NetApp (NASDAQ:NTAP) Price Target Raised to $125.00 at Bank of America

NetApp (NASDAQ:NTAP) had its price target raised by Bank of America from $118.00 to $125.00 in a research report issued to clients and investors on Wednesday,Benzinga reports. The brokerage currently has a “neutral” rating on the data storage provider’s stock. Bank of America‘s target price suggests a potential upside of 3.66% from the stock’s current price.

A number of other equities research analysts also recently commented on the company. JPMorgan Chase & Co. downgraded NetApp from an “overweight” rating to a “neutral” rating and decreased their target price for the stock from $125.00 to $110.00 in a research report on Thursday, April 16th. Weiss Ratings cut shares of NetApp from a “buy (b-)” rating to a “hold (c+)” rating in a research report on Friday, March 13th. Citigroup cut shares of NetApp from a “neutral” rating to a “mixed” rating in a research report on Thursday, May 14th. Wedbush reiterated a “neutral” rating and issued a $115.00 target price on shares of NetApp in a report on Wednesday, February 25th. Finally, Wall Street Zen cut NetApp from a “buy” rating to a “hold” rating in a report on Sunday, April 19th. One investment analyst has rated the stock with a Strong Buy rating, four have issued a Buy rating and eight have given a Hold rating to the stock. According to MarketBeat.com, the stock presently has an average rating of “Hold” and a consensus price target of $122.27.

NetApp Stock Performance

NTAP opened at $120.59 on Wednesday. The stock has a market capitalization of $23.80 billion, a price-to-earnings ratio of 20.17, a PEG ratio of 3.42 and a beta of 1.28. The company has a fifty day moving average of $105.97 and a 200 day moving average of $106.50. NetApp has a fifty-two week low of $93.69 and a fifty-two week high of $126.66. The company has a debt-to-equity ratio of 2.15, a quick ratio of 1.36 and a current ratio of 1.39.

NetApp (NASDAQ:NTAP) last posted its earnings results on Thursday, February 26th. The data storage provider reported $2.12 earnings per share for the quarter, beating the consensus estimate of $2.07 by $0.05. The company had revenue of $1.71 billion during the quarter, compared to analysts’ expectations of $1.70 billion. NetApp had a net margin of 18.07% and a return on equity of 118.11%. NetApp’s quarterly revenue was up 4.4% on a year-over-year basis. During the same period last year, the company 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, sell-side analysts forecast that NetApp will post 6.48 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other NetApp news, EVP Elizabeth M. O’callahan sold 1,000 shares of the firm’s stock in a transaction on Monday, May 11th. The stock was sold at an average price of $117.73, for a total transaction of $117,730.00. Following the transaction, the executive vice president directly owned 18,382 shares in the company, valued at $2,164,112.86. This trade represents a 5.16% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Insiders sold a total of 3,000 shares of company stock valued at $314,650 in the last 90 days. Company insiders own 0.28% of the company’s stock.

Institutional Trading of NetApp

A number of hedge funds have recently added to or reduced their stakes in NTAP. Abich Financial Wealth Management LLC purchased a new stake in NetApp in the third quarter worth about $27,000. Rossby Financial LCC increased its holdings in NetApp by 105.5% during the third quarter. Rossby Financial LCC now owns 224 shares of the data storage provider’s stock valued at $27,000 after buying an additional 115 shares during the period. Park Square Financial Group LLC increased its holdings in NetApp by 68.7% during the fourth quarter. Park Square Financial Group LLC now owns 253 shares of the data storage provider’s stock valued at $29,000 after buying an additional 103 shares during the period. Gen Wealth Partners Inc purchased a new position in NetApp during the fourth quarter valued at approximately $30,000. Finally, DV Equities LLC purchased a new position in NetApp during the fourth quarter valued at approximately $30,000. 92.17% of the stock is owned by hedge funds and other 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.