Barclays Has Lowered Expectations for NetApp (NASDAQ:NTAP) Stock Price

NetApp (NASDAQ:NTAP) had its target price dropped by equities research analysts at Barclays from $132.00 to $115.00 in a report released on Friday,Benzinga reports. The firm currently has an “equal weight” rating on the data storage provider’s stock. Barclays‘s target price suggests a potential upside of 15.00% from the company’s previous close.

Several other analysts have also recently issued reports on NTAP. Wells Fargo & Company reduced their price objective on NetApp from $130.00 to $115.00 and set an “equal weight” rating on the stock in a research note on Friday. Citigroup lifted their price target on NetApp from $130.00 to $135.00 and gave the stock a “neutral” rating in a report on Friday, November 22nd. Morgan Stanley lifted their price target on NetApp from $132.00 to $146.00 and gave the stock an “equal weight” rating in a report on Tuesday, December 17th. Northland Securities lifted their price target on NetApp from $108.00 to $120.00 and gave the stock a “market perform” rating in a report on Friday, November 22nd. Finally, Oppenheimer started coverage on NetApp in a report on Wednesday, November 13th. They set a “market perform” rating for the company. Twelve analysts have rated the stock with a hold rating and six have given a buy rating to the stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Hold” and a consensus target price of $132.07.

NetApp Stock Down 15.4 %

NASDAQ:NTAP opened at $100.00 on Friday. 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 stock’s fifty day moving average is $119.85 and its two-hundred day moving average is $121.83. NetApp has a 52 week low of $88.49 and a 52 week high of $135.45. The stock has a market capitalization of $20.33 billion, a price-to-earnings ratio of 18.38, a price-to-earnings-growth ratio of 2.45 and a beta of 1.23.

Insider Activity at NetApp

In other NetApp news, EVP Elizabeth M. O’callahan sold 452 shares of the business’s stock in a transaction on Monday, February 10th. The stock was sold at an average price of $120.75, for a total value of $54,579.00. Following the completion of the transaction, the executive vice president now directly owns 11,553 shares in the company, valued at approximately $1,395,024.75. The trade was a 3.77 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, CEO George Kurian sold 8,500 shares of the business’s stock in a transaction on Tuesday, February 18th. The shares were sold at an average price of $119.04, for a total value of $1,011,840.00. Following the completion of the transaction, the chief executive officer now owns 266,765 shares of the company’s stock, valued at $31,755,705.60. This trade represents a 3.09 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 60,903 shares of company stock valued at $7,260,341. 0.47% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

Several institutional investors have recently bought and sold shares of the business. Migdal Insurance & Financial Holdings Ltd. acquired a new stake in NetApp in the 4th quarter valued at $26,000. Assetmark Inc. boosted its position 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 buying an additional 215 shares during the last quarter. Synergy Investment Management LLC purchased a new position in NetApp in the 4th quarter valued at about $32,000. Itau Unibanco Holding S.A. boosted its position in NetApp by 929.6% in the 4th quarter. Itau Unibanco Holding S.A. now owns 278 shares of the data storage provider’s stock valued at $32,000 after buying an additional 251 shares during the last quarter. Finally, Golden State Wealth Management LLC purchased a new position in NetApp in the 4th quarter valued at about $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.