NetApp (NASDAQ:NTAP) Price Target Raised to $147.00 at JPMorgan Chase & Co.

NetApp (NASDAQ:NTAP) had its price objective increased by JPMorgan Chase & Co. from $146.00 to $147.00 in a report issued on Thursday, Benzinga reports. The firm currently has a “neutral” rating on the data storage provider’s stock. JPMorgan Chase & Co.‘s price target indicates a potential upside of 21.77% from the company’s current price.

Several other research firms also recently commented on NTAP. Stifel Nicolaus raised their price target on shares of NetApp from $130.00 to $138.00 and gave the stock a “buy” rating in a research note on Wednesday, June 12th. TD Cowen raised their price target on shares of NetApp from $135.00 to $145.00 and gave the stock a “buy” rating in a research note on Wednesday, June 12th. Wedbush reaffirmed a “neutral” rating and issued a $120.00 price target on shares of NetApp in a research note on Monday, August 26th. Argus increased their target price on shares of NetApp from $130.00 to $140.00 and gave the stock a “buy” rating in a report on Wednesday, June 5th. Finally, Bank of America increased their target price on shares of NetApp from $105.00 to $110.00 and gave the stock an “underperform” rating in a report on Thursday. One analyst has rated the stock with a sell rating, eleven have issued a hold rating and five have assigned a buy rating to the stock. According to MarketBeat, NetApp currently has a consensus rating of “Hold” and a consensus target price of $127.67.

NetApp Trading Up 1.3 %

NTAP stock opened at $120.72 on Thursday. The company has a market capitalization of $24.84 billion, a PE ratio of 26.02, a P/E/G ratio of 4.96 and a beta of 1.27. NetApp has a 12 month low of $70.82 and a 12 month high of $135.01. The firm’s 50-day moving average is $127.51 and its 200 day moving average is $113.37. The company has a debt-to-equity ratio of 1.74, a current ratio of 1.19 and a quick ratio of 1.15.

NetApp (NASDAQ:NTAP) last posted its quarterly earnings results on Wednesday, August 28th. The data storage provider reported $1.56 EPS for the quarter, topping the consensus estimate of $1.45 by $0.11. The company had revenue of $1.54 billion for the quarter, compared to the consensus estimate of $1.53 billion. NetApp had a net margin of 15.73% and a return on equity of 114.54%. The firm’s revenue was up 7.6% compared to the same quarter last year. During the same quarter last year, the firm posted $0.84 EPS. On average, research analysts anticipate that NetApp will post 5.47 EPS for the current year.

NetApp announced that its board has authorized a share repurchase plan on Thursday, May 30th that permits the company to repurchase $1.00 billion in outstanding shares. This repurchase authorization permits the data storage provider to purchase up to 4% of its stock through open market purchases. Stock repurchase plans are generally a sign that the company’s board believes its shares are undervalued.

Insider Activity

In related news, Director Thomas Michael Nevens sold 3,334 shares of NetApp stock in a transaction that occurred on Friday, June 21st. The shares were sold at an average price of $127.33, for a total value of $424,518.22. Following the completion of the sale, the director now directly owns 11,455 shares in the company, valued at approximately $1,458,565.15. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. In related news, Director Thomas Michael Nevens sold 3,334 shares of NetApp stock in a transaction that occurred on Friday, June 21st. The shares were sold at an average price of $127.33, for a total value of $424,518.22. Following the completion of the sale, the director now directly owns 11,455 shares in the company, valued at approximately $1,458,565.15. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, President Cesar Cernuda sold 22,000 shares of NetApp stock in a transaction that occurred on Friday, June 28th. The stock was sold at an average price of $129.46, for a total transaction of $2,848,120.00. Following the completion of the sale, the president now owns 64,789 shares of the company’s stock, valued at $8,387,583.94. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 41,786 shares of company stock worth $5,395,146. Corporate insiders own 0.37% of the company’s stock.

Institutional Trading of NetApp

A number of institutional investors have recently bought and sold shares of the stock. Cetera Investment Advisers boosted its stake in NetApp by 28.2% in the 2nd quarter. Cetera Investment Advisers now owns 36,190 shares of the data storage provider’s stock worth $4,661,000 after purchasing an additional 7,960 shares in the last quarter. Truist Financial Corp raised its position in NetApp by 16.1% during the 2nd quarter. Truist Financial Corp now owns 21,417 shares of the data storage provider’s stock worth $2,759,000 after buying an additional 2,974 shares during the last quarter. Hershey Financial Advisers LLC purchased a new position in NetApp during the 2nd quarter worth approximately $45,000. Core Alternative Capital raised its position in NetApp by 0.5% during the 2nd quarter. Core Alternative Capital now owns 42,345 shares of the data storage provider’s stock worth $5,454,000 after buying an additional 224 shares during the last quarter. Finally, Quarry LP raised its position in NetApp by 11.7% during the 2nd quarter. Quarry LP now owns 876 shares of the data storage provider’s stock worth $113,000 after buying an additional 92 shares during the last quarter. 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.