Citigroup Has Lowered Expectations for NetApp (NASDAQ:NTAP) Stock Price

NetApp (NASDAQ:NTAP) had its price target reduced by research analysts at Citigroup from $130.00 to $125.00 in a research note issued to investors on Wednesday,Benzinga reports. The brokerage currently has a “neutral” rating on the data storage provider’s stock. Citigroup’s price objective points to a potential upside of 12.04% from the company’s previous close.

NTAP has been the subject of a number of other research reports. Northland Securities upped their price objective on NetApp from $119.00 to $120.00 and gave the company a “market perform” rating in a report on Thursday, August 28th. Morgan Stanley set a $117.00 target price on shares of NetApp in a report on Thursday, August 28th. Bank of America boosted their price target on shares of NetApp from $121.00 to $125.00 and gave the company a “neutral” rating in a report on Monday, August 25th. Weiss Ratings reaffirmed a “hold (c+)” rating on shares of NetApp in a research note on Wednesday, October 8th. Finally, Wedbush reissued a “neutral” rating and issued a $110.00 target price on shares of NetApp in a research note on Friday, October 10th. Seven equities research analysts have rated the stock with a Buy rating and twelve have assigned a Hold rating to the company. Based on data from MarketBeat, NetApp currently has an average rating of “Hold” and a consensus target price of $122.07.

NetApp Trading Up 1.0%

NetApp stock traded up $1.15 during mid-day trading on Wednesday, hitting $111.57. The stock had a trading volume of 2,254,807 shares, compared to its average volume of 2,032,513. The stock has a 50-day simple moving average of $119.15 and a two-hundred day simple moving average of $108.99. The company has a current ratio of 1.31, a quick ratio of 1.28 and a debt-to-equity ratio of 2.55. The stock has a market capitalization of $22.27 billion, a PE ratio of 19.71, a P/E/G ratio of 2.48 and a beta of 1.46. NetApp has a 12 month low of $71.84 and a 12 month high of $135.45.

NetApp (NASDAQ:NTAP) last issued its quarterly earnings results on Wednesday, August 27th. The data storage provider reported $1.19 EPS for the quarter, missing the consensus estimate of $1.54 by ($0.35). NetApp had a return on equity of 123.24% and a net margin of 17.77%.The business had revenue of $1.56 billion for the quarter, compared to analyst estimates of $1.54 billion. During the same quarter in the prior year, the firm earned $1.56 EPS. The firm’s quarterly revenue was up 1.2% compared to the same quarter last year. NetApp has set its FY 2026 guidance at 7.600-7.900 EPS. Q2 2026 guidance at 1.840-1.940 EPS. As a group, sell-side analysts forecast that NetApp will post 5.89 EPS for the current year.

Insider Buying and Selling at NetApp

In related news, CAO Lorenzo Daniel De sold 779 shares of the stock in a transaction on Thursday, September 25th. The shares were sold at an average price of $121.87, for a total transaction of $94,936.73. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CEO George Kurian sold 8,750 shares of the firm’s stock in a transaction on Wednesday, September 17th. The shares were sold at an average price of $122.91, for a total transaction of $1,075,462.50. Following the completion of the transaction, the chief executive officer directly owned 274,938 shares of the company’s stock, valued at approximately $33,792,629.58. This trade represents a 3.08% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. In the last quarter, insiders have sold 20,029 shares of company stock worth $2,338,294. Corporate insiders own 0.28% of the company’s stock.

Hedge Funds Weigh In On NetApp

Several hedge funds have recently modified their holdings of NTAP. Rossby Financial LCC boosted its position in NetApp by 105.5% during the third quarter. Rossby Financial LCC now owns 224 shares of the data storage provider’s stock valued at $27,000 after purchasing an additional 115 shares during the last quarter. Abich Financial Wealth Management LLC acquired a new position in shares of NetApp during the 3rd quarter worth approximately $27,000. Harbour Investments Inc. raised its stake in shares of NetApp by 287.9% during the 2nd quarter. Harbour Investments Inc. now owns 256 shares of the data storage provider’s stock worth $27,000 after purchasing an additional 190 shares in the last quarter. Harbor Asset Planning Inc. acquired a new stake in shares of NetApp in the 2nd quarter valued at approximately $28,000. Finally, 1248 Management LLC bought a new position in shares of NetApp in the first quarter valued at $25,000. Institutional investors 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.