NetApp (NASDAQ:NTAP) Price Target Cut to $100.00 by Analysts at Evercore ISI

NetApp (NASDAQ:NTAP - Get Free Report) had its price objective reduced by research analysts at Evercore ISI from $120.00 to $100.00 in a research report issued on Monday,Benzinga reports. The firm currently has an "in-line" rating on the data storage provider's stock. Evercore ISI's target price points to a potential upside of 13.28% from the stock's previous close.

A number of other research firms have also recently commented on NTAP. Loop Capital decreased 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. Wedbush reiterated a "neutral" rating and set a $110.00 price objective (down previously from $120.00) on shares of NetApp in a report on Friday, February 28th. TD Cowen dropped their target price on NetApp from $160.00 to $130.00 and set a "buy" rating on the stock in a research note on Friday, February 28th. Wells Fargo & Company reduced their target price on NetApp from $130.00 to $115.00 and set an "equal weight" rating on the stock in a research report on Friday, February 28th. Finally, Barclays lowered their price target on NetApp from $132.00 to $115.00 and set an "equal weight" rating for the company in a report on Friday, February 28th. Twelve research analysts have rated the stock with a hold rating and six have assigned a buy rating to the stock. According to MarketBeat.com, the company currently has an average rating of "Hold" and a consensus target price of $123.07.

NetApp Stock Down 0.2 %

Shares of NTAP stock traded down $0.17 during mid-day trading on Monday, hitting $88.28. 145,726 shares of the stock traded hands, compared to its average volume of 1,922,028. NetApp has a 52-week low of $71.84 and a 52-week high of $135.45. The stock has a market cap of $17.96 billion, a P/E ratio of 16.26, a P/E/G ratio of 2.45 and a beta of 1.31. 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 is $92.87 and its two-hundred day moving average is $111.31.

Insider Activity at NetApp

In related news, CEO George Kurian sold 8,500 shares of the business's stock in a transaction on Monday, April 21st. The shares were sold at an average price of $81.83, for a total value of $695,555.00. Following the completion of the transaction, the chief executive officer now directly owns 249,765 shares in the company, valued at $20,438,269.95. The trade was a 3.29 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, EVP Elizabeth M. O'callahan sold 452 shares of the firm's stock in a transaction on Monday, February 10th. The shares were sold at an average price of $120.75, for a total transaction of $54,579.00. Following the sale, the executive vice president now owns 11,553 shares in the company, valued at approximately $1,395,024.75. This represents a 3.77 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 50,176 shares of company stock worth $5,095,701 over the last three months. Company insiders own 0.47% of the company's stock.

Institutional Investors Weigh In On NetApp

Several hedge funds have recently modified their holdings of the company. Vanguard Group Inc. raised its holdings in NetApp by 1.7% in the 4th quarter. Vanguard Group Inc. now owns 26,443,974 shares of the data storage provider's stock worth $3,069,617,000 after purchasing an additional 429,343 shares during the period. Ameriprise Financial Inc. increased its position 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 in the last quarter. Invesco Ltd. raised its stake in shares of NetApp by 20.4% during the 4th quarter. Invesco Ltd. now owns 3,123,228 shares of the data storage provider's stock worth $362,544,000 after buying an additional 529,471 shares during the period. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC lifted its position in shares of NetApp by 8.0% during the 4th quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 2,986,330 shares of the data storage provider's stock valued at $346,653,000 after buying an additional 220,393 shares in the last quarter. Finally, Beutel Goodman & Co Ltd. grew its stake in NetApp by 0.4% in the 4th quarter. Beutel Goodman & Co Ltd. now owns 2,887,795 shares of the data storage provider's stock valued at $335,215,000 after acquiring an additional 12,919 shares during the period. 92.17% of the stock is owned by hedge funds and other institutional investors.

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.

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