Morgan Stanley Reiterates “$106.00” Price Target for NetApp (NASDAQ:NTAP)

NetApp (NASDAQ:NTAP) received a $106.00 price target from Morgan Stanley in a report issued on Tuesday, MarketBeat reports. The firm currently has an “equal weight” rating on the data storage provider’s stock. Morgan Stanley’s target price points to a potential upside of 6.23% from the company’s current price.

A number of other research firms also recently issued reports on NTAP. Wedbush reiterated a “neutral” rating and set a $110.00 price target (down previously from $120.00) on shares of NetApp in a research note on Friday, February 28th. Wells Fargo & Company cut their price target on NetApp from $130.00 to $115.00 and set an “equal weight” rating for the company in a research note on Friday, February 28th. Citigroup lifted their price target on NetApp from $90.00 to $105.00 and gave the company a “neutral” rating in a research note on Friday, May 16th. Loop Capital dropped their target price on shares of NetApp from $150.00 to $130.00 and set a “buy” rating on the stock in a research report on Tuesday, March 4th. Finally, Bank of America raised shares of NetApp from an “underperform” rating to a “neutral” rating and lifted their target price for the stock from $121.00 to $128.00 in a research report on Wednesday, February 19th. One analyst has rated the stock with a sell rating, ten have given a hold rating and seven have given a buy rating to the company. Based on data from MarketBeat, the company currently has a consensus rating of “Hold” and a consensus price target of $121.40.

NetApp Price Performance

NTAP stock opened at $99.78 on Tuesday. The company has a market capitalization of $20.30 billion, a P/E ratio of 18.34, a price-to-earnings-growth ratio of 2.45 and a beta of 1.40. The company has a debt-to-equity ratio of 1.39, a quick ratio of 0.84 and a current ratio of 0.91. NetApp has a 52-week low of $71.84 and a 52-week high of $135.45. The business has a 50-day simple moving average of $89.51 and a two-hundred day simple moving average of $108.02.

Insider Buying and Selling

In other NetApp news, CEO George Kurian sold 8,500 shares of the business’s stock in a transaction on Monday, April 21st. The shares were sold at an average price of $81.83, for a total transaction of $695,555.00. Following the sale, the chief executive officer now owns 249,765 shares of the company’s stock, valued at $20,438,269.95. The trade was a 3.29% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this link. 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. In the last quarter, insiders have sold 28,724 shares of company stock valued at $2,520,032. 0.47% of the stock is owned by company insiders.

Institutional Investors Weigh In On NetApp

A number of hedge funds and other institutional investors have recently bought and sold shares of NTAP. Manchester Capital Management LLC grew its position in shares of NetApp by 375.0% during the 1st quarter. Manchester Capital Management LLC now owns 285 shares of the data storage provider’s stock valued at $25,000 after purchasing an additional 225 shares in the last quarter. 1248 Management LLC purchased a new position in shares of NetApp during the 1st quarter valued at $25,000. Migdal Insurance & Financial Holdings Ltd. purchased a new position in shares of NetApp during the 4th quarter valued at $26,000. Assetmark Inc. grew its position in shares of NetApp by 826.9% during the 4th quarter. Assetmark Inc. now owns 241 shares of the data storage provider’s stock valued at $28,000 after purchasing an additional 215 shares in the last quarter. Finally, Olde Wealth Management LLC purchased a new position in shares of NetApp during the 1st quarter valued at $29,000. 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.