NetApp (NASDAQ:NTAP) Price Target Cut to $115.00 by Analysts at Wells Fargo & Company

NetApp (NASDAQ:NTAP) had its target price lowered by stock analysts at Wells Fargo & Company from $130.00 to $115.00 in a research report issued on Friday,Benzinga reports. The brokerage currently has an “equal weight” rating on the data storage provider’s stock. Wells Fargo & Company‘s target price would indicate a potential upside of 15.00% from the stock’s current price.

Several other brokerages also recently weighed in on NTAP. JPMorgan Chase & Co. reduced their target price on NetApp from $160.00 to $153.00 and set an “overweight” rating for the company in a research note on Friday. Northland Securities upped their target price on NetApp from $108.00 to $120.00 and gave the stock a “market perform” rating in a research note on Friday, November 22nd. StockNews.com raised NetApp from a “hold” rating to a “buy” rating in a research note on Wednesday, February 19th. Bank of America raised NetApp from an “underperform” rating to a “neutral” rating and increased their price objective for the company from $121.00 to $128.00 in a research note on Wednesday, February 19th. Finally, Oppenheimer began coverage on NetApp in a research note on Wednesday, November 13th. They issued a “market perform” rating for the company. Twelve investment analysts have rated the stock with a hold rating and six have assigned a buy rating to the company. According to MarketBeat.com, the stock currently has an average rating of “Hold” and a consensus price target of $132.07.

NetApp Trading Down 15.4 %

Shares of NTAP stock opened at $100.00 on Friday. The company has a debt-to-equity ratio of 1.39, a current ratio of 0.91 and a quick ratio of 0.84. The company has a market cap of $20.33 billion, a price-to-earnings ratio of 18.38, a PEG ratio of 2.45 and a beta of 1.23. The stock has a 50 day simple moving average of $119.85 and a 200-day simple moving average of $121.83. NetApp has a 1-year low of $88.49 and a 1-year high of $135.45.

Insiders Place Their Bets

In other news, CEO George Kurian sold 8,500 shares of the stock in a transaction on Monday, December 16th. The stock was sold at an average price of $124.29, for a total transaction of $1,056,465.00. Following the completion of the transaction, the chief executive officer now directly owns 279,782 shares in the company, valued at approximately $34,774,104.78. This represents a 2.95 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, CFO Michael J. Berry sold 12,500 shares of the stock in a transaction on Tuesday, February 4th. The stock was sold at an average price of $120.74, for a total value of $1,509,250.00. Following the transaction, the chief financial officer now owns 123,243 shares of the company’s stock, valued at approximately $14,880,359.82. This represents a 9.21 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 60,903 shares of company stock valued at $7,260,341 in the last three months. 0.47% of the stock is currently owned by insiders.

Hedge Funds Weigh In On NetApp

A number of hedge funds have recently modified their holdings of NTAP. Migdal Insurance & Financial Holdings Ltd. purchased a new position in shares of NetApp during the 4th quarter worth $26,000. Assetmark Inc. grew its holdings in shares of NetApp by 826.9% during the 4th quarter. Assetmark Inc. now owns 241 shares of the data storage provider’s stock worth $28,000 after purchasing an additional 215 shares during the period. Synergy Investment Management LLC purchased a new position in shares of NetApp during the 4th quarter worth $32,000. Itau Unibanco Holding S.A. boosted its holdings in NetApp by 929.6% during the 4th quarter. Itau Unibanco Holding S.A. now owns 278 shares of the data storage provider’s stock valued at $32,000 after acquiring an additional 251 shares during the period. Finally, Golden State Wealth Management LLC purchased a new position in NetApp during the 4th quarter valued at about $35,000. 92.17% of the stock is currently owned by hedge funds and other institutional investors.

About NetApp

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.