Weekly Investment Analysts’ Ratings Updates for NetApp (NTAP)

Several brokerages have updated their recommendations and price targets on shares of NetApp (NASDAQ: NTAP) in the last few weeks:

• 6/12/2024 – NetApp had its price target raised by analysts at Susquehanna from $138.00 to $155.00. They now have a “positive” rating on the stock.
• 6/12/2024 – NetApp had its “neutral” rating reaffirmed by analysts at Wedbush. They now have a $120.00 price target on the stock.
• 6/12/2024 – NetApp had its price target raised by analysts at Wells Fargo & Company from $120.00 to $135.00. They now have an “equal weight” rating on the stock.
• 6/12/2024 – NetApp had its price target raised by analysts at Morgan Stanley from $106.00 to $127.00. They now have an “equal weight” rating on the stock.
• 6/12/2024 – NetApp had its price target raised by analysts at Stifel Nicolaus from $130.00 to $138.00. They now have a “buy” rating on the stock.
• 6/12/2024 – NetApp had its price target raised by analysts at TD Cowen from $135.00 to $145.00. They now have a “buy” rating on the stock.
• 6/5/2024 – NetApp had its price target raised by analysts at Argus from $130.00 to $140.00. They now have a “buy” rating on the stock.
• 5/31/2024 – NetApp had its price target raised by analysts at Susquehanna from $130.00 to $138.00. They now have a “positive” rating on the stock.
• 5/31/2024 – NetApp was upgraded by analysts at JPMorgan Chase & Co. from an “underweight” rating to a “neutral” rating. They now have a $125.00 price target on the stock, up previously from $95.00.
• 5/31/2024 – NetApp had its price target raised by analysts at Barclays PLC from $100.00 to $116.00. They now have an “equal weight” rating on the stock.
• 5/31/2024 – NetApp had its price target raised by analysts at Wells Fargo & Company from $100.00 to $120.00. They now have an “equal weight” rating on the stock.
• 5/31/2024 – NetApp had its price target raised by analysts at Stifel Nicolaus from $120.00 to $130.00. They now have a “buy” rating on the stock.
• 5/31/2024 – NetApp had its price target raised by analysts at TD Cowen from $120.00 to $135.00. They now have a “buy” rating on the stock.
• 5/29/2024 – NetApp had its price target raised by analysts at Bank of America Co. from $85.00 to $100.00. They now have an “underperform” rating on the stock.
• 5/28/2024 – NetApp had its price target raised by analysts at Wedbush from $100.00 to $120.00. They now have a “neutral” rating on the stock.
• 5/23/2024 – NetApp had its price target raised by analysts at Morgan Stanley from $92.00 to $106.00. They now have an “equal weight” rating on the stock.
• 5/22/2024 – NetApp had its price target raised by analysts at Susquehanna from $115.00 to $130.00. They now have a “positive” rating on the stock.
• 5/21/2024 – NetApp had its price target raised by analysts at Citigroup Inc. from $110.00 to $120.00. They now have a “neutral” rating on the stock.

NetApp Trading Down 0.2 %

Shares of NASDAQ NTAP opened at $128.80 on Monday. NetApp, Inc. has a 1 year low of $70.82 and a 1 year high of $130.87. The company has a debt-to-equity ratio of 1.74, a current ratio of 1.19 and a quick ratio of 1.15. The firm has a 50-day moving average of $115.36 and a 200 day moving average of $101.46. The stock has a market cap of $26.51 billion, a P/E ratio of 27.76, a price-to-earnings-growth ratio of 5.21 and a beta of 1.25.

NetApp (NASDAQ:NTAP) last issued its quarterly earnings results on Thursday, May 30th. The data storage provider reported $1.80 EPS for the quarter, topping analysts’ consensus estimates of $1.48 by $0.32. NetApp had a return on equity of 114.54% and a net margin of 15.73%. The firm had revenue of $1.67 billion for the quarter, compared to analysts’ expectations of $1.65 billion. During the same period in the previous year, the firm posted $1.20 EPS. The business’s revenue for the quarter was up 5.5% compared to the same quarter last year. As a group, sell-side analysts expect that NetApp, Inc. will post 5.47 EPS for the current fiscal year.

NetApp Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Wednesday, July 24th. Stockholders of record on Friday, July 5th will be given a $0.52 dividend. This represents a $2.08 annualized dividend and a dividend yield of 1.61%. The ex-dividend date of this dividend is Friday, July 5th. This is a positive change from NetApp’s previous quarterly dividend of $0.50. NetApp’s payout ratio is currently 43.10%.

Insider Activity at NetApp

In other NetApp news, EVP Elizabeth M. O’callahan sold 871 shares of NetApp stock in a transaction dated Wednesday, April 10th. The shares were sold at an average price of $103.02, for a total value of $89,730.42. Following the completion of the transaction, the executive vice president now directly owns 9,601 shares of the company’s stock, valued at $989,095.02. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. In other news, EVP Elizabeth M. O’callahan sold 871 shares of the business’s stock in a transaction on Wednesday, April 10th. The stock was sold at an average price of $103.02, for a total value of $89,730.42. Following the completion of the transaction, the executive vice president now owns 9,601 shares in the company, valued at $989,095.02. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO George Kurian sold 8,500 shares of the company’s stock in a transaction on Monday, April 15th. The shares were sold at an average price of $103.16, for a total value of $876,860.00. Following the transaction, the chief executive officer now directly owns 252,702 shares in the company, valued at $26,068,738.32. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 20,205 shares of company stock valued at $2,345,409. 0.37% of the stock is owned by insiders.

Institutional Inflows and Outflows

Several hedge funds have recently made changes to their positions in NTAP. ORG Partners LLC raised its stake in NetApp by 14,650.0% during the 4th quarter. ORG Partners LLC now owns 295 shares of the data storage provider’s stock valued at $26,000 after buying an additional 293 shares during the last quarter. First Horizon Advisors Inc. lifted its holdings in NetApp by 58.7% in the fourth quarter. First Horizon Advisors Inc. now owns 311 shares of the data storage provider’s stock valued at $27,000 after acquiring an additional 115 shares during the period. Rise Advisors LLC purchased a new position in NetApp in the first quarter worth about $27,000. J.Safra Asset Management Corp increased its position in shares of NetApp by 706.3% during the 1st quarter. J.Safra Asset Management Corp now owns 258 shares of the data storage provider’s stock valued at $27,000 after purchasing an additional 226 shares during the last quarter. Finally, New Covenant Trust Company N.A. purchased a new stake in shares of NetApp during the 1st quarter valued at about $28,000. 92.17% of the stock is owned by hedge funds and other institutional investors.

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.