NetApp (NASDAQ:NTAP) Given New $88.00 Price Target at Barclays

NetApp (NASDAQ:NTAPGet Rating) had its price target cut by investment analysts at Barclays from $102.00 to $88.00 in a research report issued on Thursday, The Fly reports. Barclays‘s price objective would indicate a potential upside of 21.36% from the company’s current price.

Other research analysts also recently issued reports about the company. Morgan Stanley downgraded NetApp from an “overweight” rating to an “equal weight” rating and lowered their price target for the company from $102.00 to $91.00 in a report on Tuesday, April 12th. UBS Group initiated coverage on NetApp in a report on Tuesday, April 5th. They issued a “neutral” rating and a $91.00 target price on the stock. Deutsche Bank Aktiengesellschaft upped their price target on NetApp from $85.00 to $90.00 and gave the stock a “hold” rating in a research report on Wednesday, March 23rd. StockNews.com cut NetApp from a “buy” rating to a “hold” rating in a research report on Friday, May 27th. Finally, William Blair restated an “outperform” rating on shares of NetApp in a research report on Wednesday, March 23rd. One equities research analyst has rated the stock with a sell rating, nine have given a hold rating and twelve have assigned a buy rating to the stock. According to MarketBeat, the stock has an average rating of “Buy” and an average price target of $96.58.

NetApp stock opened at $72.51 on Thursday. The company has a current ratio of 1.55, a quick ratio of 1.51 and a debt-to-equity ratio of 2.70. The business’s fifty day simple moving average is $75.73 and its two-hundred day simple moving average is $83.80. NetApp has a 12 month low of $64.58 and a 12 month high of $96.82. The company has a market capitalization of $16.14 billion, a price-to-earnings ratio of 16.40, a price-to-earnings-growth ratio of 1.83 and a beta of 1.24.

NetApp (NASDAQ:NTAPGet Rating) last announced its quarterly earnings results on Wednesday, June 1st. The data storage provider reported $1.42 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.28 by $0.14. The firm had revenue of $1.68 billion for the quarter, compared to the consensus estimate of $1.68 billion. NetApp had a return on equity of 126.47% and a net margin of 16.34%. The company’s quarterly revenue was up 8.0% on a year-over-year basis. During the same period in the prior year, the company posted $0.96 earnings per share. On average, equities research analysts predict that NetApp will post 4.25 EPS for the current year.

In other NetApp news, CEO George Kurian sold 4,250 shares of the firm’s stock in a transaction on Monday, April 18th. The stock was sold at an average price of $75.50, for a total transaction of $320,875.00. Following the transaction, the chief executive officer now directly owns 130,576 shares in the company, valued at approximately $9,858,488. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, President Cesar Cernuda sold 14,000 shares of the firm’s stock in a transaction on Tuesday, March 15th. The stock was sold at an average price of $80.79, for a total value of $1,131,060.00. The disclosure for this sale can be found here. Insiders have sold a total of 26,750 shares of company stock valued at $2,124,859 over the last three months. 0.28% of the stock is owned by corporate insiders.

A number of institutional investors and hedge funds have recently added to or reduced their stakes in NTAP. Vanguard Group Inc. grew its stake in NetApp by 1.2% during the 1st quarter. Vanguard Group Inc. now owns 25,823,258 shares of the data storage provider’s stock worth $2,143,331,000 after buying an additional 294,399 shares during the last quarter. State Street Corp lifted its position in NetApp by 4.2% during the 4th quarter. State Street Corp now owns 10,051,825 shares of the data storage provider’s stock worth $924,667,000 after acquiring an additional 407,285 shares during the period. Wellington Management Group LLP lifted its position in NetApp by 70.3% during the 1st quarter. Wellington Management Group LLP now owns 8,329,363 shares of the data storage provider’s stock worth $691,339,000 after acquiring an additional 3,439,053 shares during the period. Geode Capital Management LLC lifted its position in NetApp by 1.4% during the 4th quarter. Geode Capital Management LLC now owns 4,656,425 shares of the data storage provider’s stock worth $427,514,000 after acquiring an additional 62,115 shares during the period. Finally, Boston Partners lifted its position in NetApp by 14.5% during the 1st quarter. Boston Partners now owns 4,027,043 shares of the data storage provider’s stock worth $333,978,000 after acquiring an additional 510,307 shares during the period. Institutional investors own 91.91% of the company’s stock.

About NetApp (Get Rating)

NetApp, Inc provides software, systems, and cloud services to manage and share data on-premises, and private and public clouds worldwide. The company offers cloud storage services, including NetApp Cloud Volumes; cloud control solutions, such as NetApp Cloud Manager and NetApp Virtual Desktop Service; cloud services and analytics comprising NetApp Cloud Insights, NetApp Cloud Sync, NetApp Cloud Compliance, NetApp Cloud Tiering, NetApp SaaS Backup, NetApp Cloud Backup, and NetApp Global File Cache; and Cloud Optimization solutions, such as Spot by NetApp, Spot Cloud Analyzer by NetApp, Spot Eco by NetApp, Spot Ocean by NetApp, Spot Wave by NetApp, Spot Elastigroup by NetApp, and NetApp Virtual Desktop Managed Service.

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