NetApp (NASDAQ:NTAP) Given New $130.00 Price Target at Loop Capital

NetApp (NASDAQ:NTAP) had its price objective lowered by Loop Capital from $150.00 to $130.00 in a report issued on Tuesday morning,Benzinga reports. The firm currently has a buy rating on the data storage provider’s stock.

NTAP has been the topic of several other reports. Susquehanna cut NetApp from a “positive” rating to a “neutral” rating and lowered their target price for the company from $155.00 to $130.00 in a research report on Monday, February 10th. TD Cowen lowered their target price on NetApp from $160.00 to $130.00 and set a “buy” rating on the stock in a research report on Friday, February 28th. Wedbush restated a “neutral” rating and issued a $110.00 target price (down from $120.00) on shares of NetApp in a research report on Friday, February 28th. Oppenheimer assumed coverage on NetApp in a research report on Wednesday, November 13th. They issued a “market perform” rating on the stock. Finally, Bank of America upgraded NetApp from an “underperform” rating to a “neutral” rating and raised their target price for the company from $121.00 to $128.00 in a research report on Wednesday, February 19th. Twelve investment analysts have rated the stock with a hold rating and six have assigned a buy rating to the company. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and an average target price of $129.07.

NetApp Stock Down 3.2 %

Shares of NetApp stock opened at $91.86 on Tuesday. The company has a current ratio of 0.91, a quick ratio of 0.84 and a debt-to-equity ratio of 1.39. The business’s 50 day simple moving average is $117.89 and its 200-day simple moving average is $120.89. The stock has a market capitalization of $18.69 billion, a price-to-earnings ratio of 16.89, a PEG ratio of 2.45 and a beta of 1.24. NetApp has a twelve month low of $91.19 and a twelve month high of $135.45.

NetApp Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, April 23rd. Stockholders of record on Friday, April 4th will be paid a dividend of $0.52 per share. This represents a $2.08 annualized dividend and a dividend yield of 2.26%. The ex-dividend date is Friday, April 4th. NetApp’s dividend payout ratio is presently 38.52%.

Insider Transactions at NetApp

In other news, President Cesar Cernuda sold 22,000 shares of the firm’s stock in a transaction on Monday, December 30th. The stock was sold at an average price of $114.99, for a total transaction of $2,529,780.00. Following the completion of the sale, the president now directly owns 27,099 shares of the company’s stock, valued at $3,116,114.01. This trade represents a 44.81 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, EVP Elizabeth M. O’callahan sold 451 shares of the firm’s stock in a transaction on Friday, January 10th. The stock was sold at an average price of $116.79, for a total value of $52,672.29. Following the sale, the executive vice president now directly owns 12,005 shares of the company’s stock, valued at approximately $1,402,063.95. This represents a 3.62 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 60,903 shares of company stock valued at $7,260,341 in the last three months. 0.47% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On NetApp

Large investors have recently modified their holdings of the stock. Vanguard Group Inc. boosted its position in shares of NetApp by 1.7% in the fourth quarter. Vanguard Group Inc. now owns 26,443,974 shares of the data storage provider’s stock worth $3,069,617,000 after buying an additional 429,343 shares during the period. State Street Corp boosted its position in shares of NetApp by 2.0% in the third quarter. State Street Corp now owns 10,261,170 shares of the data storage provider’s stock worth $1,267,357,000 after buying an additional 199,384 shares during the period. Ameriprise Financial Inc. boosted its position in shares of NetApp by 14.5% in the fourth quarter. Ameriprise Financial Inc. now owns 7,024,456 shares of the data storage provider’s stock worth $815,402,000 after buying an additional 888,671 shares during the period. Geode Capital Management LLC boosted its position in shares of NetApp by 8.2% in the third quarter. Geode Capital Management LLC now owns 5,985,673 shares of the data storage provider’s stock worth $738,280,000 after buying an additional 453,324 shares during the period. Finally, Invesco Ltd. boosted its position in shares of NetApp by 20.4% in the fourth quarter. Invesco Ltd. now owns 3,123,228 shares of the data storage provider’s stock worth $362,544,000 after buying an additional 529,471 shares during the period. 92.17% of the stock is owned by institutional investors.

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.