NetApp, Inc. (NASDAQ:NTAP) Receives $129.07 Average PT from Brokerages

NetApp, Inc. (NASDAQ:NTAP) has been assigned a consensus rating of “Hold” from the seventeen brokerages that are covering the company, MarketBeat Ratings reports. Eleven analysts have rated the stock with a hold rating and six have given a buy rating to the company. The average 1 year price target among brokerages that have covered the stock in the last year is $129.07.

A number of equities research analysts have recently weighed in on the company. Citigroup cut their price target on NetApp from $135.00 to $110.00 and set a “neutral” rating for the company in a research note on Monday, March 3rd. Loop Capital cut their price objective 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. Wells Fargo & Company decreased their target price on shares of NetApp from $130.00 to $115.00 and set an “equal weight” rating for the company in a research report on Friday, February 28th. StockNews.com downgraded shares of NetApp from a “buy” rating to a “hold” rating in a report on Friday, February 28th. Finally, Wedbush reiterated a “neutral” rating and issued a $110.00 price objective (down from $120.00) on shares of NetApp in a report on Friday, February 28th.

Insider Activity at NetApp

In related news, EVP Elizabeth M. O’callahan sold 528 shares of the business’s stock in a transaction dated Monday, March 10th. The stock was sold at an average price of $92.58, for a total transaction of $48,882.24. Following the transaction, the executive vice president now directly owns 12,900 shares in the company, valued at $1,194,282. The trade was a 3.93 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, CEO George Kurian sold 8,500 shares of the company’s stock in a transaction that occurred on Tuesday, January 21st. The shares were sold at an average price of $123.03, for a total value of $1,045,755.00. Following the completion of the transaction, the chief executive officer now directly owns 271,282 shares of the company’s stock, valued at approximately $33,375,824.46. This trade represents a 3.04 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 52,931 shares of company stock worth $6,252,759 in the last ninety days. 0.47% of the stock is currently owned by insiders.

Institutional Investors Weigh In On NetApp

A number of institutional investors have recently bought and sold shares of NTAP. Migdal Insurance & Financial Holdings Ltd. bought a new position in shares of NetApp during the 4th quarter worth about $26,000. Assetmark Inc. lifted its stake in 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 during the period. Synergy Investment Management LLC bought a new position in NetApp during the fourth quarter worth about $32,000. Itau Unibanco Holding S.A. boosted its holdings in NetApp by 929.6% during the fourth quarter. Itau Unibanco Holding S.A. now owns 278 shares of the data storage provider’s stock valued at $32,000 after purchasing an additional 251 shares in the last quarter. Finally, Golden State Wealth Management LLC bought a new stake in shares of NetApp in the 4th quarter valued at approximately $35,000. Institutional investors and hedge funds own 92.17% of the company’s stock.

NetApp Trading Up 0.2 %

NASDAQ NTAP opened at $92.25 on Friday. The company has a market capitalization of $18.76 billion, a PE ratio of 16.96, a price-to-earnings-growth ratio of 2.45 and a beta of 1.24. NetApp has a 1-year low of $89.88 and a 1-year high of $135.45. 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 firm’s fifty day simple moving average is $112.44 and its 200-day simple moving average is $118.06.

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 $0.52 dividend. The ex-dividend date is Friday, April 4th. This represents a $2.08 annualized dividend and a dividend yield of 2.25%. NetApp’s payout ratio is 38.52%.

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.