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

NetApp (NASDAQ:NTAP) had its target price lifted by equities researchers at Citigroup from $110.00 to $114.00 in a research note issued to investors on Monday,Benzinga reports. The brokerage presently has a “neutral” rating on the data storage provider’s stock. Citigroup’s target price would indicate a potential upside of 15.40% from the company’s previous close.

NTAP has been the topic of a number of other reports. Wedbush restated a “neutral” rating and set a $115.00 price target on shares of NetApp in a research report on Wednesday, February 25th. Northland Securities set a $137.00 target price on NetApp and gave the stock an “outperform” rating in a report on Wednesday, November 26th. Oppenheimer restated a “market perform” rating on shares of NetApp in a research report on Wednesday, November 26th. Barclays lifted their price objective on NetApp from $125.00 to $134.00 and gave the stock an “overweight” rating in a research report on Wednesday, November 26th. Finally, UBS Group upped their target price on NetApp from $114.00 to $120.00 and gave the company a “neutral” rating in a report on Wednesday, November 26th. One equities research analyst has rated the stock with a Strong Buy rating, six have assigned a Buy rating and eight have issued a Hold rating to the company. According to MarketBeat, NetApp currently has an average rating of “Moderate Buy” and a consensus price target of $122.42.

NetApp Price Performance

Shares of NetApp stock opened at $98.79 on Monday. The stock has a market capitalization of $19.49 billion, a P/E ratio of 16.52, a PEG ratio of 3.15 and a beta of 1.39. The business has a 50 day simple moving average of $102.70 and a two-hundred day simple moving average of $111.17. NetApp has a 12 month low of $71.84 and a 12 month high of $126.66. The company has a debt-to-equity ratio of 2.15, a current ratio of 1.39 and a quick ratio of 1.36.

NetApp (NASDAQ:NTAP) last issued its quarterly earnings results on Thursday, February 26th. The data storage provider reported $2.12 EPS for the quarter, topping the consensus estimate of $2.07 by $0.05. The firm had revenue of $1.71 billion during the quarter, compared to analysts’ expectations of $1.70 billion. NetApp had a return on equity of 118.11% and a net margin of 18.07%.The firm’s revenue for the quarter was up 4.4% on a year-over-year basis. During the same period in the previous year, the business earned $1.91 earnings per share. NetApp has set its Q4 2026 guidance at 2.210-2.310 EPS and its FY 2026 guidance at 7.920-8.020 EPS. As a group, analysts predict that NetApp will post 5.89 EPS for the current fiscal year.

Insider Transactions at NetApp

In other NetApp news, EVP Elizabeth M. O’callahan sold 1,000 shares of the company’s stock in a transaction dated Tuesday, February 10th. The shares were sold at an average price of $103.45, for a total value of $103,450.00. Following the transaction, the executive vice president owned 20,075 shares of the company’s stock, valued at $2,076,758.75. This represents a 4.74% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through this link. Company insiders own 0.28% of the company’s stock.

Institutional Investors Weigh In On NetApp

A number of institutional investors and hedge funds have recently made changes to their positions in NTAP. Geneos Wealth Management Inc. increased its holdings in NetApp by 38.3% in the 1st quarter. Geneos Wealth Management Inc. now owns 759 shares of the data storage provider’s stock valued at $67,000 after purchasing an additional 210 shares during the last quarter. Sivia Capital Partners LLC purchased a new position in shares of NetApp during the second quarter worth $315,000. Assetmark Inc. grew its stake in shares of NetApp by 1,157.2% in the second quarter. Assetmark Inc. now owns 3,759 shares of the data storage provider’s stock valued at $401,000 after buying an additional 3,460 shares in the last quarter. Atria Investments Inc raised its holdings in shares of NetApp by 98.3% in the 2nd quarter. Atria Investments Inc now owns 9,424 shares of the data storage provider’s stock valued at $1,004,000 after buying an additional 4,672 shares during the period. Finally, Simon Quick Advisors LLC acquired a new position in NetApp during the 2nd quarter worth about $256,000. 92.17% of the stock is owned by hedge funds and other institutional investors.

About NetApp

NetApp, Inc (NASDAQ: NTAP) is a data management and storage company that delivers hybrid cloud data services for applications and data. Founded in 1992 as Network Appliance and rebranded as NetApp in 2008, the company is headquartered in Sunnyvale, California. NetApp’s offering focuses on enabling organizations to store, manage, protect and move data across on-premises environments and major public clouds.

The company’s product portfolio centers on the ONTAP data management software and a range of storage systems and services built around it.