NetApp (NASDAQ:NTAP) Price Target Lowered to $130.00 at Wells Fargo & Company

NetApp (NASDAQ:NTAP) had its target price reduced by analysts at Wells Fargo & Company from $140.00 to $130.00 in a report released on Thursday,Benzinga reports. The brokerage presently has an “equal weight” rating on the data storage provider’s stock. Wells Fargo & Company‘s price target suggests a potential upside of 5.38% from the stock’s current price.

NTAP has been the topic of several other research reports. Susquehanna lowered NetApp from a “positive” rating to a “neutral” rating and reduced their target price for the stock from $155.00 to $130.00 in a research note on Monday, February 10th. TD Cowen raised their price target on shares of NetApp from $145.00 to $160.00 and gave the stock a “buy” rating in a research note on Friday, November 22nd. StockNews.com raised shares of NetApp from a “hold” rating to a “buy” rating in a research report on Wednesday. Morgan Stanley raised their target price on shares of NetApp from $132.00 to $146.00 and gave the stock an “equal weight” rating in a research report on Tuesday, December 17th. Finally, Wedbush reaffirmed a “neutral” rating and issued a $120.00 price target on shares of NetApp in a research report on Friday, November 22nd. Eleven analysts have rated the stock with a hold rating and six have issued a buy rating to the company’s stock. According to data from MarketBeat.com, NetApp currently has an average rating of “Hold” and an average target price of $137.33.

NetApp Stock Performance

NASDAQ:NTAP opened at $123.36 on Thursday. The firm has a market capitalization of $25.08 billion, a PE ratio of 22.78, a P/E/G ratio of 2.86 and a beta of 1.23. NetApp has a 52-week low of $83.80 and a 52-week high of $135.45. The stock has a 50-day simple moving average of $120.05 and a two-hundred day simple moving average of $121.84. The company has a debt-to-equity ratio of 1.39, a quick ratio of 0.84 and a current ratio of 0.91.

NetApp (NASDAQ:NTAP) last released its quarterly earnings results on Thursday, November 21st. The data storage provider reported $1.87 EPS for the quarter, topping the consensus estimate of $1.78 by $0.09. NetApp had a return on equity of 123.63% and a net margin of 17.78%. The company had revenue of $1.66 billion during the quarter, compared to analyst estimates of $1.65 billion. During the same quarter last year, the business posted $1.23 earnings per share. The firm’s revenue was up 6.1% on a year-over-year basis. Analysts forecast that NetApp will post 5.89 EPS for the current year.

Insider Activity at NetApp

In related news, 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 transaction of $1,056,465.00. Following the completion of the sale, the chief executive officer now directly owns 279,782 shares in the company, valued at approximately $34,774,104.78. The trade was a 2.95 % decrease in their ownership of the stock. The sale 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 the stock in a transaction dated Monday, December 30th. The shares were sold at an average price of $114.99, for a total transaction of $2,529,780.00. Following the completion of the sale, the president now owns 27,099 shares of the company’s stock, valued at $3,116,114.01. This trade represents a 44.81 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 60,903 shares of company stock worth $7,260,341 in the last three months. Company insiders own 0.47% of the company’s stock.

Institutional Trading of NetApp

Large investors have recently added to or reduced their stakes in the stock. Resonant Capital Advisors LLC grew its holdings in shares of NetApp by 1.8% during the 4th quarter. Resonant Capital Advisors LLC now owns 4,442 shares of the data storage provider’s stock worth $516,000 after purchasing an additional 80 shares during the period. Larson Financial Group LLC boosted its holdings in NetApp by 2.5% in the fourth quarter. Larson Financial Group LLC now owns 3,778 shares of the data storage provider’s stock valued at $438,000 after purchasing an additional 92 shares during the period. Geneos Wealth Management Inc. grew its stake in NetApp by 22.3% during the 4th quarter. Geneos Wealth Management Inc. now owns 549 shares of the data storage provider’s stock worth $64,000 after purchasing an additional 100 shares in the last quarter. Moors & Cabot Inc. increased its holdings in NetApp by 3.6% during the 4th quarter. Moors & Cabot Inc. now owns 2,906 shares of the data storage provider’s stock worth $337,000 after purchasing an additional 100 shares during the period. Finally, Coppell Advisory Solutions LLC raised its position in NetApp by 50.0% in the 4th quarter. Coppell Advisory Solutions LLC now owns 300 shares of the data storage provider’s stock valued at $35,000 after purchasing an additional 100 shares in the last quarter. 92.17% of the stock is currently owned by hedge funds and other 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.