NetApp (NASDAQ:NTAP) Rating Lowered to "Neutral" at JPMorgan Chase & Co.

Key Points

• JPMorgan downgraded NetApp from an Overweight to a Neutral rating and set a $110 price target, implying roughly a 9.6% upside from the prior close.
• Consensus among analysts skews toward a Hold, with an average price target of $120.75 while opinions range from Goldman Sachs' Buy ($128 PT) to multiple Hold/Neutral calls.
• NetApp beat quarterly EPS estimates ($2.12 vs. $2.07) and issued FY2026 guidance of 7.92–8.02 EPS; insiders sold 3,000 shares recently and institutional ownership is high at 92.17%.

NetApp (NASDAQ:NTAP - Get Free Report) was downgraded by research analysts at JPMorgan Chase & Co. from an "overweight" rating to a "neutral" rating in a note issued to investors on Thursday, MarketBeat.com reports. They currently have a $110.00 target price on the data storage provider's stock. JPMorgan Chase & Co.'s target price indicates a potential upside of 9.64% from the stock's previous close.

NTAP has been the subject of several other research reports. Citigroup boosted their price target on NetApp from $110.00 to $114.00 and gave the stock a "neutral" rating in a research note on Monday, March 2nd. Wall Street Zen upgraded shares of NetApp from a "hold" rating to a "buy" rating in a research note on Saturday, April 11th. The Goldman Sachs Group assumed coverage on shares of NetApp in a research note on Tuesday, January 13th. They issued a "buy" rating and a $128.00 price target for the company. Weiss Ratings lowered shares of NetApp from a "buy (b-)" rating to a "hold (c+)" rating in a research note on Friday, March 13th. Finally, Wedbush reiterated a "neutral" rating and issued a $115.00 price target on shares of NetApp in a research note on Wednesday, February 25th. One investment analyst has rated the stock with a Strong Buy rating, four have issued a Buy rating and ten have issued a Hold rating to the company. Based on data from MarketBeat, NetApp has an average rating of "Hold" and an average price target of $120.75.

NetApp Trading Up 1.5%

NASDAQ NTAP opened at $100.33 on Thursday. The stock's fifty day moving average price is $100.94 and its 200-day moving average price is $107.44. The stock has a market cap of $19.80 billion, a P/E ratio of 16.78, a P/E/G ratio of 3.07 and a beta of 1.30. NetApp has a 12 month low of $80.22 and a 12 month high of $126.66. The company has a current ratio of 1.39, a quick ratio of 1.36 and a debt-to-equity ratio of 2.15.

NetApp (NASDAQ:NTAP - Get Free Report) last issued its earnings results on Thursday, February 26th. The data storage provider reported $2.12 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.07 by $0.05. The firm had revenue of $1.71 billion for the quarter, compared to the consensus estimate of $1.70 billion. NetApp had a net margin of 18.07% and a return on equity of 118.11%. The business's revenue was up 4.4% on a year-over-year basis. During the same quarter in the prior year, the firm posted $1.91 earnings per share. NetApp has set its Q4 2026 guidance at 2.210-2.310 EPS and its FY 2026 guidance at 7.920-8.020 EPS. As a group, equities analysts forecast that NetApp will post 5.89 EPS for the current fiscal year.

Insiders Place Their Bets

In related news, EVP Elizabeth M. O'callahan sold 1,000 shares of the stock in a transaction that occurred on Friday, April 10th. The stock was sold at an average price of $96.25, for a total transaction of $96,250.00. Following the completion of the transaction, the executive vice president directly owned 19,382 shares of the company's stock, valued at approximately $1,865,517.50. This represents a 4.91% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Insiders have sold 3,000 shares of company stock worth $300,370 over the last three months. Company insiders own 0.28% of the company's stock.

Institutional Investors Weigh In On NetApp

Several large investors have recently added to or reduced their stakes in NTAP. Hsbc Holdings PLC lifted its stake in NetApp by 30.6% in the fourth quarter. Hsbc Holdings PLC now owns 845,036 shares of the data storage provider's stock worth $90,556,000 after purchasing an additional 197,922 shares during the last quarter. Rockefeller Capital Management L.P. lifted its stake in NetApp by 87.5% in the fourth quarter. Rockefeller Capital Management L.P. now owns 40,967 shares of the data storage provider's stock worth $4,387,000 after purchasing an additional 19,113 shares during the last quarter. Corient Private Wealth LLC lifted its stake in NetApp by 4.3% in the fourth quarter. Corient Private Wealth LLC now owns 50,360 shares of the data storage provider's stock worth $5,393,000 after purchasing an additional 2,069 shares during the last quarter. Caitong International Asset Management Co. Ltd lifted its stake in NetApp by 1,371.0% in the fourth quarter. Caitong International Asset Management Co. Ltd now owns 2,692 shares of the data storage provider's stock worth $288,000 after purchasing an additional 2,509 shares during the last quarter. Finally, Tobam increased its stake in NetApp by 854.7% in the fourth quarter. Tobam now owns 8,926 shares of the data storage provider's stock worth $956,000 after purchasing an additional 7,991 shares during the period. 92.17% of the stock is owned by institutional investors.

NetApp Company Profile

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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