NetApp (NASDAQ:NTAP) Price Target Raised to $121.00

NetApp (NASDAQ:NTAP) had its target price upped by Bank of America from $115.00 to $121.00 in a research note issued to investors on Friday morning,Benzinga reports. They currently have an underperform rating on the data storage provider’s stock.

A number of other research analysts also recently weighed in on the company. Barclays raised their price objective on NetApp from $116.00 to $119.00 and gave the company an “equal weight” rating in a research note on Thursday, August 29th. Susquehanna reissued a “positive” rating and issued a $155.00 price target on shares of NetApp in a research report on Monday, August 26th. Oppenheimer started coverage on shares of NetApp in a report on Wednesday, November 13th. They set a “market perform” rating for the company. Northland Securities raised their target price on shares of NetApp from $108.00 to $120.00 and gave the company a “market perform” rating in a research note on Friday. Finally, Loop Capital raised shares of NetApp from a “hold” rating to a “buy” rating and boosted their target price for the stock from $121.00 to $150.00 in a research report on Tuesday, September 3rd. One research analyst has rated the stock with a sell rating, eleven have given a hold rating and six have issued a buy rating to the stock. Based on data from MarketBeat, the company presently has a consensus rating of “Hold” and an average target price of $134.00.

NetApp Stock Performance

Shares of NTAP opened at $126.18 on Friday. The firm has a market cap of $25.84 billion, a price-to-earnings ratio of 23.19, a price-to-earnings-growth ratio of 3.15 and a beta of 1.24. The company’s fifty day moving average is $122.04 and its 200-day moving average is $122.81. The company has a quick ratio of 0.84, a current ratio of 0.91 and a debt-to-equity ratio of 1.39. NetApp has a 12 month low of $77.56 and a 12 month high of $135.45.

NetApp (NASDAQ:NTAP) last posted its earnings results on Thursday, November 21st. The data storage provider reported $1.87 EPS for the quarter, topping the consensus estimate of $1.78 by $0.09. NetApp had a net margin of 17.78% and a return on equity of 123.63%. The firm had revenue of $1.66 billion for the quarter, compared to the consensus estimate of $1.65 billion. During the same period in the prior year, the business posted $1.23 earnings per share. The business’s quarterly revenue was up 6.1% on a year-over-year basis. Equities analysts expect that NetApp will post 5.71 EPS for the current fiscal year.

NetApp Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Wednesday, January 22nd. Shareholders of record on Friday, January 3rd will be paid a dividend of $0.52 per share. The ex-dividend date is Friday, January 3rd. This represents a $2.08 dividend on an annualized basis and a yield of 1.65%. NetApp’s dividend payout ratio is currently 38.24%.

Insider Buying and Selling at NetApp

In related news, CAO Lorenzo Daniel De sold 1,685 shares of the firm’s stock in a transaction that occurred on Tuesday, September 24th. The stock was sold at an average price of $123.60, for a total transaction of $208,266.00. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, EVP Elizabeth M. O’callahan sold 705 shares of the company’s stock in a transaction on Thursday, October 10th. The shares were sold at an average price of $126.20, for a total value of $88,971.00. Following the completion of the sale, the executive vice president now owns 11,694 shares in the company, valued at $1,475,782.80. This trade represents a 5.69 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 23,049 shares of company stock valued at $2,807,851 in the last 90 days. 0.47% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently made changes to their positions in the stock. Hollencrest Capital Management acquired a new stake in shares of NetApp during the 2nd quarter worth about $26,000. Northwest Investment Counselors LLC acquired a new stake in shares of NetApp during the third quarter worth approximately $27,000. Redwood Wealth Management Group LLC bought a new position in shares of NetApp in the second quarter valued at approximately $32,000. New Covenant Trust Company N.A. acquired a new position in shares of NetApp in the 1st quarter worth approximately $28,000. Finally, Robbins Farley acquired a new position in shares of NetApp in the 2nd quarter worth approximately $44,000. 92.17% of the stock is owned by institutional investors.

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.