Wells Fargo & Company Raises NetApp (NASDAQ:NTAP) Price Target to $140.00

NetApp (NASDAQ:NTAP) had its target price upped by analysts at Wells Fargo & Company from $135.00 to $140.00 in a report issued on Friday,Benzinga reports. The firm currently has an “equal weight” rating on the data storage provider’s stock. Wells Fargo & Company‘s target price suggests a potential upside of 7.38% from the company’s current price.

Several other research analysts also recently commented on NTAP. Wedbush reissued a “neutral” rating and set a $120.00 price objective on shares of NetApp in a report on Monday, August 26th. Barclays raised their price target on NetApp from $119.00 to $132.00 and gave the company an “equal weight” rating in a report on Friday. Evercore ISI upped their price objective on NetApp from $120.00 to $130.00 and gave the stock an “in-line” rating in a report on Monday, August 12th. Morgan Stanley raised their target price on shares of NetApp from $127.00 to $132.00 and gave the company an “equal weight” rating in a report on Friday. Finally, Oppenheimer initiated coverage on shares of NetApp in a research note on Wednesday, November 13th. They set a “market perform” rating on the stock. One equities research analyst has rated the stock with a sell rating, eleven have issued a hold rating and six have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, NetApp currently has a consensus rating of “Hold” and a consensus price target of $133.38.

NetApp Price Performance

NASDAQ NTAP opened at $130.38 on Friday. The business’s fifty day moving average is $121.77 and its 200 day moving average is $122.39. NetApp has a fifty-two week low of $77.56 and a fifty-two week high of $135.01. The company has a debt-to-equity ratio of 1.34, a quick ratio of 0.91 and a current ratio of 0.96. The company has a market capitalization of $26.70 billion, a PE ratio of 26.66, a price-to-earnings-growth ratio of 3.13 and a beta of 1.24.

NetApp (NASDAQ:NTAP) last announced its quarterly earnings data on Thursday, November 21st. The data storage provider reported $1.87 EPS for the quarter, beating the consensus estimate of $1.78 by $0.09. NetApp had a net margin of 17.01% and a return on equity of 121.41%. The firm had revenue of $1.66 billion for the quarter, compared to the consensus estimate of $1.65 billion. During the same period last year, the firm earned $1.23 EPS. The company’s revenue was up 6.1% on a year-over-year basis. Sell-side analysts predict that NetApp will post 5.71 earnings per share for the current year.

Insider Activity

In other news, CAO Lorenzo Daniel De sold 1,685 shares of the business’s stock in a transaction dated Tuesday, September 24th. The stock was sold at an average price of $123.60, for a total value of $208,266.00. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Thomas Michael Nevens sold 3,333 shares of the company’s stock in a transaction on Monday, November 18th. The shares were sold at an average price of $119.23, for a total transaction of $397,393.59. Following the completion of the sale, the director now owns 9,277 shares of the company’s stock, valued at approximately $1,106,096.71. This trade represents a 26.43 % decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders have sold 23,049 shares of company stock valued at $2,807,851. Company insiders own 0.47% of the company’s stock.

Hedge Funds Weigh In On NetApp

A number of hedge funds and other institutional investors have recently bought and sold shares of NTAP. Hollencrest Capital Management purchased a new position in shares of NetApp in the second quarter valued at $26,000. Northwest Investment Counselors LLC acquired a new stake in shares of NetApp during the third quarter worth $27,000. Redwood Wealth Management Group LLC acquired a new position in shares of NetApp during the 2nd quarter valued at about $32,000. New Covenant Trust Company N.A. acquired a new position in NetApp during the first quarter worth approximately $28,000. Finally, Robbins Farley purchased a new stake in shares of NetApp during the 2nd quarter valued at $44,000. 92.17% of the stock is currently owned by hedge funds and other institutional investors.

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.