Raymond James Cuts NetApp (NASDAQ:NTAP) Price Target to $94.00

NetApp (NASDAQ:NTAPGet Rating) had its target price decreased by investment analysts at Raymond James from $104.00 to $94.00 in a research note issued to investors on Thursday, The Fly reports. Raymond James’ price target points to a potential upside of 29.64% from the company’s previous close.

A number of other research analysts have also recently commented on the company. StockNews.com cut NetApp from a “buy” rating to a “hold” rating in a report on Friday, May 27th. Morgan Stanley cut NetApp from an “overweight” rating to an “equal weight” rating and decreased their price target for the stock from $102.00 to $91.00 in a research note on Tuesday, April 12th. OTR Global cut NetApp to a “positive” rating in a research note on Friday, May 27th. JPMorgan Chase & Co. reduced their price objective on NetApp from $110.00 to $100.00 in a research note on Wednesday, May 25th. Finally, William Blair reiterated 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. According to MarketBeat, the stock currently has a consensus rating of “Buy” and an average price target of $96.58.

Shares of NASDAQ:NTAP opened at $72.51 on Thursday. NetApp has a 12-month low of $64.58 and a 12-month high of $96.82. The business’s fifty day simple moving average is $75.73 and its 200-day simple moving average is $83.80. The company has a market capitalization of $16.14 billion, a PE ratio of 16.40, a P/E/G ratio of 1.83 and a beta of 1.24. The company has a current ratio of 1.55, a quick ratio of 1.51 and a debt-to-equity ratio of 2.70.

NetApp (NASDAQ:NTAPGet Rating) last announced its earnings results on Wednesday, June 1st. The data storage provider reported $1.42 earnings per share for the quarter, topping the consensus estimate 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 the consensus estimate of $1.68 billion. During the same period in the previous year, the business earned $0.96 EPS. The firm’s revenue for the quarter was up 8.0% on a year-over-year basis. Research analysts predict that NetApp will post 4.25 EPS for the current year.

In related news, President Cesar Cernuda sold 14,000 shares of the firm’s stock in a transaction dated Tuesday, March 15th. The shares were sold at an average price of $80.79, for a total value of $1,131,060.00. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CEO George Kurian sold 2,125 shares of the firm’s stock in a transaction dated Wednesday, May 25th. The shares were sold at an average price of $70.00, for a total transaction of $148,750.00. Following the completion of the sale, the chief executive officer now owns 154,004 shares of the company’s stock, valued at approximately $10,780,280. The disclosure for this sale can be found here. In the last three months, insiders have sold 26,750 shares of company stock worth $2,124,859. Corporate insiders own 0.28% of the company’s stock.

A number of large investors have recently made changes to their positions in NTAP. Wellington Management Group LLP lifted its position in NetApp by 70.3% in the first quarter. Wellington Management Group LLP now owns 8,329,363 shares of the data storage provider’s stock valued at $691,339,000 after purchasing an additional 3,439,053 shares during the period. Norges Bank acquired a new stake in shares of NetApp during the 4th quarter valued at approximately $204,555,000. Acadian Asset Management LLC lifted its position in shares of NetApp by 187.4% during the 4th quarter. Acadian Asset Management LLC now owns 1,528,645 shares of the data storage provider’s stock valued at $140,587,000 after acquiring an additional 996,785 shares during the period. Millennium Management LLC lifted its position in shares of NetApp by 3,085.7% during the 4th quarter. Millennium Management LLC now owns 678,082 shares of the data storage provider’s stock valued at $62,377,000 after acquiring an additional 656,797 shares during the period. Finally, Ardevora Asset Management LLP acquired a new stake in shares of NetApp during the 1st quarter valued at approximately $53,709,000. Hedge funds and other 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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