NetApp (NASDAQ:NTAP) Stock Price Expected to Rise, Wells Fargo & Company Analyst Says

NetApp (NASDAQ:NTAP) had its target price upped by analysts at Wells Fargo & Company from $135.00 to $140.00 in a research report issued on Friday,Benzinga reports. The firm currently has an “equal weight” rating on the data storage provider’s stock. Wells Fargo & Company‘s price target points to a potential upside of 14.44% from the stock’s current price.

A number of other equities analysts have also commented on NTAP. Barclays boosted their price target on shares of NetApp from $119.00 to $132.00 and gave the company an “equal weight” rating in a research report on Friday. TD Cowen increased their price target on NetApp from $145.00 to $160.00 and gave the stock a “buy” rating in a research report on Friday. Susquehanna reiterated a “positive” rating and issued a $155.00 price objective on shares of NetApp in a research report on Monday, August 26th. Evercore ISI boosted their price objective on NetApp from $120.00 to $130.00 and gave the stock an “in-line” rating in a research note on Monday, August 12th. Finally, JPMorgan Chase & Co. raised their target price on NetApp from $146.00 to $147.00 and gave the company a “neutral” rating in a research note on Thursday, August 29th. One 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 company. Based on data from MarketBeat, the company has a consensus rating of “Hold” and an average price target of $134.00.

NetApp Trading Down 3.4 %

Shares of NTAP opened at $122.34 on Friday. The company has a current ratio of 0.96, a quick ratio of 0.91 and a debt-to-equity ratio of 1.34. The stock has a market cap of $25.05 billion, a PE ratio of 22.49, a PEG ratio of 3.26 and a beta of 1.24. NetApp has a 1 year low of $77.56 and a 1 year high of $135.45. The stock has a 50 day simple moving average of $121.87 and a 200-day simple moving average of $122.59.

NetApp (NASDAQ:NTAP) last announced its quarterly earnings results on Thursday, November 21st. The data storage provider reported $1.87 earnings per share for the quarter, beating analysts’ consensus estimates of $1.78 by $0.09. The firm had revenue of $1.66 billion for the quarter, compared to analysts’ expectations of $1.65 billion. NetApp had a return on equity of 119.68% and a net margin of 17.78%. The business’s revenue 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. On average, sell-side analysts predict that NetApp will post 5.71 EPS for the current fiscal year.

Insider Activity

In other news, Director Thomas Michael Nevens sold 3,333 shares of the company’s stock in a transaction dated Monday, November 18th. The stock was sold at an average price of $119.23, for a total value of $397,393.59. Following the completion of the sale, the director now directly owns 9,277 shares of the company’s stock, valued at $1,106,096.71. This represents a 26.43 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, CEO George Kurian sold 8,500 shares of the stock in a transaction that occurred on Monday, November 18th. The shares were sold at an average price of $118.00, for a total transaction of $1,003,000.00. Following the completion of the sale, the chief executive officer now owns 288,282 shares in the company, valued at $34,017,276. This represents a 2.86 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 23,049 shares of company stock valued at $2,807,851 in the last 90 days. 0.47% of the stock is owned by company insiders.

Institutional Inflows and Outflows

A number of institutional investors have recently bought and sold shares of the company. UMB Bank n.a. boosted its position in shares of NetApp by 11.8% during the second quarter. UMB Bank n.a. now owns 784 shares of the data storage provider’s stock worth $101,000 after purchasing an additional 83 shares in the last quarter. Aviso Wealth Management raised its stake in NetApp by 1.4% during the 2nd quarter. Aviso Wealth Management now owns 6,149 shares of the data storage provider’s stock worth $792,000 after buying an additional 83 shares during the period. Waldron Private Wealth LLC lifted its holdings in NetApp by 4.3% during the second quarter. Waldron Private Wealth LLC now owns 2,255 shares of the data storage provider’s stock worth $290,000 after acquiring an additional 92 shares in the last quarter. Quarry LP grew its stake in NetApp by 11.7% in the second quarter. Quarry LP now owns 876 shares of the data storage provider’s stock valued at $113,000 after acquiring an additional 92 shares during the period. Finally, Elo Mutual Pension Insurance Co increased its holdings in shares of NetApp by 0.5% in the second quarter. Elo Mutual Pension Insurance Co now owns 18,920 shares of the data storage provider’s stock worth $2,437,000 after acquiring an additional 95 shares in the last quarter. Institutional investors and hedge funds 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.