Brokerages Set NetApp, Inc. (NASDAQ:NTAP) Price Target at $129.06

Shares of NetApp, Inc. (NASDAQ:NTAP) have received an average rating of “Hold” from the sixteen analysts that are currently covering the firm, Marketbeat.com reports. One investment analyst has rated the stock with a sell rating, ten have issued a hold rating and five have assigned a buy rating to the company. The average 1 year price target among analysts that have issued a report on the stock in the last year is $129.06.

Several research firms have recently commented on NTAP. Evercore ISI lifted their target price on NetApp from $120.00 to $130.00 and gave the company an “in-line” rating in a research note on Monday, August 12th. UBS Group lifted their price target on shares of NetApp from $121.00 to $134.00 and gave the company a “neutral” rating in a research note on Thursday, August 29th. JPMorgan Chase & Co. boosted their price target on NetApp from $146.00 to $147.00 and gave the company a “neutral” rating in a report on Thursday, August 29th. Bank of America increased their target price on shares of NetApp from $105.00 to $110.00 and gave the stock an “underperform” rating in a report on Thursday, August 29th. Finally, Stifel Nicolaus raised their price target on NetApp from $138.00 to $140.00 and gave the company a “buy” rating in a research note on Thursday, August 29th.

Insider Activity

In other news, CAO Lorenzo Daniel De sold 1,685 shares of the company’s stock in a transaction that occurred on Tuesday, September 24th. The shares were sold at an average price of $123.60, for a total transaction of $208,266.00. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. In other NetApp news, CEO George Kurian sold 8,500 shares of the company’s stock in a transaction dated Monday, October 21st. The stock was sold at an average price of $126.11, for a total value of $1,071,935.00. Following the completion of the transaction, the chief executive officer now owns 292,778 shares of the company’s stock, valued at $36,922,233.58. This represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, CAO Lorenzo Daniel De sold 1,685 shares of the firm’s stock in a transaction that occurred on Tuesday, September 24th. The shares were sold at an average price of $123.60, for a total transaction of $208,266.00. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 10,890 shares of company stock worth $1,369,172. Corporate insiders own 0.47% of the company’s stock.

Hedge Funds Weigh In On NetApp

Hedge funds have recently modified their holdings of the business. Hollencrest Capital Management bought a new stake in NetApp during the second quarter valued at $26,000. J.Safra Asset Management Corp lifted its holdings in shares of NetApp by 706.3% in the first quarter. J.Safra Asset Management Corp now owns 258 shares of the data storage provider’s stock valued at $27,000 after purchasing an additional 226 shares in the last quarter. Northwest Investment Counselors LLC purchased a new position in NetApp during the 3rd quarter worth $27,000. New Covenant Trust Company N.A. purchased a new position in NetApp during the first quarter worth about $28,000. Finally, Redwood Wealth Management Group LLC purchased a new position in shares of NetApp in the 2nd quarter worth approximately $32,000. Institutional investors and hedge funds own 92.17% of the company’s stock.

NetApp Stock Up 0.7 %

Shares of NASDAQ:NTAP opened at $119.84 on Tuesday. The company has a debt-to-equity ratio of 1.34, a quick ratio of 0.91 and a current ratio of 0.96. The company has a market capitalization of $24.54 billion, a PE ratio of 23.41, a P/E/G ratio of 4.49 and a beta of 1.23. NetApp has a 52 week low of $70.82 and a 52 week high of $135.01. The company’s fifty day moving average is $123.60 and its 200-day moving average is $119.85.

NetApp (NASDAQ:NTAP) last announced its earnings results on Wednesday, August 28th. The data storage provider reported $1.56 EPS for the quarter, topping the consensus estimate of $1.45 by $0.11. NetApp had a return on equity of 121.41% and a net margin of 17.01%. The company had revenue of $1.54 billion for the quarter, compared to analysts’ expectations of $1.53 billion. During the same quarter in the prior year, the business earned $0.84 earnings per share. The business’s revenue for the quarter was up 7.6% on a year-over-year basis. Equities research analysts predict that NetApp will post 5.71 earnings per share for the current fiscal year.

NetApp Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Wednesday, October 23rd. Investors of record on Friday, October 4th were given a dividend of $0.52 per share. This represents a $2.08 dividend on an annualized basis and a yield of 1.74%. The ex-dividend date was Friday, October 4th. NetApp’s dividend payout ratio is 40.63%.

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.