NetApp (NASDAQ:NTAP) Given New $115.00 Price Target at Wells Fargo & Company

NetApp (NASDAQ:NTAP) had its price objective cut by Wells Fargo & Company from $130.00 to $115.00 in a research report sent to investors on Friday,Benzinga reports. They currently have an equal weight rating on the data storage provider’s stock.

Several other equities research analysts have also issued reports on the company. Barclays lifted their price target on NetApp from $119.00 to $132.00 and gave the stock an “equal weight” rating in a research note on Friday, November 22nd. Keefe, Bruyette & Woods raised NetApp to an “outperform” rating in a research note on Wednesday, February 19th. Wedbush reaffirmed a “neutral” rating and set a $110.00 price target (down previously from $120.00) on shares of NetApp in a research note on Friday. Stifel Nicolaus lifted their price target on NetApp from $140.00 to $145.00 and gave the stock a “buy” rating in a research note on Friday, November 22nd. Finally, Bank of America raised NetApp from an “underperform” rating to a “neutral” rating and lifted their price target for the stock from $121.00 to $128.00 in a research note on Wednesday, February 19th. Twelve research analysts have rated the stock with a hold rating and six have given a buy rating to the stock. Based on data from MarketBeat, the stock currently has an average rating of “Hold” and a consensus price target of $132.07.

NetApp Price Performance

NetApp stock opened at $100.00 on Friday. NetApp has a 52 week low of $88.49 and a 52 week high of $135.45. The business has a 50-day simple moving average of $119.85 and a 200 day simple moving average of $121.86. 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 stock has a market cap of $20.33 billion, a price-to-earnings ratio of 18.38, a PEG ratio of 2.45 and a beta of 1.23.

NetApp Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Wednesday, April 23rd. Shareholders of record on Friday, April 4th will be given a dividend of $0.52 per share. This represents a $2.08 dividend on an annualized basis and a yield of 2.08%. The ex-dividend date is Friday, April 4th. NetApp’s payout ratio is 38.52%.

Insider Buying and Selling at NetApp

In other news, EVP Elizabeth M. O’callahan sold 452 shares of the stock in a transaction that occurred on Monday, February 10th. The stock was sold at an average price of $120.75, for a total value of $54,579.00. Following the completion of the transaction, the executive vice president now owns 11,553 shares of the company’s stock, valued at approximately $1,395,024.75. This represents a 3.77 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CEO George Kurian sold 8,500 shares of the stock in a transaction that occurred on Tuesday, February 18th. The stock was sold at an average price of $119.04, for a total value of $1,011,840.00. Following the completion of the transaction, the chief executive officer now directly owns 266,765 shares of the company’s stock, valued at $31,755,705.60. This represents a 3.09 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 60,903 shares of company stock valued at $7,260,341 in the last 90 days. Insiders own 0.47% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors have recently made changes to their positions in the company. Resonant Capital Advisors LLC increased its position in NetApp by 1.8% during the 4th quarter. Resonant Capital Advisors LLC now owns 4,442 shares of the data storage provider’s stock valued at $516,000 after buying an additional 80 shares in the last quarter. Larson Financial Group LLC increased its position in NetApp by 2.5% during the 4th quarter. Larson Financial Group LLC now owns 3,778 shares of the data storage provider’s stock valued at $438,000 after buying an additional 92 shares in the last quarter. Geneos Wealth Management Inc. increased its holdings in shares of NetApp by 22.3% in 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 shares of NetApp by 3.6% in 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 in the last quarter. Finally, Coppell Advisory Solutions LLC increased its holdings in shares of NetApp by 50.0% in the 4th quarter. Coppell Advisory Solutions LLC now owns 300 shares of the data storage provider’s stock worth $35,000 after purchasing an additional 100 shares in the last quarter. Institutional investors own 92.17% of the company’s stock.

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.