Citigroup Cuts NetApp (NASDAQ:NTAP) Price Target to $110.00

NetApp (NASDAQ:NTAP) had its target price cut by Citigroup from $135.00 to $110.00 in a report published on Monday,Benzinga reports. They currently have a neutral rating on the data storage provider’s stock.

Several other equities analysts have also weighed in on the stock. TD Cowen decreased their target price on shares of NetApp from $160.00 to $130.00 and set a “buy” rating on the stock in a report on Friday, February 28th. JPMorgan Chase & Co. decreased their target price on shares of NetApp from $160.00 to $153.00 and set an “overweight” rating on the stock in a report on Friday, February 28th. Keefe, Bruyette & Woods upgraded shares of NetApp to an “outperform” rating in a report on Wednesday, February 19th. Morgan Stanley boosted their target price on shares of NetApp from $132.00 to $146.00 and gave the company an “equal weight” rating in a report on Tuesday, December 17th. Finally, Bank of America upgraded shares of NetApp from an “underperform” rating to a “neutral” rating and boosted their target price for the company from $121.00 to $128.00 in a report on Wednesday, February 19th. Twelve research analysts have rated the stock with a hold rating and six have given a buy rating to the stock. According to MarketBeat, the stock currently has an average rating of “Hold” and a consensus price target of $129.07.

NetApp Stock Performance

NTAP opened at $94.87 on Monday. The company has a current ratio of 0.91, a quick ratio of 0.84 and a debt-to-equity ratio of 1.39. The firm has a market capitalization of $19.30 billion, a PE ratio of 17.44, a PEG ratio of 2.45 and a beta of 1.24. The firm’s 50-day moving average price is $118.42 and its 200 day moving average price is $121.10. NetApp has a twelve month low of $92.59 and a twelve month high of $135.45.

NetApp Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, April 23rd. Investors of record on Friday, April 4th will be paid a dividend of $0.52 per share. This represents a $2.08 annualized dividend and a yield of 2.19%. The ex-dividend date is Friday, April 4th. NetApp’s payout ratio is currently 38.52%.

Insider Buying and Selling at NetApp

In other NetApp news, CEO George Kurian sold 8,500 shares of the stock in a transaction that occurred on Tuesday, February 18th. The shares were sold at an average price of $119.04, for a total value of $1,011,840.00. Following the sale, the chief executive officer now directly owns 266,765 shares of the company’s stock, valued at approximately $31,755,705.60. This represents a 3.09 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this link. Also, EVP Elizabeth M. O’callahan sold 451 shares of the company’s stock in a transaction on Friday, January 10th. The shares were sold at an average price of $116.79, for a total transaction of $52,672.29. Following the completion of the transaction, the executive vice president now owns 12,005 shares of the company’s stock, valued at approximately $1,402,063.95. The trade was a 3.62 % decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders have sold 60,903 shares of company stock valued at $7,260,341. Insiders own 0.47% of the company’s stock.

Institutional Inflows and Outflows

Several large investors have recently modified their holdings of the stock. Park Square Financial Group LLC acquired a new position in shares of NetApp in the 4th quarter valued at $36,000. Universal Beteiligungs und Servicegesellschaft mbH acquired a new position in shares of NetApp in the 4th quarter valued at $38,040,000. Azzad Asset Management Inc. ADV boosted its holdings in shares of NetApp by 2.9% in the 4th quarter. Azzad Asset Management Inc. ADV now owns 19,907 shares of the data storage provider’s stock valued at $2,311,000 after buying an additional 565 shares in the last quarter. ABLE Financial Group LLC boosted its holdings in shares of NetApp by 36.1% in the 4th quarter. ABLE Financial Group LLC now owns 12,674 shares of the data storage provider’s stock valued at $1,471,000 after buying an additional 3,363 shares in the last quarter. Finally, Integrated Advisors Network LLC boosted its holdings in shares of NetApp by 602.8% in the 4th quarter. Integrated Advisors Network LLC now owns 29,391 shares of the data storage provider’s stock valued at $3,412,000 after buying an additional 25,209 shares in the last quarter. Institutional investors and hedge funds 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.