NetApp (NASDAQ:NTAP) Price Target Raised to $121.00

NetApp (NASDAQ:NTAP) had its target price lifted by Bank of America from $115.00 to $121.00 in a research note issued to investors on Friday morning,Benzinga reports. The firm currently has an underperform rating on the data storage provider’s stock.

A number of other equities analysts have also commented on the stock. JPMorgan Chase & Co. raised their target price on shares of NetApp from $146.00 to $147.00 and gave the stock a “neutral” rating in a research report on Thursday, August 29th. Evercore ISI raised their target price on shares of NetApp from $120.00 to $130.00 and gave the company an “in-line” rating in a research note on Monday, August 12th. Northland Securities raised their target price on shares of NetApp from $108.00 to $120.00 and gave the company a “market perform” rating in a research note on Friday. Wedbush reiterated a “neutral” rating and set a $120.00 price objective on shares of NetApp in a research note on Monday, August 26th. Finally, Citigroup raised their target price on shares of NetApp from $120.00 to $130.00 and gave the stock a “neutral” rating in a report on Thursday, August 15th. One equities research analyst has rated the stock with a sell rating, eleven have issued a hold rating and six have assigned a buy rating to the stock. According to MarketBeat.com, the stock currently has an average rating of “Hold” and a consensus price target of $134.00.

NetApp Stock Down 3.4 %

Shares of NASDAQ NTAP opened at $122.34 on Friday. The firm’s 50-day moving average price is $121.87 and its 200-day moving average price is $122.69. The company has a current ratio of 0.96, a quick ratio of 0.91 and a debt-to-equity ratio of 1.34. The stock has a market capitalization of $25.05 billion, a price-to-earnings ratio of 22.49, a P/E/G ratio of 3.26 and a beta of 1.24. NetApp has a 12-month low of $77.56 and a 12-month high of $135.45.

NetApp (NASDAQ:NTAP) last posted its quarterly earnings data on Thursday, November 21st. The data storage provider reported $1.87 earnings per share for the quarter, topping analysts’ consensus estimates of $1.78 by $0.09. NetApp had a net margin of 17.78% and a return on equity of 119.68%. The company had revenue of $1.66 billion for the quarter, compared to analyst estimates of $1.65 billion. During the same period in the prior year, the company posted $1.23 EPS. The firm’s revenue for the quarter was up 6.1% on a year-over-year basis. On average, equities research analysts anticipate that NetApp will post 5.71 EPS for the current fiscal year.

NetApp Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Wednesday, January 22nd. Stockholders of record on Friday, January 3rd will be given a $0.52 dividend. The ex-dividend date is Friday, January 3rd. This represents a $2.08 annualized dividend and a dividend yield of 1.70%. NetApp’s dividend payout ratio (DPR) is 38.24%.

Insider Activity

In other NetApp news, EVP Elizabeth M. O’callahan sold 705 shares of the business’s stock in a transaction dated Thursday, October 10th. The shares were sold at an average price of $126.20, for a total value of $88,971.00. Following the transaction, the executive vice president now directly owns 11,694 shares in the company, valued at $1,475,782.80. The trade was a 5.69 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, CAO Lorenzo Daniel De sold 1,685 shares of the business’s stock in a transaction dated Tuesday, September 24th. The shares were sold at an average price of $123.60, for a total transaction of $208,266.00. The disclosure for this sale can be found here. Insiders have sold a total of 23,049 shares of company stock worth $2,807,851 over the last 90 days. 0.47% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On NetApp

Several institutional investors and hedge funds have recently bought and sold shares of the company. Hollencrest Capital Management purchased a new stake in shares of NetApp in the 2nd quarter valued at approximately $26,000. Northwest Investment Counselors LLC purchased a new stake in NetApp during the 3rd quarter worth approximately $27,000. Redwood Wealth Management Group LLC purchased a new stake in shares of NetApp in the 2nd quarter valued at approximately $32,000. New Covenant Trust Company N.A. purchased a new stake in shares of NetApp in the 1st quarter valued at approximately $28,000. Finally, Robbins Farley acquired a new position in shares of NetApp in the 2nd quarter valued at $44,000. 92.17% of the stock is currently owned by institutional investors and hedge funds.

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.