NetApp (NASDAQ:NTAP) Given New $130.00 Price Target at Wells Fargo & Company

NetApp (NASDAQ:NTAP) had its price target lowered by Wells Fargo & Company from $140.00 to $130.00 in a report issued on Thursday morning,Benzinga reports. The firm currently has an equal weight rating on the data storage provider’s stock.

NTAP has been the subject of a number of other reports. Bank of America upgraded NetApp from an “underperform” rating to a “neutral” rating and increased their price objective for the stock from $121.00 to $128.00 in a report on Wednesday. Oppenheimer assumed coverage on NetApp in a report on Wednesday, November 13th. They set a “market perform” rating for the company. TD Cowen increased their price objective on NetApp from $145.00 to $160.00 and gave the stock a “buy” rating in a report on Friday, November 22nd. Wedbush reiterated a “neutral” rating and set a $120.00 price objective on shares of NetApp in a report on Friday, November 22nd. Finally, Stifel Nicolaus increased their price objective on NetApp from $140.00 to $145.00 and gave the stock a “buy” rating in a report on Friday, November 22nd. Eleven analysts have rated the stock with a hold rating and six have given a buy rating to the stock. According to MarketBeat.com, NetApp has a consensus rating of “Hold” and a consensus price target of $137.33.

NetApp Stock Up 0.0 %

Shares of NetApp stock opened at $124.55 on Thursday. NetApp has a 1 year low of $83.80 and a 1 year high of $135.45. The business has a 50-day moving average of $120.05 and a two-hundred day moving average of $121.84. The company has a market capitalization of $25.32 billion, a P/E ratio of 22.90, a price-to-earnings-growth ratio of 2.96 and a beta of 1.23. The company has a debt-to-equity ratio of 1.39, a current ratio of 0.91 and a quick ratio of 0.84.

NetApp (NASDAQ:NTAP) last announced its quarterly earnings results on Thursday, November 21st. The data storage provider reported $1.87 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.78 by $0.09. The company had revenue of $1.66 billion during the quarter, compared to the consensus estimate of $1.65 billion. NetApp had a return on equity of 123.63% and a net margin of 17.78%. The company’s revenue for the quarter was up 6.1% compared to the same quarter last year. During the same period in the prior year, the company earned $1.23 earnings per share. As a group, equities analysts predict that NetApp will post 5.89 EPS for the current year.

Insider Activity

In other news, CFO Michael J. Berry sold 12,500 shares of the firm’s stock in a transaction that occurred on Tuesday, February 4th. The stock was sold at an average price of $120.74, for a total value of $1,509,250.00. Following the completion of the sale, the chief financial officer now directly owns 123,243 shares of the company’s stock, valued at $14,880,359.82. This trade represents a 9.21 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at this link. Also, President Cesar Cernuda sold 22,000 shares of the firm’s stock in a transaction that occurred on Monday, December 30th. The shares were sold at an average price of $114.99, for a total value of $2,529,780.00. Following the completion of the sale, the president now directly owns 27,099 shares of the company’s stock, valued at approximately $3,116,114.01. The trade was 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 valued at $7,260,341 over the last three months. Insiders own 0.47% of the company’s stock.

Institutional Trading of NetApp

Several hedge funds have recently added to or reduced their stakes in the company. Vanguard Group Inc. lifted its holdings in NetApp by 1.7% during the 4th quarter. Vanguard Group Inc. now owns 26,443,974 shares of the data storage provider’s stock worth $3,069,617,000 after purchasing an additional 429,343 shares during the last quarter. State Street Corp lifted its holdings in NetApp by 2.0% during the 3rd quarter. State Street Corp now owns 10,261,170 shares of the data storage provider’s stock worth $1,267,357,000 after purchasing an additional 199,384 shares during the last quarter. Ameriprise Financial Inc. lifted its holdings in NetApp by 14.5% during the 4th quarter. Ameriprise Financial Inc. now owns 7,024,456 shares of the data storage provider’s stock worth $815,402,000 after purchasing an additional 888,671 shares during the last quarter. Geode Capital Management LLC lifted its holdings in NetApp by 8.2% during the 3rd quarter. Geode Capital Management LLC now owns 5,985,673 shares of the data storage provider’s stock worth $738,280,000 after purchasing an additional 453,324 shares during the last quarter. Finally, Invesco Ltd. lifted its holdings in NetApp by 20.4% during the 4th quarter. Invesco Ltd. now owns 3,123,228 shares of the data storage provider’s stock worth $362,544,000 after purchasing an additional 529,471 shares during the last quarter. 92.17% of the stock is 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.