Analysts Set NetApp, Inc. (NASDAQ:NTAP) Target Price at $100.60

NetApp, Inc. (NASDAQ:NTAP) has been assigned a consensus recommendation of “Hold” from the sixteen brokerages that are presently covering the company, MarketBeat Ratings reports. One equities research analyst has rated the stock with a sell recommendation, ten have given a hold recommendation and five have assigned a buy recommendation to the company. The average 1 year price target among brokers that have updated their coverage on the stock in the last year is $100.60.

Several analysts have commented on NTAP shares. UBS Group boosted their target price on shares of NetApp from $93.00 to $96.00 and gave the stock a “neutral” rating in a research report on Friday, March 1st. Raymond James reissued a “market perform” rating on shares of NetApp in a research report on Tuesday, January 16th. JPMorgan Chase & Co. boosted their price target on NetApp from $87.00 to $95.00 and gave the stock an “underweight” rating in a research report on Friday, March 1st. Stifel Nicolaus reiterated a “buy” rating and set a $120.00 price target (up previously from $105.00) on shares of NetApp in a research note on Friday, March 1st. Finally, Citigroup raised their price objective on NetApp from $90.00 to $110.00 and gave the company a “neutral” rating in a research note on Tuesday, March 5th.

Insider Activity

In other NetApp news, CFO Michael J. Berry sold 15,000 shares of the stock in a transaction on Tuesday, March 12th. The shares were sold at an average price of $102.67, for a total value of $1,540,050.00. Following the completion of the sale, the chief financial officer now directly owns 144,909 shares of the company’s stock, valued at approximately $14,877,807.03. The sale was disclosed in a legal filing with the SEC, which is available through the SEC website. In other NetApp news, EVP Elizabeth M. O’callahan sold 871 shares of the firm’s stock in a transaction that occurred on Wednesday, April 10th. The stock was sold at an average price of $103.02, for a total value of $89,730.42. Following the completion of the sale, the executive vice president now owns 9,601 shares in the company, valued at approximately $989,095.02. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CFO Michael J. Berry sold 15,000 shares of NetApp stock in a transaction that occurred on Tuesday, March 12th. The stock was sold at an average price of $102.67, for a total value of $1,540,050.00. Following the sale, the chief financial officer now directly owns 144,909 shares in the company, valued at approximately $14,877,807.03. The disclosure for this sale can be found here. Over the last three months, insiders sold 40,371 shares of company stock valued at $4,139,505. 0.37% of the stock is owned by company insiders.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently bought and sold shares of the company. Confluence Wealth Services Inc. lifted its stake in NetApp by 2.3% during the first quarter. Confluence Wealth Services Inc. now owns 4,684 shares of the data storage provider’s stock worth $492,000 after purchasing an additional 106 shares during the period. Graypoint LLC raised its holdings in shares of NetApp by 4.8% in the 1st quarter. Graypoint LLC now owns 2,492 shares of the data storage provider’s stock worth $262,000 after buying an additional 114 shares in the last quarter. Mission Wealth Management LP lifted its position in shares of NetApp by 3.3% during the 4th quarter. Mission Wealth Management LP now owns 3,639 shares of the data storage provider’s stock worth $321,000 after buying an additional 115 shares during the period. First Horizon Advisors Inc. boosted its stake in NetApp by 58.7% in the 4th quarter. First Horizon Advisors Inc. now owns 311 shares of the data storage provider’s stock valued at $27,000 after buying an additional 115 shares in the last quarter. Finally, Lindbrook Capital LLC boosted its stake in NetApp by 10.1% in the 4th quarter. Lindbrook Capital LLC now owns 1,336 shares of the data storage provider’s stock valued at $118,000 after buying an additional 123 shares in the last quarter. 92.17% of the stock is owned by institutional investors.

NetApp Price Performance

NTAP opened at $102.12 on Tuesday. The stock has a fifty day moving average price of $101.53 and a 200 day moving average price of $89.99. The company has a current ratio of 1.15, a quick ratio of 1.11 and a debt-to-equity ratio of 2.00. NetApp has a 1 year low of $61.54 and a 1 year high of $112.48. The stock has a market cap of $21.08 billion, a price-to-earnings ratio of 23.21, a PEG ratio of 2.26 and a beta of 1.27.

NetApp (NASDAQ:NTAP) last announced its quarterly earnings results on Thursday, February 29th. The data storage provider reported $1.94 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.69 by $0.25. NetApp had a return on equity of 109.49% and a net margin of 15.21%. The business had revenue of $1.61 billion during the quarter, compared to analyst estimates of $1.59 billion. During the same period in the previous year, the company earned $1.02 EPS. The firm’s revenue was up 5.2% on a year-over-year basis. Analysts forecast that NetApp will post 5.16 EPS for the current fiscal year.

NetApp Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Wednesday, April 24th. Shareholders of record on Friday, April 5th were given a $0.50 dividend. This represents a $2.00 annualized dividend and a yield of 1.96%. The ex-dividend date was Thursday, April 4th. NetApp’s dividend payout ratio is currently 45.45%.

NetApp Company Profile

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.