NetApp (NASDAQ:NTAP – Get Free Report) was downgraded by research analysts at Wall Street Zen from a “strong-buy” rating to a “buy” rating in a research note issued on Saturday, Wall Street Zen reports.
A number of other brokerages also recently issued reports on NTAP. Zacks Research raised NetApp from a “hold” rating to a “strong-buy” rating in a report on Wednesday, September 9th. Daiwa Securities Group raised their target price on NetApp from $180.00 to $210.00 and gave the company an “outperform” rating in a report on Wednesday, September 16th. JPMorgan Chase & Co. boosted their target price on NetApp from $175.00 to $195.00 and gave the company a “neutral” rating in a research note on Tuesday, August 25th. Argus set a $225.00 price objective on shares of NetApp and gave the stock a “buy” rating in a research report on Friday, September 11th. Finally, Citigroup reduced their price objective on shares of NetApp from $209.00 to $190.00 and set a “neutral” rating for the company in a research note on Thursday, September 3rd. One research analyst has rated the stock with a Strong Buy rating, eleven have given a Buy rating and ten have given a Hold rating to the company. According to MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $205.24.
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NetApp Price Performance
Shares of NetApp stock opened at $199.18 on Friday. The company has a quick ratio of 1.16, a current ratio of 1.24 and a debt-to-equity ratio of 1.30. NetApp has a twelve month low of $93.69 and a twelve month high of $240.87. The company has a 50-day simple moving average of $205.17 and a two-hundred day simple moving average of $150.02. The stock has a market capitalization of $39.12 billion, a price-to-earnings ratio of 28.09, a price-to-earnings-growth ratio of 2.14 and a beta of 1.52.
NetApp (NASDAQ:NTAP – Get Free Report) last posted its earnings results on Wednesday, September 2nd. The data storage provider reported $2.58 earnings per share for the quarter, beating analysts’ consensus estimates of $2.12 by $0.46. The business had revenue of $2.02 billion during the quarter, compared to analyst estimates of $1.84 billion. NetApp had a return on equity of 119.13% and a net margin of 19.18%. The company’s quarterly revenue was up 29.9% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $1.15 EPS. NetApp has set its FY 2027 guidance at 9.730-10.030 EPS and its Q2 2027 guidance at 2.540-2.640 EPS. Analysts forecast that NetApp will post 8.32 EPS for the current year.
Insider Activity at NetApp
In other NetApp news, EVP Elizabeth O’Callahan sold 1,000 shares of the stock in a transaction on Monday, October 12th. The stock was sold at an average price of $237.42, for a total transaction of $237,420.00. Following the sale, the executive vice president directly owned 29,737 shares in the company, valued at approximately $7,060,158.54. This trade represents a 3.25% decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, Director Deepak Ahuja sold 3,450 shares of NetApp stock in a transaction on Monday, September 21st. The shares were sold at an average price of $200.00, for a total value of $690,000.00. Following the completion of the transaction, the director owned 12,814 shares in the company, valued at $2,562,800. This represents a 21.21% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold a total of 173,524 shares of company stock worth $35,018,126 over the last three months. Corporate insiders own 0.36% of the company’s stock.
Institutional Trading of NetApp
Hedge funds have recently bought and sold shares of the business. Farther Finance Advisors LLC raised its holdings in shares of NetApp by 214.6% during the third quarter. Farther Finance Advisors LLC now owns 7,727 shares of the data storage provider’s stock worth $1,623,000 after acquiring an additional 5,271 shares during the period. Oppenheimer Asset Management Inc. bought a new stake in NetApp in the 2nd quarter worth $2,210,000. Bank of America Corp DE purchased a new position in NetApp in the 2nd quarter worth about $235,682,000. Plato Investment Management Ltd bought a new position in NetApp during the second quarter valued at approximately $1,571,000. Finally, Insight Wealth Strategies LLC purchased a new stake in shares of NetApp in the 2nd quarter worth approximately $5,845,000. 92.17% of the stock is currently owned by institutional investors.
About NetApp
NetApp, Inc is a data infrastructure and cloud storage company that helps organizations manage, protect and access data across on-premises data centers, public clouds and hybrid environments. Its offerings support enterprise applications, artificial intelligence workloads, business analytics, backup and disaster recovery.
The company’s portfolio includes all-flash and hybrid-flash storage systems, the ONTAP data management operating system, StorageGRID object storage and Keystone storage-as-a-service.
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