Wedbush Lowers NetApp (NASDAQ:NTAP) Price Target to $80.00

NetApp (NASDAQ:NTAPGet Rating) had its price target decreased by equities researchers at Wedbush from $85.00 to $80.00 in a research report issued to clients and investors on Thursday, The Fly reports. Wedbush’s price objective points to a potential upside of 10.33% from the company’s previous close.

Other equities analysts also recently issued research reports about the stock. Bank of America downgraded shares of NetApp from a “buy” rating to a “neutral” rating and lowered their target price for the stock from $100.00 to $96.00 in a report on Thursday, March 24th. Northland Securities boosted their target price on shares of NetApp from $111.00 to $124.00 and gave the stock an “outperform” rating in a report on Wednesday, March 23rd. Barclays lowered their target price on shares of NetApp from $102.00 to $88.00 in a report on Thursday. William Blair reissued an “outperform” rating on shares of NetApp in a report on Wednesday, March 23rd. Finally, StockNews.com downgraded shares of NetApp from a “buy” rating to a “hold” rating in a report on Friday, May 27th. One research analyst has rated the stock with a sell rating, nine have issued a hold rating and twelve have assigned a buy rating to the stock. According to MarketBeat, the stock presently has a consensus rating of “Buy” and a consensus price target of $96.32.

Shares of NASDAQ:NTAP opened at $72.51 on Thursday. 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 1-year low of $64.58 and a 1-year high of $96.82. The company has a market capitalization of $16.14 billion, a P/E ratio of 16.40, a P/E/G ratio of 1.83 and a beta of 1.24. The firm’s 50 day simple moving average is $75.73 and its two-hundred day simple moving average is $83.80.

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

In other news, President Cesar Cernuda sold 14,000 shares of the business’s stock in a transaction on Tuesday, March 15th. The shares were sold at an average price of $80.79, for a total transaction of $1,131,060.00. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, CEO George Kurian sold 4,250 shares of the business’s stock in a transaction on Monday, April 18th. The shares were sold at an average price of $75.50, for a total transaction of $320,875.00. Following the sale, the chief executive officer now directly owns 130,576 shares of the company’s stock, valued at $9,858,488. The disclosure for this sale can be found here. Insiders have sold 26,750 shares of company stock worth $2,124,859 in the last quarter. Company insiders own 0.28% of the company’s stock.

Large investors have recently added to or reduced their stakes in the stock. Assetmark Inc. lifted its stake in NetApp by 150.4% in the third quarter. Assetmark Inc. now owns 288 shares of the data storage provider’s stock worth $26,000 after acquiring an additional 173 shares during the period. North Star Investment Management Corp. lifted its stake in NetApp by 200.0% in the fourth quarter. North Star Investment Management Corp. now owns 300 shares of the data storage provider’s stock worth $28,000 after acquiring an additional 200 shares during the period. Cyrus J. Lawrence LLC purchased a new stake in NetApp in the first quarter worth about $28,000. Benjamin Edwards Inc. purchased a new stake in NetApp in the fourth quarter worth about $32,000. Finally, Gradient Investments LLC purchased a new stake in NetApp in the fourth quarter worth about $37,000. 91.91% of the stock is owned by institutional investors.

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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