Citigroup Cuts NetApp (NASDAQ:NTAP) Price Target to $90.00

NetApp (NASDAQ:NTAP) had its target price decreased by Citigroup from $110.00 to $90.00 in a research report released on Monday morning,Benzinga reports. Citigroup currently has a neutral rating on the data storage provider’s stock.

NTAP has been the subject of several other research reports. Barclays decreased their price target on NetApp from $132.00 to $115.00 and set an “equal weight” rating for the company in a report on Friday, February 28th. Susquehanna lowered shares of NetApp from a “positive” rating to a “neutral” rating and reduced their target price for the stock from $155.00 to $130.00 in a research note on Monday, February 10th. TD Cowen dropped their price target on shares of NetApp from $160.00 to $130.00 and set a “buy” rating on the stock in a research report on Friday, February 28th. Loop Capital reduced their price objective on shares of NetApp from $150.00 to $130.00 and set a “buy” rating for the company in a research report on Tuesday, March 4th. Finally, Wells Fargo & Company dropped their target price on shares of NetApp from $130.00 to $115.00 and set an “equal weight” rating on the stock in a research report on Friday, February 28th. Twelve research analysts have rated the stock with a hold rating and six have issued a buy rating to the stock. According to data from MarketBeat, the company currently has an average rating of “Hold” and an average price target of $127.73.

NetApp Price Performance

Shares of NASDAQ NTAP opened at $81.35 on Monday. The stock has a market cap of $16.55 billion, a price-to-earnings ratio of 14.95, a PEG ratio of 2.45 and a beta of 1.31. 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 fifty-two week low of $71.84 and a fifty-two week high of $135.45. The firm’s 50-day simple moving average is $97.79 and its 200 day simple moving average is $113.41.

NetApp Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, April 23rd. Investors of record on Friday, April 4th will be issued a $0.52 dividend. This represents a $2.08 annualized dividend and a yield of 2.56%. The ex-dividend date is Friday, April 4th. NetApp’s dividend payout ratio (DPR) is currently 38.52%.

Insider Buying and Selling at NetApp

In related news, Director Anders Gustafsson bought 2,800 shares of the company’s stock in a transaction on Thursday, March 27th. The shares were purchased at an average price of $91.00 per share, for a total transaction of $254,800.00. Following the completion of the transaction, the director now directly owns 6,348 shares in the company, valued at approximately $577,668. The trade was a 78.92 % increase in their position. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, President Cesar Cernuda sold 19,696 shares of NetApp stock in a transaction on Friday, March 28th. The shares were sold at an average price of $90.15, for a total value of $1,775,594.40. Following the completion of the transaction, the president now owns 11,928 shares of the company’s stock, valued at approximately $1,075,309.20. This trade represents a 62.28 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 50,176 shares of company stock valued at $5,445,901 over the last three months. 0.47% of the stock is currently owned by insiders.

Institutional Investors Weigh In On NetApp

Hedge funds and other institutional investors have recently modified their holdings of the stock. Migdal Insurance & Financial Holdings Ltd. purchased a new stake in shares of NetApp in the fourth quarter worth $26,000. Assetmark Inc. boosted its stake in NetApp by 826.9% in the fourth quarter. Assetmark Inc. now owns 241 shares of the data storage provider’s stock worth $28,000 after buying an additional 215 shares in the last quarter. Synergy Investment Management LLC bought a new stake in shares of NetApp in the 4th quarter worth approximately $32,000. Itau Unibanco Holding S.A. raised its position in NetApp by 929.6% in the 4th quarter. Itau Unibanco Holding S.A. now owns 278 shares of the data storage provider’s stock worth $32,000 after purchasing an additional 251 shares during the period. Finally, Golden State Wealth Management LLC purchased a new position in shares of NetApp in the fourth quarter worth about $35,000. 92.17% of the stock is currently 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.