NetApp (NASDAQ:NTAP) PT Raised to $140.00

NetApp (NASDAQ:NTAPGet Free Report) had its price objective increased by Argus from $130.00 to $140.00 in a report released on Wednesday, Benzinga reports. The firm presently has a “buy” rating on the data storage provider’s stock. Argus’ price target would suggest a potential upside of 15.25% from the stock’s current price.

A number of other research analysts have also recently commented on NTAP. Stifel Nicolaus upped their price target on NetApp from $120.00 to $130.00 and gave the stock a “buy” rating in a research note on Friday, May 31st. Barclays raised their target price on NetApp from $100.00 to $116.00 and gave the company an “equal weight” rating in a report on Friday, May 31st. UBS Group increased their price target 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. Wells Fargo & Company upped their target price on shares of NetApp from $100.00 to $120.00 and gave the stock an “equal weight” rating in a research note on Friday, May 31st. Finally, Susquehanna boosted their price target on shares of NetApp from $130.00 to $138.00 and gave the stock a “positive” rating in a research note on Friday, May 31st. One research analyst has rated the stock with a sell rating, eleven have issued a hold rating and six have given a buy rating to the stock. According to MarketBeat.com, the stock currently has an average rating of “Hold” and an average target price of $113.38.

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NetApp Stock Down 0.6 %

Shares of NTAP opened at $121.47 on Wednesday. NetApp has a 52-week low of $69.51 and a 52-week high of $122.30. The company has a quick ratio of 1.15, a current ratio of 1.19 and a debt-to-equity ratio of 1.74. The stock has a fifty day simple moving average of $107.89 and a two-hundred day simple moving average of $96.63. The company has a market capitalization of $25.07 billion, a PE ratio of 26.18, a price-to-earnings-growth ratio of 4.87 and a beta of 1.25.

NetApp (NASDAQ:NTAPGet Free Report) last released its quarterly earnings results on Thursday, May 30th. The data storage provider reported $1.80 EPS for the quarter, beating the consensus estimate of $1.48 by $0.32. The firm had revenue of $1.67 billion for the quarter, compared to analyst estimates of $1.65 billion. NetApp had a net margin of 15.73% and a return on equity of 114.54%. The business’s revenue for the quarter was up 5.5% compared to the same quarter last year. During the same quarter in the previous year, the company earned $1.20 EPS. As a group, equities analysts forecast that NetApp will post 5.41 EPS for the current year.

NetApp declared that its Board of Directors has initiated a stock buyback plan on Thursday, May 30th that authorizes the company to repurchase $1.00 billion in outstanding shares. This repurchase authorization authorizes the data storage provider to buy up to 4% of its stock through open market purchases. Stock repurchase plans are generally a sign that the company’s leadership believes its stock is undervalued.

Insider Buying and Selling at NetApp

In other NetApp news, 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 transaction, the chief financial officer now directly owns 144,909 shares in the company, valued at approximately $14,877,807.03. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. In related news, CEO George Kurian sold 8,500 shares of the stock in a transaction dated Tuesday, March 19th. The shares were sold at an average price of $101.44, for a total transaction of $862,240.00. Following the completion of the transaction, the chief executive officer now directly owns 261,202 shares of the company’s stock, valued at $26,496,330.88. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CFO Michael J. Berry sold 15,000 shares of NetApp stock in a transaction that occurred 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 in the company, valued at approximately $14,877,807.03. The disclosure for this sale can be found here. Insiders sold a total of 40,371 shares of company stock valued at $4,139,505 in the last ninety days. Insiders own 0.37% of the company’s stock.

Hedge Funds Weigh In On NetApp

A number of large investors have recently modified their holdings of NTAP. Boston Partners raised its position in NetApp by 3.1% in the first quarter. Boston Partners now owns 1,361,262 shares of the data storage provider’s stock worth $142,879,000 after acquiring an additional 41,011 shares in the last quarter. Cetera Advisors LLC purchased a new position in shares of NetApp in the 1st quarter valued at about $683,000. Cetera Investment Advisers lifted its stake in shares of NetApp by 132.1% in the first quarter. Cetera Investment Advisers now owns 28,230 shares of the data storage provider’s stock valued at $2,963,000 after purchasing an additional 16,066 shares during the period. PGGM Investments boosted its holdings in NetApp by 1.8% during the first quarter. PGGM Investments now owns 59,661 shares of the data storage provider’s stock worth $6,263,000 after buying an additional 1,054 shares in the last quarter. Finally, Swedbank AB acquired a new position in NetApp during the first quarter worth about $7,141,000. 92.17% of the stock is owned by hedge funds and other institutional investors.

NetApp Company Profile

(Get Free Report)

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.

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Analyst Recommendations for NetApp (NASDAQ:NTAP)

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