NetApp (NASDAQ:NTAP) Price Target Cut to $110.00 by Analysts at Citigroup

NetApp (NASDAQ:NTAP) had its price target lowered by Citigroup from $135.00 to $110.00 in a research note released on Monday,Benzinga reports. The brokerage currently has a neutral rating on the data storage provider’s stock.

A number of other equities research analysts also recently issued reports on the stock. Wedbush reissued a “neutral” rating and set a $110.00 price objective (down previously from $120.00) on shares of NetApp in a research report on Friday. Susquehanna downgraded NetApp from a “positive” rating to a “neutral” rating and reduced their price objective for the stock from $155.00 to $130.00 in a research note on Monday, February 10th. Oppenheimer started coverage on shares of NetApp in a research report on Wednesday, November 13th. They set a “market perform” rating on the stock. Northland Securities raised their price objective on shares of NetApp from $108.00 to $120.00 and gave the stock a “market perform” rating in a research note on Friday, November 22nd. Finally, Keefe, Bruyette & Woods upgraded NetApp to an “outperform” rating in a research report on Wednesday, February 19th. Twelve equities research analysts have rated the stock with a hold rating and six have given a buy rating to the company’s stock. According to MarketBeat.com, NetApp has a consensus rating of “Hold” and a consensus price target of $130.40.

NetApp Trading Down 4.1 %

NASDAQ:NTAP opened at $95.73 on Monday. The company’s 50 day moving average price is $119.41 and its 200-day moving average price is $121.54. The company has a quick ratio of 0.84, a current ratio of 0.91 and a debt-to-equity ratio of 1.39. NetApp has a 52 week low of $95.18 and a 52 week high of $135.45. The stock has a market cap of $19.46 billion, a price-to-earnings ratio of 17.60, a PEG ratio of 2.45 and a beta of 1.23.

NetApp Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Wednesday, April 23rd. Shareholders of record on Friday, April 4th will be issued a dividend of $0.52 per share. The ex-dividend date of this dividend is Friday, April 4th. This represents a $2.08 dividend on an annualized basis and a dividend yield of 2.17%. NetApp’s payout ratio is currently 38.52%.

Insider Activity

In other NetApp news, EVP Elizabeth M. O’callahan sold 451 shares of the stock in a transaction dated Friday, January 10th. The shares were sold at an average price of $116.79, for a total value of $52,672.29. Following the completion of the sale, the executive vice president now owns 12,005 shares in the company, valued at approximately $1,402,063.95. This represents a 3.62 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CEO George Kurian sold 8,500 shares of the business’s stock in a transaction that occurred on Monday, December 16th. The stock was sold at an average price of $124.29, for a total value of $1,056,465.00. Following the transaction, the chief executive officer now owns 279,782 shares in the company, valued at approximately $34,774,104.78. This represents a 2.95 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 60,903 shares of company stock worth $7,260,341 over the last quarter. 0.47% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On NetApp

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

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.