Loop Capital Lowers NetApp (NASDAQ:NTAP) Price Target to $130.00

NetApp (NASDAQ:NTAP) had its price objective cut by analysts at Loop Capital from $150.00 to $130.00 in a report released on Tuesday,Benzinga reports. The brokerage presently has a “buy” rating on the data storage provider’s stock. Loop Capital’s price objective points to a potential upside of 37.03% from the company’s previous close.

A number of other equities research analysts also recently issued reports on the stock. Morgan Stanley upped their price target on shares of NetApp from $132.00 to $146.00 and gave the company an “equal weight” rating in a research note on Tuesday, December 17th. Wedbush restated a “neutral” rating and set a $110.00 target price (down from $120.00) on shares of NetApp in a research report on Friday, February 28th. Bank of America upgraded NetApp from an “underperform” rating to a “neutral” rating and lifted their price target for the stock from $121.00 to $128.00 in a research report on Wednesday, February 19th. JPMorgan Chase & Co. decreased their price objective on NetApp from $160.00 to $153.00 and set an “overweight” rating on the stock in a research report on Friday, February 28th. Finally, Oppenheimer began coverage on NetApp in a report on Wednesday, November 13th. They issued a “market perform” rating for the company. Twelve research analysts have rated the stock with a hold rating and six have issued a buy rating to the stock. Based on data from MarketBeat, NetApp presently has a consensus rating of “Hold” and an average target price of $129.07.

NetApp Price Performance

Shares of NetApp stock opened at $94.87 on Tuesday. The firm has a market cap of $19.30 billion, a PE ratio of 17.44, a PEG ratio of 2.45 and a beta of 1.24. The stock has a 50 day moving average of $118.42 and a 200 day moving average of $121.10. The company has a current ratio of 0.91, a quick ratio of 0.84 and a debt-to-equity ratio of 1.39. NetApp has a 12 month low of $92.59 and a 12 month high of $135.45.

Insiders Place Their Bets

In other NetApp news, President Cesar Cernuda sold 22,000 shares of the stock in a transaction dated Monday, December 30th. The shares were sold at an average price of $114.99, for a total transaction of $2,529,780.00. Following the transaction, the president now directly owns 27,099 shares in the company, valued at $3,116,114.01. This represents a 44.81 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, EVP Elizabeth M. O’callahan sold 451 shares of the business’s stock in a transaction dated Friday, January 10th. The shares were sold at an average price of $116.79, for a total transaction of $52,672.29. Following the completion of the sale, the executive vice president now owns 12,005 shares of the company’s stock, valued at approximately $1,402,063.95. This represents a 3.62 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 60,903 shares of company stock worth $7,260,341 in the last ninety days. 0.47% of the stock is owned by company insiders.

Institutional Trading of NetApp

Several hedge funds and other institutional investors have recently bought and sold shares of the stock. Migdal Insurance & Financial Holdings Ltd. bought a new stake in NetApp during the fourth quarter valued at about $26,000. Assetmark Inc. lifted its position in shares of NetApp by 826.9% during the fourth quarter. Assetmark Inc. now owns 241 shares of the data storage provider’s stock valued at $28,000 after buying an additional 215 shares during the last quarter. Synergy Investment Management LLC bought a new stake in shares of NetApp in the 4th quarter valued at about $32,000. Itau Unibanco Holding S.A. boosted its holdings in shares of NetApp by 929.6% in the 4th quarter. Itau Unibanco Holding S.A. now owns 278 shares of the data storage provider’s stock valued at $32,000 after buying an additional 251 shares in the last quarter. Finally, Golden State Wealth Management LLC bought a new position in shares of NetApp during the 4th quarter worth approximately $35,000. Institutional investors own 92.17% of the company’s stock.

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.