NetApp (NASDAQ:NTAP) Price Target Raised to $105.00

NetApp (NASDAQ:NTAP) had its target price hoisted by Citigroup from $90.00 to $105.00 in a research report report published on Friday morning,Benzinga reports. They currently have a neutral rating on the data storage provider’s stock.

NTAP has been the subject of a number of other research reports. Loop Capital lowered their target price on shares of NetApp from $150.00 to $130.00 and set a “buy” rating for the company in a report on Tuesday, March 4th. StockNews.com lowered shares of NetApp from a “buy” rating to a “hold” rating in a report on Friday, February 28th. Barclays raised shares of NetApp from an “equal weight” rating to an “overweight” rating and set a $115.00 target price for the company in a report on Wednesday, April 30th. JPMorgan Chase & Co. reduced their price target on shares of NetApp from $153.00 to $113.00 and set an “overweight” rating on the stock in a research report on Thursday, April 17th. Finally, Evercore ISI reduced their price target on shares of NetApp from $120.00 to $100.00 and set an “in-line” rating on the stock in a research report on Monday, April 28th. Eleven research analysts have rated the stock with a hold rating and seven have assigned a buy rating to the company’s stock. According to MarketBeat, NetApp presently has a consensus rating of “Hold” and a consensus price target of $124.07.

NetApp Price Performance

NTAP opened at $100.53 on Friday. The company has a fifty day moving average price of $88.80 and a two-hundred day moving average price of $108.34. 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 $71.84 and a 52 week high of $135.45. The firm has a market capitalization of $20.45 billion, a PE ratio of 18.48, a P/E/G ratio of 2.45 and a beta of 1.40.

NetApp Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Wednesday, April 23rd. Shareholders of record on Friday, April 4th were paid a $0.52 dividend. This represents a $2.08 annualized dividend and a dividend yield of 2.07%. The ex-dividend date of this dividend was Friday, April 4th. NetApp’s dividend payout ratio is 38.52%.

Insider Buying and Selling at NetApp

In other NetApp news, CEO George Kurian sold 8,500 shares of NetApp stock in a transaction dated Tuesday, February 18th. The stock was sold at an average price of $119.04, for a total value of $1,011,840.00. Following the sale, the chief executive officer now owns 266,765 shares of the company’s stock, valued at $31,755,705.60. This trade represents a 3.09% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, Director Anders Gustafsson purchased 2,800 shares of the company’s stock in a transaction on Thursday, March 27th. The stock was purchased at an average cost of $91.00 per share, for a total transaction of $254,800.00. Following the purchase, the director now directly owns 6,348 shares in the company, valued at approximately $577,668. This trade represents a 78.92% increase in their ownership of the stock. The disclosure for this purchase can be found here. Insiders have sold 37,224 shares of company stock valued at $3,531,872 in the last 90 days. 0.47% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On NetApp

Several institutional investors and hedge funds have recently added to or reduced their stakes in NTAP. Barclays PLC lifted its position in NetApp by 31.4% during the 3rd quarter. Barclays PLC now owns 784,339 shares of the data storage provider’s stock worth $96,873,000 after buying an additional 187,638 shares in the last quarter. Brookstone Capital Management bought a new stake in NetApp during the 4th quarter worth about $222,000. Oak Thistle LLC bought a new stake in NetApp during the 4th quarter worth about $416,000. Park Avenue Securities LLC lifted its position in NetApp by 180.1% during the 4th quarter. Park Avenue Securities LLC now owns 13,168 shares of the data storage provider’s stock worth $1,529,000 after buying an additional 8,466 shares in the last quarter. Finally, Gateway Investment Advisers LLC bought a new stake in NetApp during the 4th quarter worth about $419,000. 92.17% of the stock is owned by institutional investors.

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.