NetApp, Inc. (NASDAQ:NTAP) Receives $123.07 Average Price Target from Brokerages

Shares of NetApp, Inc. (NASDAQ:NTAP - Get Free Report) have been assigned an average recommendation of "Hold" from the seventeen research firms that are covering the stock, MarketBeat reports. Ten analysts have rated the stock with a hold rating and seven have given a buy rating to the company. The average twelve-month price target among brokerages that have covered the stock in the last year is $123.07.

Several equities research analysts have recently commented on the stock. Loop Capital dropped their target price on shares of NetApp from $150.00 to $130.00 and set a "buy" rating for the company in a research report on Tuesday, March 4th. TD Cowen reduced their price objective on shares of NetApp from $160.00 to $130.00 and set a "buy" rating on the stock in a research report on Friday, February 28th. Wedbush restated a "neutral" rating and set a $110.00 price objective (down from $120.00) on shares of NetApp in a research note on Friday, February 28th. Barclays upgraded shares of NetApp from an "equal weight" rating to an "overweight" rating and set a $115.00 price target on the stock in a report on Wednesday, April 30th. Finally, Keefe, Bruyette & Woods raised NetApp to an "outperform" rating in a report on Wednesday, February 19th.

Insider Buying and Selling at NetApp

In other news, Director Anders Gustafsson bought 2,800 shares of the business's stock in a transaction on Thursday, March 27th. The shares were bought at an average cost of $91.00 per share, for a total transaction of $254,800.00. Following the completion of the acquisition, the director now owns 6,348 shares in the company, valued at approximately $577,668. This trade represents a 78.92% increase in their position. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, President Cesar Cernuda sold 19,696 shares of the stock in a transaction dated Friday, March 28th. The stock was sold at an average price of $90.15, for a total value of $1,775,594.40. Following the transaction, the president now owns 11,928 shares of the company's stock, valued at approximately $1,075,309.20. This trade represents a 62.28% decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 37,224 shares of company stock valued at $3,531,872 in the last ninety days. Company insiders own 0.47% of the company's stock.

Institutional Trading of NetApp

A number of hedge funds have recently added to or reduced their stakes in the stock. Migdal Insurance & Financial Holdings Ltd. acquired a new position in shares of NetApp during the fourth quarter valued at about $26,000. Assetmark Inc. increased its holdings in NetApp by 826.9% during the 4th quarter. Assetmark Inc. now owns 241 shares of the data storage provider's stock worth $28,000 after acquiring an additional 215 shares during the period. Synergy Investment Management LLC purchased a new position in shares of NetApp in the 4th quarter worth about $32,000. Itau Unibanco Holding S.A. grew its position in NetApp by 929.6% during the 4th quarter. Itau Unibanco Holding S.A. now owns 278 shares of the data storage provider's stock worth $32,000 after acquiring an additional 251 shares during the last quarter. Finally, Manchester Capital Management LLC lifted its holdings in NetApp by 375.0% in the 1st quarter. Manchester Capital Management LLC now owns 285 shares of the data storage provider's stock worth $25,000 after buying an additional 225 shares during the period. Institutional investors and hedge funds own 92.17% of the company's stock.

NetApp Price Performance

Shares of NetApp stock traded up $1.10 on Friday, hitting $99.53. 1,377,664 shares of the company traded hands, compared to its average volume of 1,926,471. NetApp has a 12-month low of $71.84 and a 12-month high of $135.45. The firm's 50-day simple moving average is $88.19 and its 200 day simple moving average is $108.87. The company has a market cap of $20.25 billion, a P/E ratio of 18.30, a P/E/G ratio of 2.45 and a beta of 1.40. The company has a current ratio of 0.91, a quick ratio of 0.84 and a debt-to-equity ratio of 1.39.

NetApp Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Wednesday, April 23rd. Shareholders of record on Friday, April 4th were issued a dividend of $0.52 per share. The ex-dividend date was Friday, April 4th. This represents a $2.08 annualized dividend and a yield of 2.09%. NetApp's dividend payout ratio (DPR) is currently 38.52%.

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.