NetApp (NASDAQ:NTAP) Sets New 1-Year Low – What’s Next?

NetApp, Inc. (NASDAQ:NTAP)’s stock price reached a new 52-week low during trading on Friday . The company traded as low as $89.06 and last traded at $89.16, with a volume of 376180 shares traded. The stock had previously closed at $91.09.

Wall Street Analysts Forecast Growth

NTAP has been the topic of several research analyst reports. TD Cowen lowered their price target on NetApp from $160.00 to $130.00 and set a “buy” rating on the stock in a report on Friday, February 28th. JPMorgan Chase & Co. lowered their target price on NetApp from $160.00 to $153.00 and set an “overweight” rating on the stock in a report on Friday, February 28th. Keefe, Bruyette & Woods upgraded NetApp to an “outperform” rating in a research note on Wednesday, February 19th. Morgan Stanley increased their price objective on shares of NetApp from $132.00 to $146.00 and gave the stock an “equal weight” rating in a research note on Tuesday, December 17th. Finally, Wells Fargo & Company cut their target price on shares of NetApp from $130.00 to $115.00 and set an “equal weight” rating for the company in a research report on Friday, February 28th. Twelve research analysts have rated the stock with a hold rating and six have given a buy rating to the stock. According to MarketBeat.com, the stock has an average rating of “Hold” and a consensus price target of $129.07.

NetApp Price Performance

The firm has a 50 day moving average of $109.82 and a 200-day moving average of $117.25. The company has a current ratio of 0.91, a quick ratio of 0.84 and a debt-to-equity ratio of 1.39. The company has a market cap of $17.98 billion, a P/E ratio of 16.25, a P/E/G ratio of 2.45 and a beta of 1.24.

NetApp Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, April 23rd. Stockholders of record on Friday, April 4th will be given a dividend of $0.52 per share. This represents a $2.08 annualized dividend and a dividend yield of 2.35%. The ex-dividend date of this dividend is Friday, April 4th. NetApp’s payout ratio is currently 38.52%.

Insider Buying and Selling

In other news, 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 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 sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, EVP Elizabeth M. O’callahan sold 528 shares of the firm’s stock in a transaction on Monday, March 10th. The shares were sold at an average price of $92.58, for a total transaction of $48,882.24. Following the completion of the transaction, the executive vice president now directly owns 12,900 shares of the company’s stock, valued at approximately $1,194,282. This trade represents a 3.93 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders sold 52,931 shares of company stock worth $6,252,759. 0.47% of the stock is owned by insiders.

Hedge Funds Weigh In On NetApp

Several institutional investors have recently bought and sold shares of NTAP. Resonant Capital Advisors LLC raised its position in shares of NetApp by 1.8% during the 4th quarter. Resonant Capital Advisors LLC now owns 4,442 shares of the data storage provider’s stock valued at $516,000 after buying an additional 80 shares in the last quarter. Larson Financial Group LLC raised its position in NetApp by 2.5% during the fourth quarter. Larson Financial Group LLC now owns 3,778 shares of the data storage provider’s stock valued at $438,000 after purchasing an additional 92 shares during the period. Geneos Wealth Management Inc. lifted its stake in shares of NetApp by 22.3% in the 4th quarter. Geneos Wealth Management Inc. now owns 549 shares of the data storage provider’s stock valued at $64,000 after purchasing an additional 100 shares during the last quarter. Moors & Cabot Inc. boosted its holdings in shares of NetApp by 3.6% in the 4th quarter. Moors & Cabot Inc. now owns 2,906 shares of the data storage provider’s stock worth $337,000 after purchasing an additional 100 shares during the period. Finally, Coppell Advisory Solutions LLC increased its position in shares of NetApp by 50.0% during the 4th quarter. Coppell Advisory Solutions LLC now owns 300 shares of the data storage provider’s stock valued at $35,000 after purchasing an additional 100 shares during the last quarter. Institutional investors 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.