NetApp (NASDAQ:NTAP) Price Target Raised to $129.00 at Bank of America

NetApp (NASDAQ:NTAP) had its price target raised by analysts at Bank of America from $125.00 to $129.00 in a research report issued to clients and investors on Wednesday,Benzinga reports. The firm presently has a “neutral” rating on the data storage provider’s stock. Bank of America‘s target price would suggest a potential upside of 15.72% from the company’s current price.

Other equities research analysts have also issued reports about the stock. Argus reiterated a “buy” rating and set a $130.00 price target on shares of NetApp in a research note on Friday, August 29th. Northland Securities lifted their price objective on shares of NetApp from $119.00 to $120.00 and gave the company a “market perform” rating in a research note on Thursday, August 28th. Oppenheimer began coverage on NetApp in a report on Monday, November 17th. They set a “market perform” rating on the stock. Wedbush restated a “neutral” rating and issued a $110.00 price target on shares of NetApp in a research report on Friday, October 10th. Finally, Weiss Ratings reaffirmed a “hold (c+)” rating on shares of NetApp in a research report on Wednesday, October 8th. Seven investment analysts have rated the stock with a Buy rating and eleven have issued a Hold rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Hold” and a consensus target price of $122.43.

NetApp Stock Up 2.3%

Shares of NTAP opened at $111.48 on Wednesday. The company’s 50-day simple moving average is $116.41 and its 200-day simple moving average is $110.17. The stock has a market capitalization of $22.25 billion, a PE ratio of 19.70, a P/E/G ratio of 2.48 and a beta of 1.46. The company has a debt-to-equity ratio of 2.55, a quick ratio of 1.28 and a current ratio of 1.31. NetApp has a 1 year low of $71.84 and a 1 year high of $131.30.

NetApp (NASDAQ:NTAP) last issued its earnings results on Tuesday, November 25th. The data storage provider reported $2.05 earnings per share for the quarter, beating the consensus estimate of $1.89 by $0.16. NetApp had a net margin of 17.77% and a return on equity of 123.24%. The firm had revenue of $1.71 billion for the quarter, compared to analysts’ expectations of $1.69 billion. During the same quarter last year, the company earned $1.87 earnings per share. The firm’s revenue was up 2.8% compared to the same quarter last year. NetApp has set its FY 2026 guidance at 7.750-8.050 EPS. Q3 2026 guidance at 2.010-2.110 EPS. Analysts forecast that NetApp will post 5.89 earnings per share for the current fiscal year.

Insider Buying and Selling

In other NetApp news, CAO Lorenzo Daniel De sold 779 shares of the stock in a transaction on Thursday, September 25th. The stock was sold at an average price of $121.87, for a total value of $94,936.73. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CEO George Kurian sold 8,750 shares of the company’s stock in a transaction on Wednesday, September 17th. The stock was sold at an average price of $122.91, for a total transaction of $1,075,462.50. Following the transaction, the chief executive officer directly owned 274,938 shares in the company, valued at approximately $33,792,629.58. This trade represents a 3.08% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders have sold 12,183 shares of company stock valued at $1,483,361 over the last quarter. Company insiders own 0.28% of the company’s stock.

Institutional Investors Weigh In On NetApp

Institutional investors and hedge funds have recently modified their holdings of the company. Manchester Capital Management LLC raised its holdings in shares of NetApp by 375.0% in the first quarter. Manchester Capital Management LLC now owns 285 shares of the data storage provider’s stock worth $25,000 after acquiring an additional 225 shares during the last quarter. 1248 Management LLC purchased a new stake in NetApp during the first quarter valued at about $25,000. Harbour Investments Inc. increased its stake in NetApp by 287.9% during the second quarter. Harbour Investments Inc. now owns 256 shares of the data storage provider’s stock worth $27,000 after acquiring an additional 190 shares during the last quarter. Abich Financial Wealth Management LLC purchased a new position in shares of NetApp in the 3rd quarter worth about $27,000. Finally, Rossby Financial LCC lifted its stake in shares of NetApp by 105.5% in the 3rd 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 in the last quarter. 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.