Argus Increases NetApp (NASDAQ:NTAP) Price Target to $200.00

Key Points

• Argus raised its price target on NetApp to $200 from $130 and maintained a buy rating, implying about 14% upside from the stock’s current price.
• Other Wall Street firms also lifted their targets, including Barclays to $199, while the broader analyst view remains mixed with a consensus Hold rating and an average target of $163.33.
• NetApp shares were trading around $175.19, near their 12-month high, after the company recently reported strong revenue growth but missed EPS expectations in its latest quarterly results.

NetApp (NASDAQ:NTAP - Get Free Report) had its price objective upped by research analysts at Argus from $130.00 to $200.00 in a report released on Monday,Benzinga reports. The brokerage presently has a "buy" rating on the data storage provider's stock. Argus' price objective would indicate a potential upside of 14.16% from the stock's current price.

Several other equities analysts have also commented on NTAP. Susquehanna increased their price objective on shares of NetApp from $110.00 to $185.00 and gave the company a "neutral" rating in a research report on Friday. Morgan Stanley upped their price target on shares of NetApp from $88.00 to $137.00 and gave the company an "underweight" rating in a research note on Friday. JPMorgan Chase & Co. raised their price target on shares of NetApp from $110.00 to $150.00 and gave the stock a "neutral" rating in a report on Friday. Bank of America lifted their price objective on shares of NetApp from $125.00 to $150.00 and gave the stock a "neutral" rating in a research note on Friday. Finally, Barclays boosted their price objective on shares of NetApp from $120.00 to $199.00 and gave the company an "overweight" rating in a report on Friday. Four analysts have rated the stock with a Buy rating, ten have issued a Hold rating and one has given a Sell rating to the company's stock. According to MarketBeat, the company presently has a consensus rating of "Hold" and a consensus price target of $163.33.

NetApp Stock Up 0.5%

NTAP stock traded up $0.90 on Monday, hitting $175.19. 1,353,490 shares of the company's stock were exchanged, compared to its average volume of 2,613,981. The firm has a 50 day moving average price of $112.46 and a two-hundred day moving average price of $107.92. NetApp has a 12-month low of $93.69 and a 12-month high of $192.83. The stock has a market cap of $34.57 billion, a P/E ratio of 27.46, a price-to-earnings-growth ratio of 3.18 and a beta of 1.44. The company has a debt-to-equity ratio of 1.84, a quick ratio of 1.39 and a current ratio of 1.44.

NetApp (NASDAQ:NTAP - Get Free Report) last released its quarterly earnings results on Thursday, May 28th. The data storage provider reported $2.03 EPS for the quarter, missing analysts' consensus estimates of $2.27 by ($0.24). NetApp had a net margin of 18.43% and a return on equity of 117.23%. The business had revenue of $1.95 billion during the quarter, compared to analysts' expectations of $1.87 billion. During the same quarter last year, the business posted $1.93 earnings per share. The company's quarterly revenue was up 12.5% compared to the same quarter last year. NetApp has set its FY 2027 guidance at 8.700-9.000 EPS and its Q1 2027 guidance at 2.050-2.150 EPS. As a group, equities research analysts expect that NetApp will post 7.14 EPS for the current fiscal year.

Insiders Place Their Bets

In other news, CAO Lorenzo Daniel De sold 275 shares of the stock in a transaction on Monday, May 18th. The shares were sold at an average price of $120.00, for a total value of $33,000.00. Following the sale, the chief accounting officer owned 1,090 shares in the company, valued at $130,800. This represents a 20.15% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, EVP Elizabeth M. O'callahan sold 1,000 shares of the firm's stock in a transaction on Monday, May 11th. The stock was sold at an average price of $117.73, for a total transaction of $117,730.00. Following the transaction, the executive vice president directly owned 18,382 shares of the company's stock, valued at approximately $2,164,112.86. This trade represents a 5.16% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold 3,275 shares of company stock worth $347,650 in the last quarter. Company insiders own 0.28% of the company's stock.

Institutional Trading of NetApp

A number of hedge funds have recently added to or reduced their stakes in the company. Geneos Wealth Management Inc. grew its holdings in NetApp by 38.3% in the first quarter. Geneos Wealth Management Inc. now owns 759 shares of the data storage provider's stock valued at $67,000 after purchasing an additional 210 shares during the period. Sivia Capital Partners LLC purchased a new position in shares of NetApp during the 2nd quarter valued at approximately $315,000. Cerity Partners LLC grew its stake in NetApp by 9.9% in the 2nd quarter. Cerity Partners LLC now owns 46,792 shares of the data storage provider's stock valued at $4,986,000 after acquiring an additional 4,232 shares during the period. Bank of Nova Scotia grew its stake in NetApp by 7.3% in the 2nd quarter. Bank of Nova Scotia now owns 24,301 shares of the data storage provider's stock valued at $2,589,000 after acquiring an additional 1,662 shares during the period. Finally, NewEdge Advisors LLC increased its holdings in NetApp by 12.7% in the 2nd quarter. NewEdge Advisors LLC now owns 20,161 shares of the data storage provider's stock worth $2,148,000 after acquiring an additional 2,277 shares in the last quarter. 92.17% of the stock is owned by hedge funds and other institutional investors.

About NetApp

NetApp, Inc NASDAQ: NTAP is a data management and storage company that delivers hybrid cloud data services for applications and data. Founded in 1992 as Network Appliance and rebranded as NetApp in 2008, the company is headquartered in Sunnyvale, California. NetApp's offering focuses on enabling organizations to store, manage, protect and move data across on-premises environments and major public clouds.

The company's product portfolio centers on the ONTAP data management software and a range of storage systems and services built around it.

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