Analysts Set NetApp, Inc. (NASDAQ:NTAP) PT at $127.73

Shares of NetApp, Inc. (NASDAQ:NTAP) have received a consensus recommendation of “Hold” from the seventeen ratings firms that are covering the company, MarketBeat Ratings reports. Eleven investment analysts have rated the stock with a hold rating and six have assigned a buy rating to the company. The average 1-year target price among brokers that have updated their coverage on the stock in the last year is $125.07.

NTAP has been the topic of a number of recent research reports. Citigroup dropped their price objective on shares of NetApp from $110.00 to $90.00 and set a “neutral” rating on the stock in a research note on Monday. Wedbush reaffirmed a “neutral” rating and issued a $110.00 price target (down previously from $120.00) on shares of NetApp in a research report on Friday, February 28th. JPMorgan Chase & Co. decreased their price objective on NetApp from $153.00 to $113.00 and set an “overweight” rating for the company in a report on Thursday. Loop Capital dropped their target price on NetApp from $150.00 to $130.00 and set a “buy” rating on the stock in a report on Tuesday, March 4th. Finally, Bank of America upgraded NetApp from an “underperform” rating to a “neutral” rating and upped their price target for the stock from $121.00 to $128.00 in a report on Wednesday, February 19th.

Insider Activity at NetApp

In other NetApp news, Director Anders Gustafsson purchased 2,800 shares of the company’s stock in a transaction that occurred on Thursday, March 27th. The shares were bought at an average cost of $91.00 per share, for a total transaction of $254,800.00. Following the purchase, the director now owns 6,348 shares of the company’s stock, valued at $577,668. This represents a 78.92 % increase in their position. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, President Cesar Cernuda sold 19,696 shares of the business’s stock in a transaction on Friday, March 28th. The shares were sold at an average price of $90.15, for a total transaction of $1,775,594.40. Following the sale, the president now directly owns 11,928 shares in the company, valued at $1,075,309.20. The trade was a 62.28 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 50,176 shares of company stock worth $5,445,901. Insiders own 0.47% of the company’s stock.

Hedge Funds Weigh In On NetApp

Hedge funds have recently made changes to their positions in the stock. Orion Portfolio Solutions LLC grew its holdings in NetApp by 232.2% during the 3rd quarter. Orion Portfolio Solutions LLC now owns 6,731 shares of the data storage provider’s stock valued at $831,000 after buying an additional 4,705 shares in the last quarter. Barclays PLC boosted its position in shares of NetApp by 31.4% in the third quarter. Barclays PLC now owns 784,339 shares of the data storage provider’s stock valued at $96,873,000 after acquiring an additional 187,638 shares during the period. Sanctuary Advisors LLC grew its stake in NetApp by 73.1% during the third quarter. Sanctuary Advisors LLC now owns 7,608 shares of the data storage provider’s stock valued at $931,000 after acquiring an additional 3,213 shares in the last quarter. World Investment Advisors LLC grew its stake in NetApp by 6.1% during the third quarter. World Investment Advisors LLC now owns 7,998 shares of the data storage provider’s stock valued at $988,000 after acquiring an additional 459 shares in the last quarter. Finally, Wilmington Savings Fund Society FSB bought a new stake in NetApp during the 3rd quarter worth approximately $160,000. 92.17% of the stock is currently owned by hedge funds and other institutional investors.

NetApp Price Performance

Shares of NASDAQ:NTAP opened at $82.61 on Tuesday. NetApp has a twelve month low of $71.84 and a twelve month high of $135.45. The stock’s 50 day moving average is $96.98 and its 200-day moving average is $113.12. The company has a quick ratio of 0.84, a current ratio of 0.91 and a debt-to-equity ratio of 1.39. The firm has a market capitalization of $16.80 billion, a price-to-earnings ratio of 15.19, a PEG ratio of 2.45 and a beta of 1.31.

NetApp Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Wednesday, April 23rd. Stockholders of record on Friday, April 4th will be paid a dividend of $0.52 per share. The ex-dividend date of this dividend is Friday, April 4th. This represents a $2.08 annualized dividend and a dividend yield of 2.52%. NetApp’s payout ratio is currently 38.52%.

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.