TD Cowen Lowers NetApp (NASDAQ:NTAP) Price Target to $130.00

NetApp (NASDAQ:NTAP) had its price objective lowered by stock analysts at TD Cowen from $160.00 to $130.00 in a research note issued on Friday, MarketBeat reports. The brokerage currently has a “buy” rating on the data storage provider’s stock. TD Cowen’s price target would indicate a potential upside of 30.00% from the company’s previous close.

A number of other research firms also recently weighed in on NTAP. Keefe, Bruyette & Woods upgraded NetApp to an “outperform” rating in a research report on Wednesday, February 19th. Northland Securities upped their target price on NetApp from $108.00 to $120.00 and gave the company a “market perform” rating in a research report on Friday, November 22nd. Wedbush reiterated a “neutral” rating and set a $120.00 target price on shares of NetApp in a research report on Friday, November 22nd. Stifel Nicolaus upped their target price on NetApp from $140.00 to $145.00 and gave the company a “buy” rating in a research report on Friday, November 22nd. Finally, JPMorgan Chase & Co. upgraded NetApp from a “neutral” rating to an “overweight” rating and set a $160.00 target price for the company in a research report on Monday, December 16th. Twelve research analysts have rated the stock with a hold rating and six have issued a buy rating to the company. According to MarketBeat, the stock presently has a consensus rating of “Hold” and a consensus price target of $132.07.

NetApp Stock Performance

Shares of 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. The stock’s fifty day moving average price is $119.85 and its two-hundred day moving average price is $121.83. NetApp has a one year low of $88.49 and a one year high of $135.45. The firm has a market cap of $20.33 billion, a price-to-earnings ratio of 18.38, a P/E/G ratio of 2.45 and a beta of 1.23.

Insiders Place Their Bets

In other news, CEO George Kurian sold 8,500 shares of the stock in a transaction dated 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 sale, the chief executive officer now owns 266,765 shares of the company’s stock, valued at approximately $31,755,705.60. This represents a 3.09 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, President Cesar Cernuda sold 22,000 shares of the stock in a transaction dated Monday, December 30th. The shares were 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 approximately $3,116,114.01. The trade was a 44.81 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 60,903 shares of company stock valued at $7,260,341 in the last 90 days. Corporate insiders own 0.47% of the company’s stock.

Institutional Investors Weigh In On NetApp

Several institutional investors and hedge funds have recently made changes to their positions in the stock. Vanguard Group Inc. increased its stake in shares of NetApp by 1.7% in the fourth quarter. Vanguard Group Inc. now owns 26,443,974 shares of the data storage provider’s stock valued at $3,069,617,000 after buying an additional 429,343 shares during the period. State Street Corp increased its stake in shares of NetApp by 2.0% in the third quarter. State Street Corp now owns 10,261,170 shares of the data storage provider’s stock valued at $1,267,357,000 after buying an additional 199,384 shares during the period. Ameriprise Financial Inc. increased its stake in shares of NetApp by 14.5% in the fourth quarter. Ameriprise Financial Inc. now owns 7,024,456 shares of the data storage provider’s stock valued at $815,402,000 after buying an additional 888,671 shares during the period. Geode Capital Management LLC increased its stake in shares of NetApp by 8.2% in the third quarter. Geode Capital Management LLC now owns 5,985,673 shares of the data storage provider’s stock valued at $738,280,000 after buying an additional 453,324 shares during the period. Finally, Invesco Ltd. increased its stake in shares of NetApp by 20.4% in the fourth quarter. Invesco Ltd. now owns 3,123,228 shares of the data storage provider’s stock valued at $362,544,000 after buying an additional 529,471 shares during the period. Institutional investors and hedge funds own 92.17% of the company’s stock.

About NetApp

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.