NetApp’s (NTAP) Neutral Rating Reaffirmed at Wedbush

NetApp (NASDAQ:NTAP)‘s stock had its “neutral” rating reissued by research analysts at Wedbush in a research note issued to investors on Wednesday,Benzinga reports. They currently have a $115.00 target price on the data storage provider’s stock. Wedbush’s price target indicates a potential upside of 15.15% from the stock’s previous close.

A number of other research analysts also recently weighed in on NTAP. Northland Securities set a $137.00 target price on shares of NetApp and gave the company an “outperform” rating in a research report on Wednesday, November 26th. Barclays upped their price target on NetApp from $125.00 to $134.00 and gave the company an “overweight” rating in a research report on Wednesday, November 26th. Bank of America increased their price target on NetApp from $125.00 to $129.00 and gave the stock a “neutral” rating in a research note on Wednesday, November 26th. The Goldman Sachs Group started coverage on NetApp in a research note on Tuesday, January 13th. They issued a “buy” rating and a $128.00 price objective on the stock. Finally, UBS Group lifted their target price on shares of NetApp from $114.00 to $120.00 and gave the stock a “neutral” rating in a research note on Wednesday, November 26th. One equities research analyst has rated the stock with a Strong Buy rating, seven have assigned a Buy rating and nine have given a Hold rating to the stock. According to MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus price target of $123.21.

NetApp Stock Performance

Shares of NTAP stock opened at $99.87 on Wednesday. The company has a debt-to-equity ratio of 2.52, a current ratio of 1.34 and a quick ratio of 1.30. The firm has a 50-day moving average of $103.81 and a 200-day moving average of $111.47. NetApp has a one year low of $71.84 and a one year high of $127.78. The company has a market cap of $19.78 billion, a P/E ratio of 17.37, a P/E/G ratio of 2.21 and a beta of 1.38.

NetApp (NASDAQ:NTAP) last issued its quarterly earnings data on Tuesday, November 25th. The data storage provider reported $2.05 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.88 by $0.17. The business had revenue of $1.71 billion during the quarter, compared to the consensus estimate of $1.69 billion. NetApp had a net margin of 17.73% and a return on equity of 121.28%. The firm’s quarterly revenue was up 2.8% compared to the same quarter last year. During the same period in the prior year, the firm posted $1.87 EPS. Equities research analysts forecast that NetApp will post 5.89 EPS for the current fiscal year.

Insiders Place Their Bets

In other NetApp news, EVP Elizabeth M. O’callahan sold 1,000 shares of the stock in a transaction that occurred on Tuesday, February 10th. The shares were sold at an average price of $103.45, for a total value of $103,450.00. Following the sale, the executive vice president directly owned 20,075 shares in the company, valued at $2,076,758.75. This represents a 4.74% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Company insiders own 0.28% of the company’s stock.

Institutional Investors Weigh In On NetApp

Large investors have recently added to or reduced their stakes in the business. Rossby Financial LCC raised its holdings in shares of NetApp by 105.5% in the 3rd quarter. Rossby Financial LCC now owns 224 shares of the data storage provider’s stock valued at $27,000 after acquiring an additional 115 shares in the last quarter. Abich Financial Wealth Management LLC bought a new stake in NetApp during the third quarter valued at approximately $27,000. Park Square Financial Group LLC grew its stake in NetApp by 68.7% in the 4th quarter. Park Square Financial Group LLC now owns 253 shares of the data storage provider’s stock worth $29,000 after buying an additional 103 shares in the last quarter. Gen Wealth Partners Inc bought a new position in shares of NetApp in the 4th quarter worth $30,000. Finally, DV Equities LLC purchased a new stake in shares of NetApp during the 4th quarter valued at $30,000. Institutional investors own 92.17% of the company’s stock.

About NetApp

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.