NetApp (NASDAQ:NTAP) Price Target Cut to $55.00 by Analysts at Wells Fargo & Co

NetApp (NASDAQ:NTAP) had its target price lowered by Wells Fargo & Co from $60.00 to $55.00 in a research note published on Thursday, BenzingaRatingsTable reports. The brokerage currently has an equal weight rating on the data storage provider’s stock.

Other equities research analysts have also recently issued reports about the stock. Credit Suisse Group reissued a buy rating and issued a $70.00 price objective on shares of NetApp in a research note on Wednesday, January 22nd. Zacks Investment Research cut shares of NetApp from a strong-buy rating to a hold rating and set a $73.00 price objective on the stock. in a research note on Tuesday, November 19th. Lake Street Capital upped their target price on shares of NetApp from $49.00 to $58.00 and gave the company a hold rating in a report on Thursday, November 14th. Argus upped their target price on shares of NetApp from $66.00 to $75.00 and gave the company a buy rating in a report on Friday, November 15th. Finally, Loop Capital upped their target price on shares of NetApp to $70.00 and gave the company a buy rating in a report on Thursday, November 14th. Four investment analysts have rated the stock with a sell rating, fifteen have issued a hold rating and nine have assigned a buy rating to the company’s stock. The company currently has a consensus rating of Hold and an average price target of $64.00.

NASDAQ NTAP traded down $0.94 during trading hours on Thursday, reaching $54.24. The company’s stock had a trading volume of 3,217,318 shares, compared to its average volume of 2,375,587. The stock has a market cap of $13.25 billion, a PE ratio of 13.49, a PEG ratio of 1.31 and a beta of 1.58. NetApp has a fifty-two week low of $44.55 and a fifty-two week high of $78.35. The company’s 50-day moving average is $60.10 and its two-hundred day moving average is $56.27. The company has a debt-to-equity ratio of 2.14, a quick ratio of 1.27 and a current ratio of 1.31.

NetApp (NASDAQ:NTAP) last issued its quarterly earnings data on Wednesday, February 12th. The data storage provider reported $1.16 EPS for the quarter, missing the Zacks’ consensus estimate of $1.18 by ($0.02). The business had revenue of $1.40 billion during the quarter, compared to analyst estimates of $1.47 billion. NetApp had a net margin of 17.20% and a return on equity of 95.04%. NetApp’s revenue was down 10.2% on a year-over-year basis. During the same period in the previous year, the company posted $1.20 earnings per share. Equities analysts expect that NetApp will post 3.72 earnings per share for the current fiscal year.

The firm also recently declared a quarterly dividend, which will be paid on Wednesday, April 22nd. Investors of record on Friday, April 3rd will be issued a $0.48 dividend. The ex-dividend date of this dividend is Thursday, April 2nd. This represents a $1.92 annualized dividend and a yield of 3.54%. NetApp’s payout ratio is 47.76%.

In other NetApp news, CAO Scott R. Allen sold 2,781 shares of the stock in a transaction that occurred on Friday, December 13th. The shares were sold at an average price of $62.23, for a total value of $173,061.63. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, EVP Henri P. Richard sold 2,500 shares of the stock in a transaction that occurred on Wednesday, January 15th. The shares were sold at an average price of $64.20, for a total transaction of $160,500.00. Following the completion of the sale, the executive vice president now directly owns 143,855 shares of the company’s stock, valued at approximately $9,235,491. The disclosure for this sale can be found here. Insiders sold 5,284 shares of company stock worth $333,743 in the last 90 days. 0.33% of the stock is currently owned by insiders.

A number of large investors have recently modified their holdings of the business. Bank of New York Mellon Corp grew its position in NetApp by 9.6% in the fourth quarter. Bank of New York Mellon Corp now owns 5,416,736 shares of the data storage provider’s stock valued at $337,192,000 after acquiring an additional 473,061 shares in the last quarter. Amundi Pioneer Asset Management Inc. grew its position in NetApp by 16.7% in the fourth quarter. Amundi Pioneer Asset Management Inc. now owns 3,175,468 shares of the data storage provider’s stock valued at $197,682,000 after acquiring an additional 454,210 shares in the last quarter. First Trust Advisors LP grew its position in NetApp by 29.5% in the third quarter. First Trust Advisors LP now owns 2,502,468 shares of the data storage provider’s stock valued at $131,405,000 after acquiring an additional 570,720 shares in the last quarter. Stifel Financial Corp grew its position in NetApp by 2.2% in the fourth quarter. Stifel Financial Corp now owns 1,762,101 shares of the data storage provider’s stock valued at $109,614,000 after acquiring an additional 38,081 shares in the last quarter. Finally, Goldman Sachs Group Inc. grew its position in NetApp by 7.4% in the fourth quarter. Goldman Sachs Group Inc. now owns 1,583,309 shares of the data storage provider’s stock valued at $98,562,000 after acquiring an additional 109,178 shares in the last quarter. 98.26% of the stock is owned by institutional investors.

NetApp Company Profile

NetApp, Inc provides software, systems, and services to manage and share data on-premises, and private and public clouds worldwide. It offers cloud data services, such as ONTAP cloud storage data management and NetApp cloud sync data synchronization services; NetApp SaaS backup for Microsoft Office 365; NetApp cloud backup solutions; OnCommand management software and management integration tools; and NetApp private storage for cloud.

Read More: Price to Earnings Ratio (PE) Basics

Analyst Recommendations for NetApp (NASDAQ:NTAP)

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