Citigroup Forecasts Strong Price Appreciation for NetApp (NASDAQ:NTAP) Stock

NetApp (NASDAQ:NTAP) had its price objective upped by equities researchers at Citigroup from $90.00 to $105.00 in a note issued to investors on Friday,Benzinga reports. The brokerage currently has a “neutral” rating on the data storage provider’s stock. Citigroup’s target price points to a potential upside of 4.45% from the company’s previous close.

NTAP has been the topic of a number of other research reports. Barclays raised NetApp from an “equal weight” rating to an “overweight” rating and set a $115.00 price target on the stock in a research note on Wednesday, April 30th. JPMorgan Chase & Co. cut their price target on shares of NetApp from $153.00 to $113.00 and set an “overweight” rating on the stock in a research report on Thursday, April 17th. Evercore ISI decreased their price objective on shares of NetApp from $120.00 to $100.00 and set an “in-line” rating for the company in a report on Monday, April 28th. Loop Capital lowered their target price on shares of NetApp from $150.00 to $130.00 and set a “buy” rating for the company in a research note on Tuesday, March 4th. Finally, Susquehanna cut shares of NetApp from a “positive” rating to a “neutral” rating and reduced their price target for the stock from $155.00 to $130.00 in a research report on Monday, February 10th. Eleven research analysts have rated the stock with a hold rating and seven have given a buy rating to the stock. According to data from MarketBeat, NetApp has a consensus rating of “Hold” and a consensus target price of $124.07.

NetApp Stock Up 0.7%

NASDAQ:NTAP opened at $100.53 on Friday. The stock’s fifty day moving average price is $88.80 and its two-hundred day moving average price is $108.39. The company has a debt-to-equity ratio of 1.39, a quick ratio of 0.84 and a current ratio of 0.91. The company has a market cap of $20.45 billion, a price-to-earnings ratio of 18.48, a P/E/G ratio of 2.45 and a beta of 1.40. NetApp has a 52-week low of $71.84 and a 52-week high of $135.45.

Insiders Place Their Bets

In related news, CEO George Kurian sold 8,500 shares of NetApp stock in a transaction dated Monday, April 21st. The stock was sold at an average price of $81.83, for a total value of $695,555.00. Following the sale, the chief executive officer now owns 249,765 shares of the company’s stock, valued at approximately $20,438,269.95. The trade was a 3.29% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, President Cesar Cernuda sold 19,696 shares of the stock in a transaction that occurred on Friday, March 28th. The shares were sold at an average price of $90.15, for a total value of $1,775,594.40. Following the transaction, the president now directly owns 11,928 shares of the company’s stock, valued at $1,075,309.20. This trade represents a 62.28% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 37,224 shares of company stock valued at $3,531,872 in the last quarter. 0.47% of the stock is currently owned by insiders.

Institutional Trading of NetApp

Several institutional investors and hedge funds have recently bought and sold shares of NTAP. Resonant Capital Advisors LLC increased its holdings in shares of NetApp by 1.8% during the 4th quarter. Resonant Capital Advisors LLC now owns 4,442 shares of the data storage provider’s stock worth $516,000 after acquiring an additional 80 shares during the last quarter. Larson Financial Group LLC raised its position in shares of NetApp by 2.5% in the fourth quarter. Larson Financial Group LLC now owns 3,778 shares of the data storage provider’s stock valued at $438,000 after purchasing an additional 92 shares during the period. Geneos Wealth Management Inc. grew its stake in NetApp by 22.3% in the 4th quarter. Geneos Wealth Management Inc. now owns 549 shares of the data storage provider’s stock valued at $64,000 after buying an additional 100 shares during the last quarter. Moors & Cabot Inc. raised its holdings in NetApp by 3.6% in the 4th quarter. Moors & Cabot Inc. now owns 2,906 shares of the data storage provider’s stock valued at $337,000 after acquiring an additional 100 shares during the period. Finally, Coppell Advisory Solutions LLC lifted its position in NetApp by 50.0% during the fourth quarter. Coppell Advisory Solutions LLC now owns 300 shares of the data storage provider’s stock worth $35,000 after acquiring an additional 100 shares during the last quarter. Institutional investors own 92.17% of the company’s stock.

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.