.

Insider Activity

In other news, CFO Michael J. Berry sold 15,000 shares of the stock in a transaction that occurred on Tuesday, March 12th. The stock was sold at an average price of $102.67, for a total transaction of $1,540,050.00. Following the transaction, the chief financial officer now owns 144,909 shares in the company, valued at approximately $14,877,807.03. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. In other news, CEO George Kurian sold 8,500 shares of the business’s stock in a transaction dated Monday, April 15th. The shares were sold at an average price of $103.16, for a total transaction of $876,860.00. Following the completion of the sale, the chief executive officer now owns 252,702 shares of the company’s stock, valued at $26,068,738.32. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CFO Michael J. Berry sold 15,000 shares of the firm’s stock in a transaction dated Tuesday, March 12th. The shares were sold at an average price of $102.67, for a total transaction of $1,540,050.00. Following the completion of the transaction, the chief financial officer now directly owns 144,909 shares in the company, valued at $14,877,807.03. The disclosure for this sale can be found here. Insiders sold 40,371 shares of company stock worth $4,139,505 over the last three months. 0.37% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On NetApp

Large investors have recently bought and sold shares of the company. Boston Partners boosted its stake in shares of NetApp by 3.1% in the first quarter. Boston Partners now owns 1,361,262 shares of the data storage provider’s stock worth $142,879,000 after acquiring an additional 41,011 shares during the last quarter. Cetera Advisors LLC acquired a new stake in NetApp during the 1st quarter worth $683,000. Cetera Investment Advisers grew its holdings in shares of NetApp by 132.1% during the first quarter. Cetera Investment Advisers now owns 28,230 shares of the data storage provider’s stock worth $2,963,000 after buying an additional 16,066 shares in the last quarter. PGGM Investments raised its position in shares of NetApp by 1.8% in the first quarter. PGGM Investments now owns 59,661 shares of the data storage provider’s stock valued at $6,263,000 after buying an additional 1,054 shares during the last quarter. Finally, Swedbank AB purchased a new position in shares of NetApp in the first quarter worth about $7,141,000. 92.17% of the stock is currently owned by hedge funds and other institutional investors.

About NetApp

(Get Free Report)

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.

Further Reading

Analyst Recommendations for NetApp (NASDAQ:NTAP)

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