Loop Capital Cuts NetApp (NASDAQ:NTAP) Price Target to $130.00

NetApp (NASDAQ:NTAP) had its target price reduced by equities researchers at Loop Capital from $150.00 to $130.00 in a research report issued on Tuesday,Benzinga reports. The firm currently has a “buy” rating on the data storage provider’s stock. Loop Capital’s target price indicates a potential upside of 38.95% from the company’s previous close.

NTAP has been the subject of several other research reports. Keefe, Bruyette & Woods upgraded shares of NetApp to an “outperform” rating in a research report on Wednesday, February 19th. Barclays dropped their price target on NetApp from $132.00 to $115.00 and set an “equal weight” rating for the company in a research report on Friday. Susquehanna downgraded NetApp from a “positive” rating to a “neutral” rating and decreased their price objective for the company from $155.00 to $130.00 in a research report on Monday, February 10th. Bank of America upgraded NetApp from an “underperform” rating to a “neutral” rating and lifted their target price for the stock from $121.00 to $128.00 in a report on Wednesday, February 19th. Finally, Citigroup decreased their price target on NetApp from $135.00 to $110.00 and set a “neutral” rating on the stock in a report on Monday. Twelve research analysts have rated the stock with a hold rating and six have assigned a buy rating to the company’s stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Hold” and a consensus price target of $129.07.

NetApp Price Performance

Shares of NTAP stock traded down $2.17 during trading hours on Tuesday, hitting $93.56. The stock had a trading volume of 3,171,614 shares, compared to its average volume of 1,815,385. The stock has a market capitalization of $19.03 billion, a price-to-earnings ratio of 17.20, a PEG ratio of 2.45 and a beta of 1.24. The stock’s 50-day moving average price is $119.41 and its two-hundred day moving average price is $121.54. 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 one year low of $92.59 and a one year high of $135.45.

Insider Activity

In other news, CEO George Kurian sold 8,500 shares of the business’s stock in a transaction dated Monday, December 16th. The shares were sold at an average price of $124.29, for a total value of $1,056,465.00. Following the completion of the sale, the chief executive officer now owns 279,782 shares in the company, valued at approximately $34,774,104.78. The trade was a 2.95 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, President Cesar Cernuda sold 22,000 shares of the company’s stock in a transaction that occurred on Monday, December 30th. The stock was sold at an average price of $114.99, for a total transaction 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 $3,116,114.01. The trade was a 44.81 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 60,903 shares of company stock worth $7,260,341. Company insiders own 0.47% of the company’s stock.

Institutional Inflows and Outflows

Large investors have recently made changes to their positions in the stock. Migdal Insurance & Financial Holdings Ltd. bought a new position in NetApp in the fourth quarter worth about $26,000. Assetmark Inc. increased its position in shares of NetApp by 826.9% during the fourth quarter. Assetmark Inc. now owns 241 shares of the data storage provider’s stock worth $28,000 after purchasing an additional 215 shares in the last quarter. Synergy Investment Management LLC purchased a new stake in shares of NetApp during the 4th quarter valued at $32,000. Itau Unibanco Holding S.A. boosted its position in shares of NetApp by 929.6% in the 4th quarter. Itau Unibanco Holding S.A. now owns 278 shares of the data storage provider’s stock worth $32,000 after purchasing an additional 251 shares in the last quarter. Finally, Golden State Wealth Management LLC purchased a new position in NetApp during the 4th quarter worth $35,000. 92.17% of the stock is owned by institutional investors.

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.