NetApp, Inc. (NASDAQ:NTAP) Stock Has Average Price Target of $205.24 According to Brokerages

NetApp, Inc. (NASDAQ:NTAP) has received an average recommendation of “Moderate Buy” from the twenty-two ratings firms that are presently covering the stock, MarketBeat reports. Ten research analysts have rated the stock with a hold recommendation, eleven have given a buy recommendation and one has given a strong buy recommendation to the company. The average 12 month target price among brokerages that have covered the stock in the last year is $205.24.

Several equities analysts have recently weighed in on the stock. TD Cowen increased their price objective on shares of NetApp from $200.00 to $250.00 and gave the stock a “buy” rating in a research note on Tuesday, October 6th. Bank of America raised their price objective on shares of NetApp from $200.00 to $220.00 and gave the stock a “neutral” rating in a report on Wednesday, September 30th. The Goldman Sachs Group restated a “buy” rating and set a $240.00 target price (up from $210.00) on shares of NetApp in a research report on Tuesday, October 6th. JPMorgan Chase & Co. upped their target price on shares of NetApp from $175.00 to $195.00 and gave the company a “neutral” rating in a report on Tuesday, August 25th. Finally, Wells Fargo & Company increased their price target on shares of NetApp from $180.00 to $190.00 and gave the stock an “equal weight” rating in a research report on Thursday, September 3rd.

Insider Activity

In other news, EVP Elizabeth O’Callahan sold 1,000 shares of the company’s stock in a transaction on Monday, October 12th. The stock was sold at an average price of $237.42, for a total value of $237,420.00. Following the completion of the sale, the executive vice president directly owned 29,737 shares in the company, valued at $7,060,158.54. This represents a 3.25% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this link. Also, Director Thomas Nevens sold 5,940 shares of the firm’s stock in a transaction on Friday, September 11th. The stock was sold at an average price of $195.21, for a total value of $1,159,547.40. Following the completion of the transaction, the director directly owned 7,747 shares in the company, valued at approximately $1,512,291.87. This represents a 43.40% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Over the last 90 days, insiders have sold 172,524 shares of company stock worth $34,824,306. Company insiders own 0.36% of the company’s stock.

Hedge Funds Weigh In On NetApp

Hedge funds have recently modified their holdings of the company. Provenance Wealth Advisors LLC bought a new position in NetApp in the 3rd quarter worth $26,000. Fortitude Family Office LLC grew its stake in NetApp by 56.9% during the third quarter. Fortitude Family Office LLC now owns 204 shares of the data storage provider’s stock valued at $43,000 after acquiring an additional 74 shares in the last quarter. West Financial Advisors LLC purchased a new position in NetApp during the second quarter valued at $37,000. Jacobi Capital Management LLC bought a new stake in NetApp in the 3rd quarter valued at $56,000. Finally, Elevation Wealth Partners LLC increased its holdings in NetApp by 90.8% in the 3rd quarter. Elevation Wealth Partners LLC now owns 292 shares of the data storage provider’s stock valued at $61,000 after acquiring an additional 139 shares during the last quarter. 92.17% of the stock is currently owned by institutional investors.

NetApp Stock Down 0.0%

NTAP stock opened at $175.99 on Wednesday. NetApp has a fifty-two week low of $93.69 and a fifty-two week high of $240.87. The business’s 50-day moving average is $203.79 and its two-hundred day moving average is $152.70. The company has a debt-to-equity ratio of 1.30, a quick ratio of 1.16 and a current ratio of 1.24. The company has a market cap of $34.57 billion, a price-to-earnings ratio of 24.82, a P/E/G ratio of 1.89 and a beta of 1.52.

NetApp (NASDAQ:NTAP) last announced its earnings results on Wednesday, September 2nd. The data storage provider reported $2.58 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.12 by $0.46. The business had revenue of $2.02 billion for the quarter, compared to analysts’ expectations of $1.84 billion. NetApp had a return on equity of 119.13% and a net margin of 19.18%. The business’s revenue for the quarter was up 29.9% on a year-over-year basis. During the same period last year, the firm posted $1.15 earnings per share. NetApp has set its FY 2027 guidance at 9.730-10.030 EPS and its Q2 2027 guidance at 2.540-2.640 EPS. As a group, analysts forecast that NetApp will post 8.32 earnings per share for the current year.

NetApp Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Wednesday, October 28th. Stockholders of record on Friday, October 9th were given a dividend of $0.52 per share. The ex-dividend date of this dividend was Friday, October 9th. This represents a $2.08 dividend on an annualized basis and a dividend yield of 1.2%. NetApp’s payout ratio is presently 29.34%.

About NetApp

NetApp, Inc. develops data storage and data management technologies for businesses and other organizations. Its offerings support workloads across on-premises infrastructure, public cloud environments and hybrid settings, with services for storing, managing, protecting and moving data. The company’s portfolio includes its ONTAP data management software, all-flash and hybrid-flash storage systems, object storage, and cloud storage and data services. NetApp also provides tools to help customers manage data across different environments and offers infrastructure through its Keystone storage-as-a-service model.