NetApp (NASDAQ:NTAP) Price Target Cut to $153.00 by Analysts at JPMorgan Chase & Co.

NetApp (NASDAQ:NTAP) had its target price dropped by research analysts at JPMorgan Chase & Co. from $160.00 to $153.00 in a note issued to investors on Friday,Benzinga reports. The firm presently has an “overweight” rating on the data storage provider’s stock. JPMorgan Chase & Co.‘s price objective would suggest a potential upside of 54.51% from the company’s previous close.

NTAP has been the topic of a number of other reports. Morgan Stanley upped their price target on shares of NetApp from $132.00 to $146.00 and gave the stock an “equal weight” rating in a report on Tuesday, December 17th. Wedbush reissued a “neutral” rating and issued a $120.00 price target on shares of NetApp in a research report on Friday, November 22nd. Keefe, Bruyette & Woods raised NetApp to an “outperform” rating in a research report on Wednesday, February 19th. TD Cowen reduced their target price on shares of NetApp from $160.00 to $130.00 and set a “buy” rating for the company in a report on Friday. Finally, Citigroup raised their price target on shares of NetApp from $130.00 to $135.00 and gave the company a “neutral” rating in a report on Friday, November 22nd. Eleven equities research analysts have rated the stock with a hold rating and seven have given a buy rating to the stock. According to MarketBeat, NetApp has an average rating of “Hold” and a consensus price target of $134.87.

NetApp Price Performance

Shares of NetApp stock traded down $19.20 on Friday, hitting $99.02. 4,073,595 shares of the company traded hands, compared to its average volume of 1,583,917. The company has a debt-to-equity ratio of 1.39, a quick ratio of 0.84 and a current ratio of 0.91. NetApp has a 52 week low of $88.49 and a 52 week high of $135.45. The business has a 50-day simple moving average of $120.22 and a 200 day simple moving average of $122.02. The stock has a market capitalization of $20.13 billion, a P/E ratio of 18.23, a price-to-earnings-growth ratio of 2.45 and a beta of 1.23.

Insider Buying and Selling

In other news, President Cesar Cernuda sold 22,000 shares of the stock in a transaction that occurred on Monday, December 30th. The stock was sold at an average price of $114.99, for a total transaction of $2,529,780.00. Following the transaction, the president now owns 27,099 shares in the company, valued at $3,116,114.01. This trade represents a 44.81 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, CEO George Kurian sold 8,500 shares of the business’s stock in a transaction on Tuesday, February 18th. The stock was sold at an average price of $119.04, for a total transaction of $1,011,840.00. Following the completion of the sale, the chief executive officer now directly owns 266,765 shares of the company’s stock, valued at approximately $31,755,705.60. The trade was a 3.09 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 60,903 shares of company stock valued at $7,260,341 over the last ninety days. Company insiders own 0.47% of the company’s stock.

Institutional Trading of NetApp

Several institutional investors have recently modified their holdings of NTAP. Resonant Capital Advisors LLC raised its holdings in shares of NetApp by 1.8% during the fourth quarter. Resonant Capital Advisors LLC now owns 4,442 shares of the data storage provider’s stock valued at $516,000 after acquiring an additional 80 shares during the last quarter. Larson Financial Group LLC boosted its position in shares of NetApp by 2.5% during the 4th quarter. Larson Financial Group LLC now owns 3,778 shares of the data storage provider’s stock valued at $438,000 after acquiring an additional 92 shares during the last quarter. Geneos Wealth Management Inc. grew its holdings in shares of NetApp by 22.3% in the fourth quarter. Geneos Wealth Management Inc. now owns 549 shares of the data storage provider’s stock valued at $64,000 after purchasing an additional 100 shares during the period. Moors & Cabot Inc. increased its position in NetApp by 3.6% during the fourth quarter. Moors & Cabot Inc. now owns 2,906 shares of the data storage provider’s stock worth $337,000 after purchasing an additional 100 shares during the last quarter. Finally, Coppell Advisory Solutions LLC raised its stake in NetApp by 50.0% during the fourth quarter. Coppell Advisory Solutions LLC now owns 300 shares of the data storage provider’s stock worth $35,000 after purchasing an additional 100 shares during the period. Institutional investors and hedge funds own 92.17% of the company’s stock.

About NetApp

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.