NetApp (NASDAQ:NTAP) Price Target Lowered to $130.00 at Loop Capital

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

A number of other equities analysts also recently commented on the stock. Bank of America raised shares of NetApp from an “underperform” rating to a “neutral” rating and lifted their price objective for the stock from $121.00 to $128.00 in a report on Wednesday, February 19th. Morgan Stanley lifted their price objective on shares of NetApp from $132.00 to $146.00 and gave the company an “equal weight” rating in a research note on Tuesday, December 17th. JPMorgan Chase & Co. dropped their price target on shares of NetApp from $160.00 to $153.00 and set an “overweight” rating on the stock in a research report on Friday, February 28th. Barclays cut their price objective on NetApp from $132.00 to $115.00 and set an “equal weight” rating on the stock in a report on Friday, February 28th. Finally, Keefe, Bruyette & Woods raised NetApp to an “outperform” rating in a research note 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. According to MarketBeat, NetApp has an average rating of “Hold” and an average price target of $129.07.

NetApp Trading Down 2.3 %

NTAP opened at $93.56 on Tuesday. NetApp has a 52-week low of $92.59 and a 52-week 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 firm has a market capitalization of $19.03 billion, a P/E ratio of 17.20, a P/E/G ratio of 2.45 and a beta of 1.24. The firm’s 50 day moving average is $118.90 and its 200-day moving average is $121.28.

NetApp Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, April 23rd. Stockholders of record on Friday, April 4th will be given a $0.52 dividend. The ex-dividend date of this dividend is Friday, April 4th. This represents a $2.08 annualized dividend and a dividend yield of 2.22%. NetApp’s dividend payout ratio is 38.52%.

Insider Activity

In related 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 value of $2,529,780.00. Following the completion of the transaction, 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 ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, EVP Elizabeth M. O’callahan sold 451 shares of NetApp stock in a transaction on Friday, January 10th. The shares were sold at an average price of $116.79, for a total value of $52,672.29. Following the transaction, the executive vice president now directly owns 12,005 shares of the company’s stock, valued at approximately $1,402,063.95. The trade was a 3.62 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders sold 60,903 shares of company stock valued at $7,260,341. 0.47% of the stock is owned by company insiders.

Institutional Trading of NetApp

Hedge funds and other institutional investors have recently made changes to their positions in the business. Migdal Insurance & Financial Holdings Ltd. acquired a new stake in NetApp in the fourth quarter worth about $26,000. Assetmark Inc. lifted its stake in NetApp by 826.9% in the 4th quarter. Assetmark Inc. now owns 241 shares of the data storage provider’s stock valued at $28,000 after acquiring an additional 215 shares in the last quarter. Synergy Investment Management LLC bought a new stake in NetApp in the 4th quarter valued at approximately $32,000. Itau Unibanco Holding S.A. increased 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 purchasing an additional 251 shares during the last quarter. Finally, Golden State Wealth Management LLC acquired a new position in shares of NetApp during the 4th quarter worth approximately $35,000. 92.17% of the stock is currently owned by institutional investors and hedge funds.

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.