NetApp (NASDAQ:NTAP) Price Target Raised to $114.00

NetApp (NASDAQ:NTAP) had its target price raised by Citigroup from $110.00 to $114.00 in a research report released on Monday,Benzinga reports. They currently have a neutral rating on the data storage provider’s stock.

Other research analysts have also issued reports about the company. The Goldman Sachs Group initiated coverage on NetApp in a research report on Tuesday, January 13th. They set a “buy” rating and a $128.00 price target for the company. Weiss Ratings upgraded NetApp from a “hold (c+)” rating to a “buy (b-)” rating in a report on Friday, February 27th. Oppenheimer reiterated a “market perform” rating on shares of NetApp in a research note on Wednesday, November 26th. Wedbush reissued a “neutral” rating and set a $115.00 price target on shares of NetApp in a research report on Wednesday, February 25th. Finally, Bank of America lifted their price objective on shares of NetApp from $125.00 to $129.00 and gave the company a “neutral” rating in a report on Wednesday, November 26th. One equities research analyst has rated the stock with a Strong Buy rating, six have assigned a Buy rating and eight have issued a Hold rating to the company. According to MarketBeat, NetApp has an average rating of “Moderate Buy” and a consensus price target of $122.42.

NetApp Trading Up 0.8%

Shares of NTAP stock opened at $99.55 on Monday. NetApp has a 1-year low of $71.84 and a 1-year high of $126.66. The firm has a market cap of $19.64 billion, a PE ratio of 16.65, a price-to-earnings-growth ratio of 3.11 and a beta of 1.39. The company has a 50-day moving average of $102.49 and a two-hundred day moving average of $111.09. The company has a debt-to-equity ratio of 2.15, a current ratio of 1.39 and a quick ratio of 1.36.

NetApp (NASDAQ:NTAP) last released its quarterly earnings results on Thursday, February 26th. The data storage provider reported $2.12 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $2.07 by $0.05. The business had revenue of $1.71 billion for the quarter, compared to the consensus estimate of $1.70 billion. NetApp had a net margin of 18.07% and a return on equity of 118.11%. The business’s revenue was up 4.4% on a year-over-year basis. During the same period in the previous year, the firm earned $1.91 EPS. NetApp has set its Q4 2026 guidance at 2.210-2.310 EPS and its FY 2026 guidance at 7.920-8.020 EPS. On average, analysts predict that NetApp will post 5.89 EPS for the current year.

NetApp Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, April 22nd. Stockholders of record on Friday, April 3rd will be given a dividend of $0.52 per share. This represents a $2.08 annualized dividend and a dividend yield of 2.1%. The ex-dividend date of this dividend is Thursday, April 2nd. NetApp’s payout ratio is 34.78%.

Insider Buying and Selling

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

Institutional Inflows and Outflows

A number of hedge funds have recently made changes to their positions in the business. Norges Bank acquired a new position in NetApp in the fourth quarter valued at approximately $458,060,000. Boston Partners lifted its position in shares of NetApp by 108.9% during the 2nd quarter. Boston Partners now owns 2,947,200 shares of the data storage provider’s stock worth $313,997,000 after buying an additional 1,536,339 shares during the last quarter. Geode Capital Management LLC boosted its holdings in shares of NetApp by 16.8% in the 2nd quarter. Geode Capital Management LLC now owns 7,112,316 shares of the data storage provider’s stock valued at $756,665,000 after buying an additional 1,024,626 shares in the last quarter. Pacer Advisors Inc. grew its position in shares of NetApp by 103.6% in the 3rd quarter. Pacer Advisors Inc. now owns 1,783,103 shares of the data storage provider’s stock valued at $211,226,000 after buying an additional 907,233 shares during the last quarter. Finally, Arrowstreet Capital Limited Partnership raised its stake in NetApp by 94.6% during the 3rd quarter. Arrowstreet Capital Limited Partnership now owns 1,823,292 shares of the data storage provider’s stock worth $215,987,000 after acquiring an additional 886,485 shares in the last quarter. Hedge funds and other institutional investors own 92.17% of the company’s stock.

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.