Susquehanna Increases NetApp (NASDAQ:NTAP) Price Target to $130.00

NetApp (NASDAQ:NTAPGet Free Report) had its target price boosted by equities research analysts at Susquehanna from $115.00 to $130.00 in a research note issued to investors on Wednesday, Benzinga reports. The brokerage presently has a “positive” rating on the data storage provider’s stock. Susquehanna’s target price indicates a potential upside of 14.29% from the company’s previous close.

A number of other equities analysts have also recently commented on the stock. Wedbush lifted their target price on shares of NetApp from $85.00 to $100.00 and gave the stock a “neutral” rating in a research report on Friday, March 1st. Argus raised NetApp from a “hold” rating to a “buy” rating and set a $130.00 target price for the company in a research note on Monday, March 4th. UBS Group raised their price target on NetApp from $93.00 to $96.00 and gave the stock a “neutral” rating in a research report on Friday, March 1st. Barclays boosted their price objective on NetApp from $80.00 to $100.00 and gave the company an “equal weight” rating in a research report on Friday, March 1st. Finally, StockNews.com lowered NetApp from a “strong-buy” rating to a “buy” rating in a research note on Thursday, March 7th. One investment analyst has rated the stock with a sell rating, ten have assigned a hold rating and six have given a buy rating to the company. According to MarketBeat, the company has a consensus rating of “Hold” and an average price target of $103.27.

Check Out Our Latest Report on NetApp

NetApp Price Performance

Shares of NetApp stock traded up $0.80 during trading on Wednesday, hitting $113.75. 263,246 shares of the stock traded hands, compared to its average volume of 1,860,858. The stock has a market cap of $23.48 billion, a price-to-earnings ratio of 25.85, a PEG ratio of 2.34 and a beta of 1.27. The company has a quick ratio of 1.11, a current ratio of 1.15 and a debt-to-equity ratio of 2.00. NetApp has a 52 week low of $65.71 and a 52 week high of $113.82. The firm’s fifty day moving average is $104.56 and its 200-day moving average is $93.45.

NetApp (NASDAQ:NTAPGet Free Report) last issued its earnings results on Thursday, February 29th. The data storage provider reported $1.94 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.69 by $0.25. The business had revenue of $1.61 billion during the quarter, compared to analyst estimates of $1.59 billion. NetApp had a return on equity of 109.49% and a net margin of 15.21%. NetApp’s revenue for the quarter was up 5.2% on a year-over-year basis. During the same quarter in the prior year, the firm earned $1.02 earnings per share. Research analysts expect that NetApp will post 5.16 EPS for the current fiscal year.

Insider Activity at NetApp

In related news, CFO Michael J. Berry sold 7,500 shares of the firm’s stock in a transaction that occurred on Tuesday, March 12th. The stock was sold at an average price of $102.75, for a total transaction of $770,625.00. Following the completion of the transaction, the chief financial officer now owns 152,409 shares of the company’s stock, valued at approximately $15,660,024.75. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. In other news, CEO George Kurian sold 8,500 shares of the company’s stock in a transaction that occurred on Monday, April 15th. The shares were sold at an average price of $103.16, for a total value of $876,860.00. Following the transaction, the chief executive officer now owns 252,702 shares in the company, valued at $26,068,738.32. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, CFO Michael J. Berry sold 7,500 shares of the firm’s stock in a transaction that occurred on Tuesday, March 12th. The shares were sold at an average price of $102.75, for a total transaction of $770,625.00. Following the sale, the chief financial officer now directly owns 152,409 shares of the company’s stock, valued at approximately $15,660,024.75. The disclosure for this sale can be found here. Insiders sold a total of 40,371 shares of company stock valued at $4,139,505 in the last three months. Company insiders own 0.37% of the company’s stock.

Institutional Trading of NetApp

Institutional investors have recently added to or reduced their stakes in the business. J.Safra Asset Management Corp lifted its holdings in shares of NetApp by 706.3% during the first quarter. J.Safra Asset Management Corp now owns 258 shares of the data storage provider’s stock valued at $27,000 after purchasing an additional 226 shares in the last quarter. Rise Advisors LLC bought a new position in NetApp during the 1st quarter valued at about $27,000. New Covenant Trust Company N.A. purchased a new stake in shares of NetApp during the 1st quarter valued at about $28,000. ORG Partners LLC grew its stake in shares of NetApp by 14,650.0% in the fourth quarter. ORG Partners LLC now owns 295 shares of the data storage provider’s stock worth $26,000 after acquiring an additional 293 shares during the period. Finally, First Horizon Advisors Inc. raised its holdings in shares of NetApp by 58.7% during the fourth quarter. First Horizon Advisors Inc. now owns 311 shares of the data storage provider’s stock valued at $27,000 after purchasing an additional 115 shares during the last quarter. 92.17% of the stock is currently owned by hedge funds and other institutional investors.

NetApp Company Profile

(Get Free Report)

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.

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