NetApp (NASDAQ:NTAP) Price Target Cut to $66.00

NetApp (NASDAQ:NTAP) had its price objective lowered by equities research analysts at Stifel Nicolaus from $70.00 to $66.00 in a note issued to investors on Thursday, The Fly reports. The brokerage presently has a “buy” rating on the data storage provider’s stock. Stifel Nicolaus’ price objective would indicate a potential upside of 21.68% from the company’s current price.

Several other research analysts have also commented on NTAP. Wells Fargo & Co cut their price objective on NetApp from $60.00 to $55.00 and set an “equal weight” rating for the company in a report on Thursday. Oppenheimer reissued a “hold” rating on shares of NetApp in a report on Wednesday. William Blair reissued a “market perform” rating on shares of NetApp in a report on Thursday, November 14th. Cowen cut their price objective on NetApp from $60.00 to $58.00 and set a “market perform” rating for the company in a report on Thursday. Finally, Standpoint Research raised NetApp from a “hold” rating to a “buy” rating in a report on Monday, December 23rd. Four investment analysts have rated the stock with a sell rating, fifteen have given a hold rating and eight have assigned a buy rating to the stock. The company has a consensus rating of “Hold” and an average price target of $63.26.

Shares of NASDAQ NTAP opened at $54.24 on Thursday. NetApp has a 12 month low of $44.55 and a 12 month high of $78.35. The company has a current ratio of 1.31, a quick ratio of 1.27 and a debt-to-equity ratio of 2.14. The firm has a market capitalization of $12.59 billion, a price-to-earnings ratio of 15.41, a PEG ratio of 1.25 and a beta of 1.58. The business has a 50-day moving average of $60.10 and a 200-day moving average of $56.27.

NetApp (NASDAQ:NTAP) last issued its quarterly earnings data on Wednesday, February 12th. The data storage provider reported $1.16 EPS for the quarter, missing the Thomson Reuters’ consensus estimate of $1.18 by ($0.02). NetApp had a return on equity of 103.11% and a net margin of 18.19%. The business had revenue of $1.40 billion for the quarter, compared to analysts’ expectations of $1.47 billion. During the same period in the previous year, the firm posted $1.20 EPS. The firm’s revenue for the quarter was down 10.2% compared to the same quarter last year. On average, analysts predict that NetApp will post 3.72 earnings per share for the current year.

In related news, EVP Henri P. Richard sold 2,500 shares of the business’s stock in a transaction that occurred on Wednesday, January 15th. The stock was sold at an average price of $64.20, for a total value of $160,500.00. Following the completion of the sale, the executive vice president now owns 143,855 shares in the company, valued at approximately $9,235,491. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, CAO Scott R. Allen sold 2,781 shares of the business’s stock in a transaction that occurred on Friday, December 13th. The stock was sold at an average price of $62.23, for a total value of $173,061.63. The disclosure for this sale can be found here. Insiders sold a total of 5,284 shares of company stock valued at $333,743 in the last 90 days. 0.33% of the stock is currently owned by corporate insiders.

A number of large investors have recently added to or reduced their stakes in the stock. Bank of New York Mellon Corp lifted its position in NetApp by 9.6% in the fourth quarter. Bank of New York Mellon Corp now owns 5,416,736 shares of the data storage provider’s stock valued at $337,192,000 after purchasing an additional 473,061 shares during the last quarter. Amundi Pioneer Asset Management Inc. lifted its position in NetApp by 16.7% in the fourth quarter. Amundi Pioneer Asset Management Inc. now owns 3,175,468 shares of the data storage provider’s stock valued at $197,682,000 after purchasing an additional 454,210 shares during the last quarter. First Trust Advisors LP lifted its position in NetApp by 29.5% in the third quarter. First Trust Advisors LP now owns 2,502,468 shares of the data storage provider’s stock valued at $131,405,000 after purchasing an additional 570,720 shares during the last quarter. Stifel Financial Corp lifted its position in NetApp by 2.2% in the fourth quarter. Stifel Financial Corp now owns 1,762,101 shares of the data storage provider’s stock valued at $109,614,000 after purchasing an additional 38,081 shares during the last quarter. Finally, Goldman Sachs Group Inc. lifted its position in NetApp by 7.4% in the fourth quarter. Goldman Sachs Group Inc. now owns 1,583,309 shares of the data storage provider’s stock valued at $98,562,000 after purchasing an additional 109,178 shares during the last quarter. Institutional investors own 98.26% of the company’s stock.

NetApp Company Profile

NetApp, Inc provides software, systems, and services to manage and share data on-premises, and private and public clouds worldwide. It offers cloud data services, such as ONTAP cloud storage data management and NetApp cloud sync data synchronization services; NetApp SaaS backup for Microsoft Office 365; NetApp cloud backup solutions; OnCommand management software and management integration tools; and NetApp private storage for cloud.

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