Wedbush Reiterates Neutral Rating for NetApp (NASDAQ:NTAP)

NetApp (NASDAQ:NTAP)‘s stock had its “neutral” rating restated by research analysts at Wedbush in a report issued on Friday,RTT News reports. They currently have a $110.00 price objective on the data storage provider’s stock, down from their prior price objective of $120.00. Wedbush’s price target indicates a potential upside of 10.00% from the stock’s previous close.

A number of other analysts have also issued reports on the stock. Keefe, Bruyette & Woods upgraded shares of NetApp to an “outperform” rating in a research note on Wednesday, February 19th. Citigroup upped their target price on shares of NetApp from $130.00 to $135.00 and gave the stock a “neutral” rating in a research note on Friday, November 22nd. Northland Securities upped their target price on shares of NetApp from $108.00 to $120.00 and gave the stock a “market perform” rating in a research note on Friday, November 22nd. Morgan Stanley upped their target price on shares of NetApp from $132.00 to $146.00 and gave the stock an “equal weight” rating in a research note on Tuesday, December 17th. Finally, TD Cowen cut their target price on shares of NetApp from $160.00 to $130.00 and set a “buy” rating on the stock in a research note on Friday. Twelve research analysts have rated the stock with a hold rating and six have given a buy rating to the company. Based on data from MarketBeat.com, NetApp presently has a consensus rating of “Hold” and a consensus price target of $132.07.

NetApp Stock Down 15.4 %

Shares of NASDAQ:NTAP opened at $100.00 on Friday. The company has a debt-to-equity ratio of 1.39, a current ratio of 0.91 and a quick ratio of 0.84. The firm has a market capitalization of $20.33 billion, a PE ratio of 18.38, a price-to-earnings-growth ratio of 2.45 and a beta of 1.23. The firm’s 50-day moving average is $119.85 and its two-hundred day moving average is $121.83. NetApp has a 1 year low of $88.49 and a 1 year high of $135.45.

Insider Activity

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 value of $2,529,780.00. Following the completion of the sale, the president now directly owns 27,099 shares of the company’s stock, valued at approximately $3,116,114.01. This represents a 44.81 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, EVP Elizabeth M. O’callahan sold 451 shares of the stock in a transaction that occurred on Friday, January 10th. The shares were sold at an average price of $116.79, for a total value of $52,672.29. Following the completion of the sale, the executive vice president now directly owns 12,005 shares of the company’s stock, valued at $1,402,063.95. The trade was a 3.62 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 60,903 shares of company stock valued at $7,260,341. 0.47% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On NetApp

Large investors have recently modified their holdings of the company. Migdal Insurance & Financial Holdings Ltd. acquired a new stake in shares of NetApp in the fourth quarter valued at approximately $26,000. Assetmark Inc. grew its position in NetApp by 826.9% in the 4th quarter. Assetmark Inc. now owns 241 shares of the data storage provider’s stock valued at $28,000 after buying an additional 215 shares during the last quarter. Synergy Investment Management LLC purchased a new position in NetApp in the 4th quarter valued at $32,000. Itau Unibanco Holding S.A. grew 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 valued at $32,000 after buying an additional 251 shares during the last quarter. Finally, Golden State Wealth Management LLC purchased a new position in NetApp in the 4th quarter valued at $35,000. 92.17% of the stock is owned by institutional investors and hedge funds.

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.