Citigroup Cuts NetApp (NASDAQ:NTAP) Price Target to $90.00

NetApp (NASDAQ:NTAP) had its price objective dropped by stock analysts at Citigroup from $110.00 to $90.00 in a research note issued on Monday,Benzinga reports. The brokerage presently has a “neutral” rating on the data storage provider’s stock. Citigroup’s target price would indicate a potential upside of 8.07% from the company’s previous close.

Other analysts also recently issued reports about the company. Keefe, Bruyette & Woods raised NetApp to an “outperform” rating in a research note on Wednesday, February 19th. Wells Fargo & Company reduced their target price on shares of NetApp from $130.00 to $115.00 and set an “equal weight” rating on the stock in a research note on Friday, February 28th. TD Cowen dropped their price target on shares of NetApp from $160.00 to $130.00 and set a “buy” rating for the company in a research note on Friday, February 28th. Loop Capital reduced their price target on shares of NetApp from $150.00 to $130.00 and set a “buy” rating on the stock in a research report on Tuesday, March 4th. Finally, Bank of America upgraded NetApp from an “underperform” rating to a “neutral” rating and increased their price objective for the stock from $121.00 to $128.00 in a research report on Wednesday, February 19th. Twelve research analysts have rated the stock with a hold rating and six have issued a buy rating to the stock. According to MarketBeat, the stock presently has an average rating of “Hold” and an average price target of $127.73.

NetApp Price Performance

Shares of NetApp stock traded up $0.64 on Monday, hitting $83.28. 2,516,616 shares of the company were exchanged, compared to its average volume of 1,919,392. NetApp has a 1-year low of $71.84 and a 1-year high of $135.45. The company has a quick ratio of 0.84, a current ratio of 0.91 and a debt-to-equity ratio of 1.39. The stock has a market capitalization of $16.94 billion, a price-to-earnings ratio of 15.31, a price-to-earnings-growth ratio of 2.45 and a beta of 1.31. The company has a 50-day moving average price of $100.27 and a 200 day moving average price of $114.11.

Insiders Place Their Bets

In related news, Director Anders Gustafsson bought 2,800 shares of the stock in a transaction that occurred on Thursday, March 27th. The stock was purchased at an average cost of $91.00 per share, with a total value of $254,800.00. Following the purchase, the director now directly owns 6,348 shares of the company’s stock, valued at $577,668. This trade represents a 78.92 % increase in their position. The purchase was disclosed in a document filed with the SEC, which can be accessed through this link. Also, President Cesar Cernuda sold 19,696 shares of the stock in a transaction dated Friday, March 28th. The shares were sold at an average price of $90.15, for a total value of $1,775,594.40. Following the completion of the sale, the president now directly owns 11,928 shares in the company, valued at $1,075,309.20. This represents a 62.28 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 50,176 shares of company stock worth $5,445,901 in the last ninety days. 0.47% of the stock is owned by corporate insiders.

Institutional Trading of NetApp

Hedge funds have recently added to or reduced their stakes in the company. Migdal Insurance & Financial Holdings Ltd. acquired a new position in NetApp during the 4th quarter worth approximately $26,000. Assetmark Inc. grew its stake in shares of NetApp by 826.9% during the fourth quarter. Assetmark Inc. now owns 241 shares of the data storage provider’s stock worth $28,000 after purchasing an additional 215 shares in the last quarter. Synergy Investment Management LLC purchased a new position in NetApp in the fourth quarter valued at $32,000. Itau Unibanco Holding S.A. raised its position in shares of NetApp by 929.6% during the 4th quarter. Itau Unibanco Holding S.A. now owns 278 shares of the data storage provider’s stock worth $32,000 after acquiring an additional 251 shares in the last quarter. Finally, Golden State Wealth Management LLC acquired a new stake in NetApp during the fourth quarter worth approximately $35,000. Institutional investors and hedge funds own 92.17% of the company’s stock.

About NetApp

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.