NetApp, Inc. (NASDAQ:NTAP) Receives $137.33 Consensus Price Target from Analysts

Shares of NetApp, Inc. (NASDAQ:NTAP) have received an average recommendation of “Hold” from the seventeen ratings firms that are currently covering the firm, Marketbeat reports. Eleven analysts have rated the stock with a hold rating and six have issued a buy rating on the company. The average 12-month price target among brokers that have issued a report on the stock in the last year is $132.07.

Several equities analysts recently weighed in on NTAP shares. Citigroup raised their target price on shares of NetApp from $130.00 to $135.00 and gave the company a “neutral” rating in a research note on Friday, November 22nd. Northland Securities raised their target price on shares of NetApp from $108.00 to $120.00 and gave the company a “market perform” rating in a research note on Friday, November 22nd. Stifel Nicolaus raised their target price on shares of NetApp from $140.00 to $145.00 and gave the company a “buy” rating in a research note on Friday, November 22nd. Susquehanna cut shares of NetApp from a “positive” rating to a “neutral” rating and decreased their target price for the company from $155.00 to $130.00 in a research note on Monday, February 10th. Finally, JPMorgan Chase & Co. decreased their target price on shares of NetApp from $160.00 to $153.00 and set an “overweight” rating for the company in a research note on Friday.

NetApp Price Performance

Shares of NTAP opened at $100.00 on Monday. NetApp has a twelve month low of $88.49 and a twelve month high of $135.45. 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 company has a 50 day moving average of $119.85 and a 200-day moving average of $121.86. The stock has a market capitalization of $20.33 billion, a P/E ratio of 18.38, a P/E/G 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. Stockholders of record on Friday, April 4th will be issued a dividend of $0.52 per share. This represents a $2.08 dividend on an annualized basis and a dividend yield of 2.08%. The ex-dividend date is Friday, April 4th. NetApp’s dividend payout ratio is currently 38.52%.

Insider Transactions at NetApp

In other news, CEO George Kurian sold 8,500 shares of NetApp stock in a transaction on Tuesday, February 18th. The stock was sold at an average price of $119.04, for a total transaction of $1,011,840.00. Following the completion of the sale, the chief executive officer now owns 266,765 shares of the company’s stock, valued at approximately $31,755,705.60. This trade represents a 3.09 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, President Cesar Cernuda sold 22,000 shares of NetApp stock in a transaction on Monday, December 30th. The stock was sold at an average price of $114.99, for a total value of $2,529,780.00. Following the sale, the president now directly owns 27,099 shares of the company’s stock, valued at $3,116,114.01. This represents a 44.81 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 60,903 shares of company stock valued at $7,260,341. 0.47% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On NetApp

A number of hedge funds and other institutional investors have recently modified their holdings of the company. Migdal Insurance & Financial Holdings Ltd. acquired a new position in NetApp in the fourth quarter valued at about $26,000. Assetmark Inc. raised its stake in 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 in the last quarter. Synergy Investment Management LLC acquired a new position in NetApp in the fourth quarter valued at about $32,000. Itau Unibanco Holding S.A. raised its stake in NetApp by 929.6% in the fourth quarter. Itau Unibanco Holding S.A. now owns 278 shares of the data storage provider’s stock valued at $32,000 after purchasing an additional 251 shares in the last quarter. Finally, Golden State Wealth Management LLC acquired a new position in NetApp in the fourth quarter valued at about $35,000. Institutional investors and hedge funds own 92.17% of the company’s stock.

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.