NetApp (NASDAQ:NTAP - Get Free Report) had its price objective raised by stock analysts at Stifel Nicolaus from $140.00 to $145.00 in a research note issued to investors on Friday,Benzinga reports. The brokerage presently has a "buy" rating on the data storage provider's stock. Stifel Nicolaus' target price suggests a potential upside of 15.29% from the stock's current price.
A number of other research analysts have also weighed in on the company. Bank of America upped their price objective on NetApp from $115.00 to $121.00 and gave the stock an "underperform" rating in a report on Friday. Wells Fargo & Company boosted their price target on NetApp from $135.00 to $140.00 and gave the stock an "equal weight" rating in a research report on Friday. TD Cowen lifted their target price on NetApp from $145.00 to $160.00 and gave the stock a "buy" rating in a research report on Friday. Morgan Stanley upped their target price on shares of NetApp from $127.00 to $132.00 and gave the stock an "equal weight" rating in a research report on Friday. Finally, Wedbush reiterated a "neutral" rating and issued a $120.00 price target on shares of NetApp in a research report on Monday, August 26th. One equities research analyst has rated the stock with a sell rating, eleven have issued a hold rating and six have assigned a buy rating to the stock. Based on data from MarketBeat, the company has a consensus rating of "Hold" and a consensus price target of $133.69.
Get Our Latest Analysis on NetApp
Shares of NTAP stock traded down $0.91 on Friday, reaching $125.77. 1,485,025 shares of the company were exchanged, compared to its average volume of 1,822,819. The business has a 50-day moving average price of $121.77 and a 200 day moving average price of $122.39. NetApp has a 1 year low of $77.56 and a 1 year high of $135.45. The company has a market cap of $25.76 billion, a price-to-earnings ratio of 25.03, a P/E/G ratio of 3.13 and a beta of 1.24. The company has a debt-to-equity ratio of 1.34, a quick ratio of 0.91 and a current ratio of 0.96.
NetApp (NASDAQ:NTAP - Get Free Report) last issued its quarterly earnings data on Thursday, November 21st. The data storage provider reported $1.87 earnings per share for the quarter, topping the consensus estimate of $1.78 by $0.09. The company had revenue of $1.66 billion during the quarter, compared to analyst estimates of $1.65 billion. NetApp had a return on equity of 121.41% and a net margin of 17.01%. The firm's revenue for the quarter was up 6.1% compared to the same quarter last year. During the same period in the prior year, the business posted $1.23 earnings per share. Equities research analysts forecast that NetApp will post 5.71 earnings per share for the current fiscal year.
In other NetApp news, EVP Elizabeth M. O'callahan sold 705 shares of NetApp stock in a transaction dated Thursday, October 10th. The stock was sold at an average price of $126.20, for a total transaction of $88,971.00. Following the transaction, the executive vice president now directly owns 11,694 shares in the company, valued at approximately $1,475,782.80. The trade was a 5.69 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, CAO Lorenzo Daniel De sold 326 shares of the company's stock in a transaction dated Monday, November 18th. The shares were sold at an average price of $117.44, for a total transaction of $38,285.44. The disclosure for this sale can be found here. Insiders sold 23,049 shares of company stock valued at $2,807,851 over the last 90 days. 0.47% of the stock is owned by corporate insiders.
Large investors have recently modified their holdings of the business. Hollencrest Capital Management purchased a new stake in NetApp in the 2nd quarter valued at $26,000. Northwest Investment Counselors LLC bought a new position in NetApp in the third quarter worth $27,000. New Covenant Trust Company N.A. purchased a new position in NetApp in the 1st quarter worth approximately $28,000. Redwood Wealth Management Group LLC purchased a new position in shares of NetApp in the second quarter worth approximately $32,000. Finally, True Wealth Design LLC raised its stake in NetApp by 2,833.3% during the 3rd quarter. True Wealth Design LLC now owns 352 shares of the data storage provider's stock valued at $43,000 after purchasing an additional 340 shares during the period. Institutional investors own 92.17% of the company's stock.
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.
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