NetApp (NASDAQ:NTAP) Price Target Raised to $120.00 at TD Cowen

NetApp (NASDAQ:NTAPFree Report) had its price target lifted by TD Cowen from $100.00 to $120.00 in a research note released on Friday, Marketbeat reports. They currently have an outperform rating on the data storage provider’s stock.

Several other equities analysts have also recently issued reports on the company. StockNews.com raised NetApp from a buy rating to a strong-buy rating in a report on Wednesday, February 28th. Barclays upped their price target on NetApp from $69.00 to $80.00 and gave the stock an equal weight rating in a report on Wednesday, November 29th. Citigroup upped their price target on NetApp from $83.00 to $90.00 and gave the stock a neutral rating in a report on Thursday, November 30th. Wedbush upped their price target on NetApp from $75.00 to $85.00 and gave the stock a neutral rating in a report on Wednesday, November 29th. Finally, Wells Fargo & Company upped their price target on NetApp from $72.00 to $86.00 and gave the stock an equal weight rating in a report on Wednesday, November 29th. Two investment analysts have rated the stock with a sell rating, ten have given a hold rating, five have given a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat.com, the stock has an average rating of Hold and a consensus target price of $96.69.

View Our Latest Analysis on NTAP

NetApp Stock Performance

Shares of NTAP opened at $103.33 on Friday. The stock has a 50-day moving average of $88.05 and a two-hundred day moving average of $82.18. NetApp has a one year low of $59.73 and a one year high of $112.48. The company has a debt-to-equity ratio of 2.00, a quick ratio of 1.11 and a current ratio of 1.15. The stock has a market cap of $21.33 billion, a P/E ratio of 23.48, a P/E/G ratio of 2.47 and a beta of 1.27.

NetApp (NASDAQ:NTAPGet Free Report) last issued its quarterly earnings data on Thursday, February 29th. The data storage provider reported $1.94 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.69 by $0.25. The business had revenue of $1.61 billion during the quarter, compared to analysts’ expectations of $1.59 billion. NetApp had a return on equity of 109.49% and a net margin of 15.21%. The company’s revenue for the quarter was up 5.2% on a year-over-year basis. During the same quarter in the previous year, the firm posted $1.02 EPS. As a group, research analysts predict that NetApp will post 4.85 EPS for the current year.

NetApp Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Wednesday, April 24th. Stockholders of record on Friday, April 5th will be given a $0.50 dividend. The ex-dividend date is Thursday, April 4th. This represents a $2.00 dividend on an annualized basis and a dividend yield of 1.94%. NetApp’s dividend payout ratio (DPR) is presently 45.45%.

Insider Activity

In other news, CFO Michael J. Berry sold 7,500 shares of the company’s stock in a transaction that occurred on Tuesday, January 9th. The stock was sold at an average price of $85.82, for a total value of $643,650.00. Following the completion of the sale, the chief financial officer now directly owns 165,422 shares in the company, valued at $14,196,516.04. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. In other news, EVP Elizabeth M. O’callahan sold 871 shares of the company’s stock in a transaction that occurred on Wednesday, January 10th. The stock was sold at an average price of $86.27, for a total value of $75,141.17. Following the completion of the sale, the executive vice president now directly owns 10,856 shares in the company, valued at $936,547.12. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, CFO Michael J. Berry sold 7,500 shares of the company’s stock in a transaction that occurred on Tuesday, January 9th. The shares were sold at an average price of $85.82, for a total value of $643,650.00. Following the completion of the sale, the chief financial officer now owns 165,422 shares of the company’s stock, valued at $14,196,516.04. The disclosure for this sale can be found here. Insiders sold 9,242 shares of company stock worth $796,746 over the last ninety days. Corporate insiders own 0.37% of the company’s stock.

Institutional Investors Weigh In On NetApp

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Integrated Advisors Network LLC increased its stake in NetApp by 618.1% during the fourth quarter. Integrated Advisors Network LLC now owns 47,559 shares of the data storage provider’s stock worth $4,193,000 after acquiring an additional 40,936 shares during the last quarter. Scarborough Advisors LLC acquired a new stake in NetApp during the fourth quarter worth $226,000. V Square Quantitative Management LLC increased its stake in NetApp by 24.2% during the fourth quarter. V Square Quantitative Management LLC now owns 4,798 shares of the data storage provider’s stock worth $423,000 after acquiring an additional 935 shares during the last quarter. Quarry LP increased its stake in NetApp by 240.0% during the fourth quarter. Quarry LP now owns 952 shares of the data storage provider’s stock worth $84,000 after acquiring an additional 672 shares during the last quarter. Finally, Price T Rowe Associates Inc. MD increased its stake in NetApp by 1.1% during the fourth quarter. Price T Rowe Associates Inc. MD now owns 282,536 shares of the data storage provider’s stock worth $24,910,000 after acquiring an additional 3,116 shares during the last quarter. Institutional investors and hedge funds own 90.25% of the company’s stock.

About NetApp

(Get Free Report)

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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Analyst Recommendations for NetApp (NASDAQ:NTAP)

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