NetApp (NASDAQ:NTAP) Price Target Cut to $115.00 by Analysts at JPMorgan Chase & Co.

NetApp (NASDAQ:NTAP - Get Free Report) had its price target lowered by investment analysts at JPMorgan Chase & Co. from $120.00 to $115.00 in a research note issued to investors on Friday,Benzinga reports. The firm presently has an "overweight" rating on the data storage provider's stock. JPMorgan Chase & Co.'s price objective suggests a potential upside of 16.54% from the company's previous close.

NTAP has been the topic of a number of other research reports. Loop Capital decreased their price target on shares of NetApp from $150.00 to $130.00 and set a "buy" rating on the stock in a research note on Tuesday, March 4th. Susquehanna lowered shares of NetApp from a "positive" rating to a "neutral" rating and decreased their price target for the company from $155.00 to $130.00 in a research note on Monday, February 10th. Evercore ISI decreased their target price on NetApp from $120.00 to $100.00 and set an "in-line" rating on the stock in a research report on Monday, April 28th. Wells Fargo & Company decreased their target price on NetApp from $115.00 to $100.00 and set an "equal weight" rating on the stock in a research report on Friday. Finally, Barclays raised NetApp from an "equal weight" rating to an "overweight" rating and set a $115.00 target price on the stock in a research report on Wednesday, April 30th. One analyst has rated the stock with a sell rating, ten have given a hold rating and seven have assigned a buy rating to the company's stock. Based on data from MarketBeat.com, the stock currently has an average rating of "Hold" and a consensus target price of $118.93.

NetApp Stock Performance

NASDAQ NTAP traded down $0.53 during trading on Friday, reaching $98.68. 7,013,958 shares of the company's stock were exchanged, compared to its average volume of 1,920,207. 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 has a market capitalization of $20.07 billion, a P/E ratio of 18.14, a PEG ratio of 2.45 and a beta of 1.40. NetApp has a fifty-two week low of $71.84 and a fifty-two week high of $135.45. The business has a 50 day moving average price of $90.19 and a 200-day moving average price of $107.01.

NetApp (NASDAQ:NTAP - Get Free Report) last posted its earnings results on Thursday, May 29th. The data storage provider reported $1.93 earnings per share for the quarter, topping analysts' consensus estimates of $1.90 by $0.03. NetApp had a return on equity of 123.63% and a net margin of 17.78%. The business had revenue of $1.73 billion for the quarter, compared to analyst estimates of $1.72 billion. During the same period in the previous year, the firm earned $1.80 EPS. The firm's revenue was up 3.8% compared to the same quarter last year. Sell-side analysts forecast that NetApp will post 5.89 earnings per share for the current fiscal year.

Insider Transactions at NetApp

In related news, CEO George Kurian sold 8,500 shares of the stock in a transaction that occurred on Monday, April 21st. The shares were sold at an average price of $81.83, for a total transaction of $695,555.00. Following the sale, the chief executive officer now owns 249,765 shares in the company, valued at approximately $20,438,269.95. This trade represents a 3.29% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, Director Anders Gustafsson purchased 2,800 shares of NetApp stock in a transaction that occurred on Thursday, March 27th. The shares were purchased at an average price of $91.00 per share, for a total transaction of $254,800.00. Following the transaction, the director now directly owns 6,348 shares in the company, valued at $577,668. This represents a 78.92% increase in their position. The disclosure for this purchase can be found here. In the last three months, insiders have sold 28,724 shares of company stock valued at $2,520,032. 0.47% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On NetApp

A number of large investors have recently modified their holdings of the business. M&T Bank Corp boosted its stake in NetApp by 4.8% in the fourth quarter. M&T Bank Corp now owns 12,794 shares of the data storage provider's stock valued at $1,485,000 after buying an additional 581 shares in the last quarter. Versor Investments LP acquired a new stake in shares of NetApp in the 4th quarter valued at approximately $395,000. AMJ Financial Wealth Management boosted its stake in shares of NetApp by 120.7% in the 4th quarter. AMJ Financial Wealth Management now owns 68,897 shares of the data storage provider's stock valued at $7,998,000 after purchasing an additional 37,684 shares in the last quarter. Brandywine Global Investment Management LLC acquired a new stake in shares of NetApp in the 4th quarter valued at approximately $5,151,000. Finally, Vanguard Group Inc. boosted its stake in shares of NetApp by 1.7% in the 4th quarter. Vanguard Group Inc. now owns 26,443,974 shares of the data storage provider's stock valued at $3,069,617,000 after purchasing an additional 429,343 shares in the last quarter. 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.