NetApp (NASDAQ:NTAP) Price Target Raised to $200.00

NetApp (NASDAQ:NTAP) had its target price lifted by investment analysts at Argus from $130.00 to $200.00 in a note issued to investors on Monday,Benzinga reports. The firm currently has a “buy” rating on the data storage provider’s stock. Argus’ price target indicates a potential upside of 14.16% from the stock’s previous close.

NTAP has been the topic of several other reports. Barclays increased their price target on shares of NetApp from $120.00 to $199.00 and gave the company an “overweight” rating in a research note on Friday. Citigroup lifted their price target on shares of NetApp from $114.00 to $150.00 and gave the company a “neutral” rating in a research report on Friday. JPMorgan Chase & Co. upped their price objective on NetApp from $110.00 to $150.00 and gave the company a “neutral” rating in a report on Friday. Bank of America raised their target price on NetApp from $125.00 to $150.00 and gave the stock a “neutral” rating in a research note on Friday. Finally, Weiss Ratings downgraded NetApp from a “buy (b-)” rating to a “hold (c+)” rating in a research report on Friday, March 13th. Four analysts have rated the stock with a Buy rating, ten have issued a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat.com, the stock presently has an average rating of “Hold” and an average target price of $163.33.

NetApp Price Performance

Shares of NetApp stock traded up $0.90 during trading hours on Monday, reaching $175.19. 1,353,490 shares of the company’s stock were exchanged, compared to its average volume of 2,613,981. NetApp has a 1 year low of $93.69 and a 1 year high of $192.83. The company has a market capitalization of $34.57 billion, a P/E ratio of 27.46, a price-to-earnings-growth ratio of 3.18 and a beta of 1.44. The business has a fifty day moving average of $112.46 and a two-hundred day moving average of $107.92. The company has a quick ratio of 1.39, a current ratio of 1.44 and a debt-to-equity ratio of 1.84.

NetApp (NASDAQ:NTAP) last posted its quarterly earnings results on Thursday, May 28th. The data storage provider reported $2.03 earnings per share for the quarter, missing the consensus estimate of $2.27 by ($0.24). NetApp had a return on equity of 117.23% and a net margin of 18.43%.The business had revenue of $1.95 billion during the quarter, compared to analysts’ expectations of $1.87 billion. During the same period in the prior year, the business posted $1.93 earnings per share. The business’s quarterly revenue was up 12.5% on a year-over-year basis. NetApp has set its FY 2027 guidance at 8.700-9.000 EPS and its Q1 2027 guidance at 2.050-2.150 EPS. As a group, research analysts predict that NetApp will post 7.14 earnings per share for the current fiscal year.

Insider Buying and Selling

In other NetApp news, CAO Lorenzo Daniel De sold 275 shares of the company’s stock in a transaction on Monday, May 18th. The shares were sold at an average price of $120.00, for a total value of $33,000.00. Following the completion of the transaction, the chief accounting officer owned 1,090 shares in the company, valued at $130,800. This represents a 20.15% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, EVP Elizabeth M. O’callahan sold 1,000 shares of the stock in a transaction that occurred on Monday, May 11th. The shares were sold at an average price of $117.73, for a total value of $117,730.00. Following the completion of the sale, the executive vice president directly owned 18,382 shares of the company’s stock, valued at $2,164,112.86. The trade was a 5.16% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold 3,275 shares of company stock worth $347,650 over the last 90 days. Insiders own 0.28% of the company’s stock.

Institutional Investors Weigh In On NetApp

Hedge funds have recently modified their holdings of the stock. Cozad Asset Management Inc. increased its position in NetApp by 7.1% during the 1st quarter. Cozad Asset Management Inc. now owns 2,175 shares of the data storage provider’s stock worth $223,000 after purchasing an additional 145 shares during the period. Royal Fund Management LLC lifted its holdings in shares of NetApp by 60.8% in the 1st quarter. Royal Fund Management LLC now owns 8,198 shares of the data storage provider’s stock valued at $839,000 after buying an additional 3,100 shares during the period. Bank of America Corp DE lifted its holdings in shares of NetApp by 7.5% in the 1st quarter. Bank of America Corp DE now owns 1,956,339 shares of the data storage provider’s stock valued at $200,310,000 after buying an additional 136,769 shares during the period. Edgestream Partners L.P. boosted its stake in shares of NetApp by 203.1% in the first quarter. Edgestream Partners L.P. now owns 44,831 shares of the data storage provider’s stock valued at $4,590,000 after buying an additional 30,038 shares in the last quarter. Finally, Kentucky Retirement Systems boosted its stake in shares of NetApp by 124.3% in the first quarter. Kentucky Retirement Systems now owns 28,138 shares of the data storage provider’s stock valued at $2,881,000 after buying an additional 15,594 shares in the last quarter. 92.17% of the stock is owned by institutional investors and hedge funds.

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.