NetApp (NASDAQ:NTAP) Price Target Lowered to $115.00 at Wells Fargo & Company

NetApp (NASDAQ:NTAP) had its price target cut by equities research analysts at Wells Fargo & Company from $130.00 to $115.00 in a note issued to investors on Friday,Benzinga reports. The brokerage presently has an “equal weight” rating on the data storage provider’s stock. Wells Fargo & Company‘s target price would suggest a potential upside of 15.97% from the stock’s current price.

Other analysts also recently issued reports about the company. Susquehanna downgraded NetApp from a “positive” rating to a “neutral” rating and reduced their price objective for the company from $155.00 to $130.00 in a research report on Monday, February 10th. JPMorgan Chase & Co. reduced their target price on shares of NetApp from $160.00 to $153.00 and set an “overweight” rating on the stock in a report on Friday. Wedbush reiterated a “neutral” rating and set a $110.00 price target (down from $120.00) on shares of NetApp in a report on Friday. Stifel Nicolaus boosted their price objective on shares of NetApp from $140.00 to $145.00 and gave the company a “buy” rating in a research report on Friday, November 22nd. Finally, Northland Securities raised their target price on shares of NetApp from $108.00 to $120.00 and gave the stock a “market perform” rating in a research report on Friday, November 22nd. Eleven analysts have rated the stock with a hold rating and seven have issued a buy rating to the stock. According to data from MarketBeat, the stock currently has an average rating of “Hold” and an average price target of $133.20.

NetApp Price Performance

Shares of NetApp stock traded down $19.06 during trading on Friday, hitting $99.16. 4,478,045 shares of the company were exchanged, compared to its average volume of 1,592,910. NetApp has a fifty-two week low of $88.49 and a fifty-two week high of $135.45. The company has a quick ratio of 0.84, a current ratio of 0.91 and a debt-to-equity ratio of 1.39. The firm has a 50 day moving average price of $120.22 and a 200 day moving average price of $122.02. The stock has a market capitalization of $20.16 billion, a price-to-earnings ratio of 18.21, a P/E/G ratio of 2.45 and a beta of 1.23.

Insiders Place Their Bets

In other NetApp news, EVP Elizabeth M. O’callahan sold 452 shares of the business’s stock in a transaction dated Monday, February 10th. The shares were sold at an average price of $120.75, for a total transaction of $54,579.00. Following the sale, the executive vice president now directly owns 11,553 shares in the company, valued at approximately $1,395,024.75. The trade was a 3.77 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, CEO George Kurian sold 8,500 shares of the company’s stock in a transaction that occurred on Monday, December 16th. The stock was sold at an average price of $124.29, for a total transaction of $1,056,465.00. Following the completion of the sale, the chief executive officer now directly owns 279,782 shares of the company’s stock, valued at approximately $34,774,104.78. This represents a 2.95 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders sold 60,903 shares of company stock worth $7,260,341. 0.47% of the stock is owned by company insiders.

Institutional Investors Weigh In On NetApp

A number of large investors have recently made changes to their positions in the company. Universal Beteiligungs und Servicegesellschaft mbH bought a new stake in shares of NetApp during the 4th quarter worth about $38,040,000. Azzad Asset Management Inc. ADV lifted its position in NetApp by 2.9% in the fourth quarter. Azzad Asset Management Inc. ADV now owns 19,907 shares of the data storage provider’s stock worth $2,311,000 after purchasing an additional 565 shares during the period. ABLE Financial Group LLC boosted its position in shares of NetApp by 36.1% during the 4th quarter. ABLE Financial Group LLC now owns 12,674 shares of the data storage provider’s stock valued at $1,471,000 after acquiring an additional 3,363 shares in the last quarter. Integrated Advisors Network LLC lifted its position in shares of NetApp by 602.8% during the 4th quarter. Integrated Advisors Network LLC now owns 29,391 shares of the data storage provider’s stock worth $3,412,000 after buying an additional 25,209 shares during the period. Finally, Ascent Group LLC boosted its stake in shares of NetApp by 21.3% in the 4th quarter. Ascent Group LLC now owns 15,879 shares of the data storage provider’s stock valued at $1,843,000 after purchasing an additional 2,790 shares in the last quarter. Institutional investors and hedge funds own 92.17% of the company’s stock.

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.