NetApp (NASDAQ:NTAP) Price Target Cut to $153.00 by Analysts at JPMorgan Chase & Co.

NetApp (NASDAQ:NTAP) had its price objective cut by stock analysts at JPMorgan Chase & Co. from $160.00 to $153.00 in a report issued on Friday,Benzinga reports. The firm presently has an “overweight” rating on the data storage provider’s stock. JPMorgan Chase & Co.‘s target price indicates a potential upside of 53.00% from the company’s current price.

Other research analysts have also recently issued reports about the company. Barclays boosted their target price on NetApp from $119.00 to $132.00 and gave the company an “equal weight” rating in a research note on Friday, November 22nd. Wells Fargo & Company decreased their target price on NetApp from $140.00 to $130.00 and set an “equal weight” rating for the company in a research note on Thursday, February 20th. Oppenheimer began coverage on NetApp in a report on Wednesday, November 13th. They issued a “market perform” rating on the stock. Citigroup boosted their price target on NetApp from $130.00 to $135.00 and gave the company a “neutral” rating in a report on Friday, November 22nd. Finally, Wedbush restated a “neutral” rating and issued a $120.00 price target on shares of NetApp in a report on Friday, November 22nd. Twelve analysts have rated the stock with a hold rating and six have given a buy rating to the company. Based on data from MarketBeat.com, NetApp has an average rating of “Hold” and an average target price of $132.07.

NetApp Stock Down 15.4 %

NASDAQ:NTAP opened at $100.00 on Friday. NetApp has a 1 year low of $88.49 and a 1 year high of $135.45. The company has a current ratio of 0.91, a quick ratio of 0.84 and a debt-to-equity ratio of 1.39. The stock 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 moving average price of $119.85 and a two-hundred day moving average price of $121.83.

Insider Buying and Selling

In other NetApp news, President Cesar Cernuda sold 22,000 shares of the company’s stock in a transaction that occurred on Monday, December 30th. The stock was sold at an average price of $114.99, for a total value of $2,529,780.00. Following the sale, the president now owns 27,099 shares in the company, valued at $3,116,114.01. This represents a 44.81 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, CEO George Kurian sold 8,500 shares of the company’s stock in a transaction that occurred on Tuesday, February 18th. The shares were sold at an average price of $119.04, for a total value of $1,011,840.00. Following the completion of the sale, the chief executive officer now owns 266,765 shares in the company, valued at $31,755,705.60. This represents a 3.09 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 60,903 shares of company stock worth $7,260,341. Corporate insiders own 0.47% of the company’s stock.

Institutional Trading of NetApp

Several institutional investors and hedge funds have recently bought and sold shares of the business. Park Square Financial Group LLC bought a new stake in NetApp in the fourth quarter valued at approximately $36,000. Universal Beteiligungs und Servicegesellschaft mbH bought a new stake in NetApp in the fourth quarter valued at approximately $38,040,000. Azzad Asset Management Inc. ADV raised its stake in NetApp by 2.9% in the fourth quarter. Azzad Asset Management Inc. ADV now owns 19,907 shares of the data storage provider’s stock valued at $2,311,000 after buying an additional 565 shares during the period. ABLE Financial Group LLC raised its stake in NetApp by 36.1% in the fourth quarter. ABLE Financial Group LLC now owns 12,674 shares of the data storage provider’s stock valued at $1,471,000 after buying an additional 3,363 shares during the period. Finally, Integrated Advisors Network LLC grew its position in shares of NetApp by 602.8% in the fourth quarter. Integrated Advisors Network LLC now owns 29,391 shares of the data storage provider’s stock valued at $3,412,000 after purchasing an additional 25,209 shares during the last quarter. Institutional investors own 92.17% of the company’s stock.

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.