NetApp (NASDAQ:NTAP) Downgraded to Neutral Rating by JPMorgan Chase & Co.

JPMorgan Chase & Co. downgraded shares of NetApp (NASDAQ:NTAP) from an overweight rating to a neutral rating in a research report released on Thursday morning, Marketbeat reports. JPMorgan Chase & Co. currently has $110.00 price target on the data storage provider’s stock, down from their prior price target of $125.00.

A number of other equities analysts have also weighed in on the company. Wall Street Zen upgraded NetApp from a “hold” rating to a “buy” rating in a research note on Saturday, April 11th. Wedbush reiterated a “neutral” rating and set a $115.00 target price on shares of NetApp in a research note on Wednesday, February 25th. Citigroup increased their target price on NetApp from $110.00 to $114.00 and gave the stock a “neutral” rating in a research note on Monday, March 2nd. The Goldman Sachs Group began coverage on NetApp in a research note on Tuesday, January 13th. They set a “buy” rating and a $128.00 target price on the stock. Finally, Weiss Ratings lowered NetApp from a “buy (b-)” rating to a “hold (c+)” rating in a research note on Friday, March 13th. One analyst has rated the stock with a Strong Buy rating, four have assigned a Buy rating and ten have issued a Hold rating to the company’s stock. According to MarketBeat, the company currently has a consensus rating of “Hold” and a consensus target price of $120.75.

NetApp Stock Performance

NTAP opened at $103.68 on Thursday. NetApp has a 12-month low of $80.64 and a 12-month high of $126.66. The stock has a market cap of $20.46 billion, a price-to-earnings ratio of 17.34, a PEG ratio of 3.11 and a beta of 1.30. The business has a 50 day moving average of $101.02 and a 200-day moving average of $107.42. The company has a quick ratio of 1.36, a current ratio of 1.39 and a debt-to-equity ratio of 2.15.

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

NetApp Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, April 22nd. Shareholders of record on Friday, April 3rd will be paid a dividend of $0.52 per share. This represents a $2.08 dividend on an annualized basis and a yield of 2.0%. The ex-dividend date is Thursday, April 2nd. NetApp’s dividend payout ratio (DPR) is 34.78%.

Insider Buying and Selling

In other NetApp news, EVP Elizabeth M. O’callahan sold 1,000 shares of the firm’s stock in a transaction on Friday, April 10th. The stock was sold at an average price of $96.25, for a total transaction of $96,250.00. Following the transaction, the executive vice president owned 19,382 shares in the company, valued at $1,865,517.50. This trade represents a 4.91% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. In the last 90 days, insiders sold 3,000 shares of company stock worth $300,370. 0.28% of the stock is owned by company insiders.

Hedge Funds Weigh In On NetApp

Hedge funds have recently added to or reduced their stakes in the stock. Envestnet Asset Management Inc. increased its stake in NetApp by 4.9% during the 3rd quarter. Envestnet Asset Management Inc. now owns 432,772 shares of the data storage provider’s stock worth $51,266,000 after acquiring an additional 20,089 shares during the period. Citigroup Inc. increased its stake in shares of NetApp by 216.1% in the 3rd quarter. Citigroup Inc. now owns 927,525 shares of the data storage provider’s stock valued at $109,875,000 after purchasing an additional 634,085 shares during the last quarter. National Pension Service increased its stake in shares of NetApp by 26.0% in the 3rd quarter. National Pension Service now owns 159,274 shares of the data storage provider’s stock valued at $18,868,000 after purchasing an additional 32,833 shares during the last quarter. J. Safra Sarasin Holding AG increased its stake in shares of NetApp by 496.7% in the 3rd quarter. J. Safra Sarasin Holding AG now owns 18,168 shares of the data storage provider’s stock valued at $2,152,000 after purchasing an additional 15,123 shares during the last quarter. Finally, Y Intercept Hong Kong Ltd increased its stake in shares of NetApp by 515.1% in the 3rd quarter. Y Intercept Hong Kong Ltd now owns 115,757 shares of the data storage provider’s stock valued at $13,713,000 after purchasing an additional 96,937 shares during the last quarter. Institutional investors own 92.17% of the company’s stock.

NetApp Company Profile

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.