Brokerages Set NetApp, Inc. (NASDAQ:NTAP) Target Price at $129.07

NetApp, Inc. (NASDAQ:NTAP) has earned an average rating of “Hold” from the seventeen ratings firms that are covering the company, MarketBeat.com reports. Eleven analysts have rated the stock with a hold rating and six have issued a buy rating on the company. The average 12 month target price among analysts that have issued ratings on the stock in the last year is $129.07.

Several research analysts have commented on the company. Morgan Stanley lifted their target price on NetApp from $132.00 to $146.00 and gave the stock an “equal weight” rating in a report on Tuesday, December 17th. Barclays cut their price objective on NetApp from $132.00 to $115.00 and set an “equal weight” rating on the stock in a research note on Friday, February 28th. Wedbush reiterated a “neutral” rating and issued a $110.00 target price (down from $120.00) on shares of NetApp in a report on Friday, February 28th. TD Cowen lowered their price target on shares of NetApp from $160.00 to $130.00 and set a “buy” rating for the company in a report on Friday, February 28th. Finally, Loop Capital reduced their price objective on shares of NetApp from $150.00 to $130.00 and set a “buy” rating on the stock in a research note on Tuesday, March 4th.

Insider Activity

In other news, EVP Elizabeth M. O’callahan sold 451 shares of the company’s stock in a transaction that occurred on Friday, January 10th. The stock was sold at an average price of $116.79, for a total transaction of $52,672.29. Following the transaction, the executive vice president now directly owns 12,005 shares of the company’s stock, valued at $1,402,063.95. This represents a 3.62 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, President Cesar Cernuda sold 22,000 shares of the stock in a transaction on Monday, December 30th. The stock was sold at an average price of $114.99, for a total value of $2,529,780.00. Following the completion of the transaction, the president now owns 27,099 shares in the company, valued at approximately $3,116,114.01. This represents a 44.81 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 52,931 shares of company stock worth $6,252,759 in the last three months. Company insiders own 0.47% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors have recently bought and sold shares of the business. Vanguard Group Inc. raised its holdings in shares of NetApp by 1.7% in the 4th quarter. Vanguard Group Inc. now owns 26,443,974 shares of the data storage provider’s stock worth $3,069,617,000 after acquiring an additional 429,343 shares during the last quarter. State Street Corp boosted its stake in NetApp by 2.0% during the 3rd quarter. State Street Corp now owns 10,261,170 shares of the data storage provider’s stock valued at $1,267,357,000 after purchasing an additional 199,384 shares during the last quarter. Ameriprise Financial Inc. increased its holdings in NetApp by 14.5% during the 4th quarter. Ameriprise Financial Inc. now owns 7,024,456 shares of the data storage provider’s stock worth $815,402,000 after purchasing an additional 888,671 shares in the last quarter. Geode Capital Management LLC raised its stake in shares of NetApp by 8.2% in the third quarter. Geode Capital Management LLC now owns 5,985,673 shares of the data storage provider’s stock worth $738,280,000 after purchasing an additional 453,324 shares during the last quarter. Finally, Invesco Ltd. lifted its holdings in shares of NetApp by 20.4% in the fourth quarter. Invesco Ltd. now owns 3,123,228 shares of the data storage provider’s stock valued at $362,544,000 after purchasing an additional 529,471 shares in the last quarter. Institutional investors and hedge funds own 92.17% of the company’s stock.

NetApp Price Performance

Shares of NASDAQ:NTAP opened at $94.39 on Friday. The company has a debt-to-equity ratio of 1.39, a quick ratio of 0.84 and a current ratio of 0.91. NetApp has a 52 week low of $89.88 and a 52 week high of $135.45. The firm has a market cap of $19.20 billion, a PE ratio of 17.35, a price-to-earnings-growth ratio of 2.45 and a beta of 1.24. The firm’s fifty day moving average is $111.60 and its 200-day moving average is $117.77.

NetApp Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, April 23rd. Stockholders of record on Friday, April 4th will be given a dividend of $0.52 per share. The ex-dividend date is Friday, April 4th. This represents a $2.08 dividend on an annualized basis and a dividend yield of 2.20%. NetApp’s dividend payout ratio (DPR) is presently 38.52%.

NetApp Company Profile

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.