NetApp (NASDAQ:NTAP) was upgraded by analysts at Goldman Sachs Group from a “neutral” rating to a “conviction-buy” rating in a research report issued to clients and investors on Wednesday, MarketBeat.com reports. The brokerage currently has a $91.00 price target on the data storage provider’s stock. Goldman Sachs Group’s price objective points to a potential upside of 16.53% from the stock’s previous close.

A number of other equities analysts have also recently issued reports on NTAP. Wells Fargo & Co restated a “positive” rating and set a $80.00 target price on shares of NetApp in a report on Wednesday, June 20th. Piper Jaffray Companies raised their target price on NetApp from $77.00 to $86.00 and gave the stock an “overweight” rating in a report on Tuesday, June 26th. Argus raised their target price on NetApp to $90.00 and gave the stock a “buy” rating in a report on Thursday, July 5th. They noted that the move was a valuation call. DA Davidson restated a “buy” rating and set a $90.00 target price (up previously from $83.00) on shares of NetApp in a report on Monday, July 9th. Finally, Guggenheim initiated coverage on NetApp in a report on Thursday, July 12th. They set a “buy” rating and a $94.00 target price on the stock. Two analysts have rated the stock with a sell rating, nine have given a hold rating and nineteen have given a buy rating to the company’s stock. The stock currently has a consensus rating of “Buy” and a consensus target price of $81.38.

NTAP traded down $0.98 during midday trading on Wednesday, reaching $78.09. 148,143 shares of the company were exchanged, compared to its average volume of 2,868,035. The company has a current ratio of 2.06, a quick ratio of 2.03 and a debt-to-equity ratio of 0.80. NetApp has a one year low of $43.24 and a one year high of $88.08. The stock has a market cap of $22.27 billion, a P/E ratio of 26.46, a price-to-earnings-growth ratio of 1.55 and a beta of 1.28.

NetApp (NASDAQ:NTAP) last issued its earnings results on Wednesday, August 15th. The data storage provider reported $1.04 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $0.80 by $0.24. NetApp had a return on equity of 41.75% and a net margin of 3.68%. The firm had revenue of $1.47 billion for the quarter, compared to analysts’ expectations of $1.42 billion. During the same quarter last year, the business earned $0.62 earnings per share. The company’s revenue was up 11.6% compared to the same quarter last year. As a group, equities analysts forecast that NetApp will post 3.91 EPS for the current year.

In related news, CEO George Kurian sold 6,000 shares of NetApp stock in a transaction that occurred on Monday, October 1st. The stock was sold at an average price of $86.10, for a total value of $516,600.00. Following the sale, the chief executive officer now owns 29,479 shares of the company’s stock, valued at approximately $2,538,141.90. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, VP Joel D. Reich sold 7,157 shares of NetApp stock in a transaction that occurred on Friday, August 31st. The shares were sold at an average price of $86.83, for a total value of $621,442.31. Following the completion of the sale, the vice president now directly owns 603 shares in the company, valued at approximately $52,358.49. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 150,137 shares of company stock worth $12,490,997. 0.19% of the stock is currently owned by insiders.

Institutional investors have recently made changes to their positions in the stock. Renaissance Technologies LLC raised its position in NetApp by 270.0% in the 2nd quarter. Renaissance Technologies LLC now owns 2,332,932 shares of the data storage provider’s stock valued at $183,205,000 after buying an additional 1,702,432 shares during the last quarter. Palo Capital Inc. acquired a new stake in NetApp in the 2nd quarter valued at approximately $4,465,000. Mount Yale Investment Advisors LLC acquired a new stake in NetApp in the 1st quarter valued at approximately $191,000. Berkshire Capital Holdings Inc. acquired a new stake in NetApp in the 2nd quarter valued at approximately $7,588,000. Finally, Sumitomo Mitsui Trust Holdings Inc. raised its position in NetApp by 11.8% in the 2nd quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 878,166 shares of the data storage provider’s stock valued at $68,962,000 after buying an additional 92,890 shares during the last quarter. 94.34% of the stock is currently owned by institutional investors and hedge funds.

NetApp Company Profile

NetApp, Inc provides software, systems, and services to manage and share date 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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Analyst Recommendations for NetApp (NASDAQ:NTAP)

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