NetApp (NASDAQ:NTAP) Given New $140.00 Price Target at Wells Fargo & Company

NetApp (NASDAQ:NTAP) had its price objective upped by Wells Fargo & Company from $135.00 to $140.00 in a research note published on Friday,Benzinga reports. They currently have an equal weight rating on the data storage provider’s stock.

NTAP has been the subject of a number of other reports. Barclays upped their price target on shares of NetApp from $119.00 to $132.00 and gave the company an “equal weight” rating in a report on Friday. Stifel Nicolaus raised their target price on NetApp from $138.00 to $140.00 and gave the company a “buy” rating in a report on Thursday, August 29th. TD Cowen upped their price target on NetApp from $145.00 to $160.00 and gave the stock a “buy” rating in a report on Friday. Evercore ISI raised their price objective on shares of NetApp from $120.00 to $130.00 and gave the stock an “in-line” rating in a research note on Monday, August 12th. Finally, Morgan Stanley upped their target price on shares of NetApp from $127.00 to $132.00 and gave the company an “equal weight” rating in a research note on Friday. One investment analyst has rated the stock with a sell rating, eleven have assigned a hold rating and six have given a buy rating to the company. Based on data from MarketBeat.com, NetApp has an average rating of “Hold” and an average target price of $134.00.

NetApp Price Performance

Shares of NASDAQ:NTAP opened at $126.18 on Friday. The stock has a market capitalization of $25.84 billion, a P/E ratio of 23.19, a P/E/G ratio of 3.15 and a beta of 1.24. The business has a 50-day moving average of $122.04 and a two-hundred day moving average of $122.81. NetApp has a fifty-two week low of $77.56 and a fifty-two week high of $135.45. The company has a debt-to-equity ratio of 1.39, a current ratio of 0.91 and a quick ratio of 0.84.

NetApp (NASDAQ:NTAP) last announced its earnings results on Thursday, November 21st. The data storage provider reported $1.87 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.78 by $0.09. NetApp had a return on equity of 123.63% and a net margin of 17.78%. The firm had revenue of $1.66 billion during the quarter, compared to analysts’ expectations of $1.65 billion. During the same quarter in the prior year, the business earned $1.23 earnings per share. The company’s revenue was up 6.1% on a year-over-year basis. On average, equities research analysts predict that NetApp will post 5.71 EPS for the current fiscal year.

NetApp Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, January 22nd. Stockholders of record on Friday, January 3rd will be paid a $0.52 dividend. The ex-dividend date of this dividend is Friday, January 3rd. This represents a $2.08 annualized dividend and a dividend yield of 1.65%. NetApp’s dividend payout ratio is currently 38.24%.

Insider Transactions at NetApp

In other NetApp news, CAO Lorenzo Daniel De sold 326 shares of the company’s stock in a transaction on Monday, November 18th. The stock was sold at an average price of $117.44, for a total value of $38,285.44. The sale was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, Director Thomas Michael Nevens sold 3,333 shares of the stock in a transaction on Monday, November 18th. The stock was sold at an average price of $119.23, for a total value of $397,393.59. Following the transaction, the director now owns 9,277 shares of the company’s stock, valued at $1,106,096.71. This represents a 26.43 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders sold 23,049 shares of company stock valued at $2,807,851. Corporate insiders own 0.47% of the company’s stock.

Hedge Funds Weigh In On NetApp

Several institutional investors have recently added to or reduced their stakes in NTAP. Hollencrest Capital Management acquired a new stake in shares of NetApp during the second quarter worth approximately $26,000. Northwest Investment Counselors LLC bought a new stake in NetApp during the 3rd quarter worth approximately $27,000. New Covenant Trust Company N.A. acquired a new stake in NetApp during the 1st quarter valued at $28,000. Redwood Wealth Management Group LLC bought a new position in NetApp in the 2nd quarter valued at $32,000. Finally, True Wealth Design LLC raised its position in NetApp by 2,833.3% in the 3rd quarter. True Wealth Design LLC now owns 352 shares of the data storage provider’s stock valued at $43,000 after purchasing an additional 340 shares during the last quarter. 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.