NetApp (NASDAQ:NTAP – Get Free Report) had its target price upped by stock analysts at Bank of America from $118.00 to $125.00 in a research report issued on Wednesday,Benzinga reports. The brokerage presently has a “neutral” rating on the data storage provider’s stock. Bank of America‘s price objective suggests a potential upside of 3.66% from the company’s previous close.
Several other equities research analysts have also recently commented on NTAP. Weiss Ratings cut NetApp from a “buy (b-)” rating to a “hold (c+)” rating in a research report on Friday, March 13th. Wall Street Zen cut shares of NetApp from a “buy” rating to a “hold” rating in a report on Sunday, April 19th. JPMorgan Chase & Co. cut shares of NetApp from an “overweight” rating to a “neutral” rating and decreased their price objective for the company from $125.00 to $110.00 in a report on Thursday, April 16th. Citigroup cut shares of NetApp from a “neutral” rating to a “mixed” rating in a report on Thursday, May 14th. Finally, Wedbush reissued a “neutral” rating and set a $115.00 price objective on shares of NetApp in a report on Wednesday, February 25th. One analyst has rated the stock with a Strong Buy rating, four have given a Buy rating and eight have issued a Hold rating to the stock. According to MarketBeat.com, the stock presently has an average rating of “Hold” and a consensus price target of $122.27.
NetApp Stock Performance
NetApp (NASDAQ:NTAP – Get Free Report) last announced its quarterly earnings data on Thursday, February 26th. The data storage provider reported $2.12 earnings per share for the quarter, topping analysts’ consensus estimates of $2.07 by $0.05. NetApp had a net margin of 18.07% and a return on equity of 118.11%. The company had revenue of $1.71 billion during the quarter, compared to analyst estimates of $1.70 billion. During the same period in the previous year, the business earned $1.91 EPS. The firm’s revenue for the quarter was up 4.4% on a year-over-year basis. NetApp has set its Q4 2026 guidance at 2.210-2.310 EPS and its FY 2026 guidance at 7.920-8.020 EPS. Sell-side analysts expect that NetApp will post 6.48 EPS for the current fiscal year.
Insider Buying and Selling
In other NetApp news, EVP Elizabeth M. O’callahan sold 1,000 shares of the company’s stock in a transaction dated Monday, May 11th. The stock was 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 owned 18,382 shares in the company, valued at $2,164,112.86. This represents a 5.16% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through this hyperlink. Insiders sold a total of 3,000 shares of company stock valued at $314,650 in the last three months. Corporate insiders own 0.28% of the company’s stock.
Institutional Trading of NetApp
Hedge funds and other institutional investors have recently bought and sold shares of the stock. Geneos Wealth Management Inc. increased its stake in NetApp by 38.3% in the 1st quarter. Geneos Wealth Management Inc. now owns 759 shares of the data storage provider’s stock worth $67,000 after buying an additional 210 shares in the last quarter. Sivia Capital Partners LLC purchased a new stake in NetApp in the 2nd quarter worth $315,000. Cerity Partners LLC increased its stake in NetApp by 9.9% in the 2nd quarter. Cerity Partners LLC now owns 46,792 shares of the data storage provider’s stock worth $4,986,000 after buying an additional 4,232 shares in the last quarter. Bank of Nova Scotia increased its stake in NetApp by 7.3% in the 2nd quarter. Bank of Nova Scotia now owns 24,301 shares of the data storage provider’s stock worth $2,589,000 after buying an additional 1,662 shares in the last quarter. Finally, NewEdge Advisors LLC increased its stake in NetApp by 12.7% in the 2nd quarter. NewEdge Advisors LLC now owns 20,161 shares of the data storage provider’s stock worth $2,148,000 after buying an additional 2,277 shares in the last quarter. Hedge funds and other institutional investors own 92.17% of the company’s stock.
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.
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