NetApp (NASDAQ:NTAP) Price Target Lowered to $88.00 at Morgan Stanley

NetApp (NASDAQ:NTAPGet Rating) had its price objective lowered by equities research analysts at Morgan Stanley from $91.00 to $88.00 in a research report issued to clients and investors on Thursday, Stock Target Advisor reports. The brokerage currently has an “equal weight” rating on the data storage provider’s stock. Morgan Stanley’s price target suggests a potential upside of 21.66% from the company’s current price.

Other equities research analysts have also recently issued research reports about the stock. Bank of America cut shares of NetApp from a “buy” rating to a “neutral” rating and lowered their target price for the company from $100.00 to $96.00 in a report on Thursday, March 24th. Northland Securities raised their price target on shares of NetApp from $111.00 to $124.00 and gave the company an “outperform” rating in a research report on Wednesday, March 23rd. Susquehanna dropped their price target on shares of NetApp from $110.00 to $100.00 in a research note on Thursday. Cowen lowered their target price on shares of NetApp to $85.00 in a research note on Friday, May 27th. Finally, William Blair restated an “outperform” rating on shares of NetApp in a research note on Wednesday, March 23rd. One investment analyst has rated the stock with a sell rating, nine have given a hold rating and twelve have assigned a buy rating to the company’s stock. According to data from MarketBeat, NetApp presently has a consensus rating of “Buy” and a consensus target price of $95.63.

Shares of NTAP stock traded down $0.18 on Thursday, reaching $72.33. 42,553 shares of the stock were exchanged, compared to its average volume of 1,863,523. The stock has a 50 day moving average price of $75.73 and a 200 day moving average price of $83.80. The stock has a market cap of $16.10 billion, a PE ratio of 16.36, a P/E/G ratio of 1.83 and a beta of 1.24. The company has a debt-to-equity ratio of 2.70, a current ratio of 1.55 and a quick ratio of 1.51. NetApp has a one year low of $64.58 and a one year high of $96.82.

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

In related news, CEO George Kurian sold 4,250 shares of the firm’s stock in a transaction on Monday, March 21st. The stock was sold at an average price of $89.86, for a total transaction of $381,905.00. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, President Cesar Cernuda sold 14,000 shares of the 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. Over the last 90 days, insiders sold 26,750 shares of company stock worth $2,124,859. 0.28% of the stock is owned by insiders.

A number of hedge funds and other institutional investors have recently made changes to their positions in the business. Schroder Investment Management Group raised its stake in shares of NetApp by 21.2% in the 4th quarter. Schroder Investment Management Group now owns 133,457 shares of the data storage provider’s stock valued at $12,276,000 after acquiring an additional 23,337 shares in the last quarter. Calamos Advisors LLC increased its position in NetApp by 4.0% in the 4th quarter. Calamos Advisors LLC now owns 87,667 shares of the data storage provider’s stock worth $8,064,000 after buying an additional 3,394 shares during the period. Caisse DE Depot ET Placement DU Quebec grew its holdings in shares of NetApp by 31.7% during the 3rd quarter. Caisse DE Depot ET Placement DU Quebec now owns 101,347 shares of the data storage provider’s stock worth $9,097,000 after purchasing an additional 24,391 shares in the last quarter. Invesco Ltd. boosted its stake in NetApp by 5.2% in the 3rd quarter. Invesco Ltd. now owns 2,037,455 shares of the data storage provider’s stock valued at $182,881,000 after buying an additional 100,945 shares in the last quarter. Finally, UMB Bank N A MO acquired a new position in NetApp in the fourth quarter worth $62,000. Hedge funds and other institutional investors own 91.91% of the company’s stock.

NetApp Company Profile (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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