NetApp (NASDAQ:NTAP) Price Target Cut to $115.00 by Analysts at Barclays

NetApp (NASDAQ:NTAP) had its price target reduced by Barclays from $132.00 to $115.00 in a research report report published on Friday morning,Benzinga reports. They currently have an equal weight rating on the data storage provider’s stock.

Several other equities analysts have also recently weighed in on NTAP. Susquehanna cut NetApp from a “positive” rating to a “neutral” rating and lowered their target price for the company from $155.00 to $130.00 in a research note on Monday, February 10th. Wells Fargo & Company lowered their target price on NetApp from $130.00 to $115.00 and set an “equal weight” rating on the stock in a research note on Friday. Morgan Stanley lifted their target price on NetApp from $132.00 to $146.00 and gave the company an “equal weight” rating in a research note on Tuesday, December 17th. Bank of America raised NetApp from an “underperform” rating to a “neutral” rating and boosted their price target for the company from $121.00 to $128.00 in a research note on Wednesday, February 19th. Finally, StockNews.com raised NetApp from a “hold” rating to a “buy” rating in a research note on Wednesday, February 19th. Twelve equities research analysts have rated the stock with a hold rating and six have given a buy rating to the company. According to MarketBeat.com, NetApp currently has a consensus rating of “Hold” and a consensus price target of $132.07.

NetApp Trading Down 15.4 %

NASDAQ:NTAP opened at $100.00 on Friday. 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 has a fifty-two week low of $88.49 and a fifty-two week high of $135.45. The stock’s 50-day moving average is $119.85 and its two-hundred day moving average is $121.86. The stock has a market cap of $20.33 billion, a PE ratio of 18.38, a price-to-earnings-growth ratio of 2.45 and a beta of 1.23.

NetApp Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Wednesday, April 23rd. Investors of record on Friday, April 4th will be issued a $0.52 dividend. The ex-dividend date is Friday, April 4th. This represents a $2.08 annualized dividend and a yield of 2.08%. NetApp’s dividend payout ratio (DPR) is currently 38.52%.

Insider Buying and Selling

In other news, CFO Michael J. Berry sold 12,500 shares of the company’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 transaction of $1,509,250.00. Following the completion of the transaction, the chief financial officer now directly owns 123,243 shares in the company, valued at $14,880,359.82. The trade was a 9.21 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO George Kurian sold 8,500 shares of the company’s 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 transaction, 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 disclosure for this sale can be found here. In the last ninety days, insiders sold 60,903 shares of company stock worth $7,260,341. 0.47% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

A number of large investors have recently modified their holdings of NTAP. Private Advisor Group LLC lifted its holdings in shares of NetApp by 25.4% during the third quarter. Private Advisor Group LLC now owns 3,166 shares of the data storage provider’s stock worth $391,000 after buying an additional 642 shares during the last quarter. First Trust Direct Indexing L.P. lifted its holdings in shares of NetApp by 30.4% during the third quarter. First Trust Direct Indexing L.P. now owns 8,443 shares of the data storage provider’s stock worth $1,043,000 after buying an additional 1,966 shares during the last quarter. Pinnacle Associates Ltd. raised its stake in shares of NetApp by 6.8% in the third quarter. Pinnacle Associates Ltd. now owns 3,296 shares of the data storage provider’s stock valued at $407,000 after purchasing an additional 209 shares in the last quarter. Farther Finance Advisors LLC raised its stake in shares of NetApp by 25.9% in the third quarter. Farther Finance Advisors LLC now owns 796 shares of the data storage provider’s stock valued at $98,000 after purchasing an additional 164 shares in the last quarter. Finally, Conning Inc. raised its stake in shares of NetApp by 234.9% in the third quarter. Conning Inc. now owns 6,081 shares of the data storage provider’s stock valued at $751,000 after purchasing an additional 4,265 shares in the last quarter. 92.17% of the stock is currently owned by institutional investors and hedge funds.

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.