NetApp (NASDAQ:NTAP) Stock Price Expected to Rise, Barclays Analyst Says

NetApp (NASDAQ:NTAP) had its target price boosted by analysts at Barclays from $119.00 to $132.00 in a research report issued to clients and investors on Friday,Benzinga reports. The brokerage currently has an “equal weight” rating on the data storage provider’s stock. Barclays‘s price objective points to a potential upside of 4.14% from the stock’s current price.

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 report on Monday, August 26th. UBS Group lifted their price target on NetApp from $121.00 to $134.00 and gave the stock a “neutral” rating in a research report on Thursday, August 29th. JPMorgan Chase & Co. increased their price objective on NetApp from $146.00 to $147.00 and gave the company a “neutral” rating in a report on Thursday, August 29th. Loop Capital raised shares of NetApp from a “hold” rating to a “buy” rating and lifted their target price for the company from $121.00 to $150.00 in a report on Tuesday, September 3rd. Finally, Morgan Stanley increased their price target on shares of NetApp from $127.00 to $132.00 and gave the stock an “equal weight” rating in a research note on Friday. One research analyst has rated the stock with a sell rating, eleven have issued a hold rating and six have assigned a buy rating to the stock. According to data from MarketBeat, NetApp presently has an average rating of “Hold” and a consensus price target of $133.06.

NetApp Stock Performance

Shares of NetApp stock opened at $126.75 on Friday. The company has a quick ratio of 0.91, a current ratio of 0.96 and a debt-to-equity ratio of 1.34. NetApp has a 52 week low of $77.46 and a 52 week high of $135.01. The firm’s 50 day moving average is $121.77 and its two-hundred day moving average is $122.39. The firm has a market capitalization of $25.96 billion, a P/E ratio of 24.76, a P/E/G ratio of 3.13 and a beta of 1.24.

NetApp (NASDAQ:NTAP) last issued its earnings results on Thursday, November 21st. The data storage provider reported $1.87 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.78 by $0.09. NetApp had a net margin of 17.01% and a return on equity of 121.41%. The business had revenue of $1.66 billion during the quarter, compared to analysts’ expectations of $1.65 billion. During the same quarter in the prior year, the business posted $1.23 EPS. The company’s revenue for the quarter was up 6.1% on a year-over-year basis. Research analysts forecast that NetApp will post 5.71 EPS for the current fiscal year.

Insiders Place Their Bets

In related news, CAO Lorenzo Daniel De sold 1,685 shares of the firm’s stock in a transaction dated Tuesday, September 24th. The shares were sold at an average price of $123.60, for a total value of $208,266.00. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, EVP Elizabeth M. O’callahan sold 705 shares of the company’s stock in a transaction dated Thursday, October 10th. The stock was sold at an average price of $126.20, for a total transaction of $88,971.00. Following the transaction, the executive vice president now owns 11,694 shares in the company, valued at $1,475,782.80. The trade was a 5.69 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 23,049 shares of company stock worth $2,807,851. Company insiders own 0.47% of the company’s stock.

Institutional Investors Weigh In On NetApp

Several institutional investors have recently modified their holdings of NTAP. Hollencrest Capital Management acquired a new position in NetApp during the second quarter worth $26,000. Northwest Investment Counselors LLC acquired a new stake in NetApp in the third quarter valued at $27,000. Redwood Wealth Management Group LLC purchased a new position in shares of NetApp in the second quarter valued at $32,000. New Covenant Trust Company N.A. acquired a new position in shares of NetApp during the 1st quarter worth $28,000. Finally, Robbins Farley purchased a new stake in shares of NetApp in the 2nd quarter worth about $44,000. Hedge funds and other 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.