TD Cowen Issues Pessimistic Forecast for NetApp (NASDAQ:NTAP) Stock Price

NetApp (NASDAQ:NTAP) had its target price decreased by stock analysts at TD Cowen from $160.00 to $130.00 in a report issued on Friday,Briefing.com Automated Import reports. The brokerage currently has a “buy” rating on the data storage provider’s stock. TD Cowen’s target price suggests a potential upside of 9.96% from the stock’s previous close.

Several other research firms also recently weighed in on NTAP. Wedbush reissued a “neutral” rating and issued a $120.00 target price on shares of NetApp in a research report on Friday, November 22nd. Citigroup lifted their price objective on shares of NetApp from $130.00 to $135.00 and gave the stock a “neutral” rating in a research report on Friday, November 22nd. StockNews.com upgraded NetApp from a “hold” rating to a “buy” rating in a report on Wednesday, February 19th. Oppenheimer assumed coverage on NetApp in a report on Wednesday, November 13th. They set a “market perform” rating on the stock. Finally, Wells Fargo & Company reduced their price objective on NetApp from $140.00 to $130.00 and set an “equal weight” rating for the company in a research note on Thursday, February 20th. Eleven analysts have rated the stock with a hold rating and seven have assigned a buy rating to the stock. Based on data from MarketBeat, the company has a consensus rating of “Hold” and a consensus target price of $135.33.

NetApp Trading Down 5.0 %

NASDAQ:NTAP opened at $118.22 on Friday. The stock has a fifty day simple moving average of $120.22 and a 200 day simple moving average of $122.02. 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 firm has a market capitalization of $24.03 billion, a price-to-earnings ratio of 21.73, a price-to-earnings-growth ratio of 2.45 and a beta of 1.23. NetApp has a 1-year low of $86.43 and a 1-year high of $135.45.

Insider Activity

In other NetApp news, CEO George Kurian sold 8,500 shares of the stock in a transaction on Tuesday, February 18th. The shares were sold at an average price of $119.04, for a total transaction of $1,011,840.00. Following 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 ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Also, President Cesar Cernuda sold 22,000 shares of the business’s stock in a transaction dated Monday, December 30th. The stock was 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 $3,116,114.01. This represents a 44.81 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 60,903 shares of company stock worth $7,260,341. 0.47% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On NetApp

A number of large investors have recently added to or reduced their stakes in NTAP. Intech Investment Management LLC boosted its holdings in shares of NetApp by 8.9% during the 3rd quarter. Intech Investment Management LLC now owns 302,010 shares of the data storage provider’s stock worth $37,301,000 after buying an additional 24,651 shares during the period. Daiwa Securities Group Inc. lifted its position in NetApp by 20.9% during the 3rd quarter. Daiwa Securities Group Inc. now owns 42,302 shares of the data storage provider’s stock worth $5,225,000 after acquiring an additional 7,318 shares during the last quarter. Robeco Institutional Asset Management B.V. boosted its holdings in NetApp by 9.2% during the fourth quarter. Robeco Institutional Asset Management B.V. now owns 1,346,212 shares of the data storage provider’s stock valued at $156,268,000 after acquiring an additional 113,360 shares during the period. Hilton Capital Management LLC acquired a new stake in shares of NetApp in the third quarter valued at about $4,059,000. Finally, Orion Portfolio Solutions LLC increased its stake in shares of NetApp by 232.2% in the third quarter. Orion Portfolio Solutions LLC now owns 6,731 shares of the data storage provider’s stock worth $831,000 after purchasing an additional 4,705 shares during the period. 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.