TD Cowen Issues Positive Forecast for NetApp (NASDAQ:NTAP) Stock Price

NetApp (NASDAQ:NTAP) had its target price upped by stock analysts at TD Cowen from $145.00 to $160.00 in a research report issued to clients and investors on Friday, MarketBeat.com reports. The firm currently has a “buy” rating on the data storage provider’s stock. TD Cowen’s price target indicates a potential upside of 30.78% from the stock’s current price.

A number of other analysts also recently issued reports on NTAP. Wedbush reissued a “neutral” rating and issued a $120.00 price objective on shares of NetApp in a report on Monday, August 26th. Bank of America boosted their price target on NetApp from $105.00 to $110.00 and gave the company an “underperform” rating in a research note on Thursday, August 29th. JPMorgan Chase & Co. raised their price objective on NetApp from $146.00 to $147.00 and gave the stock a “neutral” rating in a research note on Thursday, August 29th. Susquehanna reiterated a “positive” rating and set a $155.00 target price on shares of NetApp in a research report on Monday, August 26th. Finally, Oppenheimer initiated coverage on NetApp in a research report on Wednesday, November 13th. They issued a “market perform” rating on the stock. One analyst has rated the stock with a sell rating, eleven have assigned a hold rating and six have given a buy rating to the stock. Based on data from MarketBeat, NetApp has an average rating of “Hold” and a consensus target price of $134.00.

NetApp Trading Down 3.4 %

Shares of NASDAQ:NTAP opened at $122.34 on Friday. NetApp has a 12-month low of $77.56 and a 12-month high of $135.45. The business has a 50 day moving average of $121.87 and a 200-day moving average of $122.59. The company has a quick ratio of 0.91, a current ratio of 0.96 and a debt-to-equity ratio of 1.34. The stock has a market cap of $25.05 billion, a PE ratio of 22.49, a P/E/G ratio of 3.26 and a beta of 1.24.

NetApp (NASDAQ:NTAP) last issued its quarterly earnings data on Thursday, November 21st. The data storage provider reported $1.87 EPS for the quarter, beating analysts’ consensus estimates of $1.78 by $0.09. NetApp had a return on equity of 119.68% and a net margin of 17.78%. The firm had revenue of $1.66 billion for the quarter, compared to analyst estimates of $1.65 billion. During the same period in the prior year, the firm posted $1.23 EPS. The company’s revenue for the quarter was up 6.1% on a year-over-year basis. As a group, equities research analysts forecast that NetApp will post 5.71 earnings per share for the current year.

Insider Activity at NetApp

In other news, CEO George Kurian sold 8,500 shares of NetApp stock in a transaction dated Monday, October 21st. The stock was sold at an average price of $126.11, for a total transaction of $1,071,935.00. Following the sale, the chief executive officer now directly owns 292,778 shares of the company’s stock, valued at approximately $36,922,233.58. This trade represents a 2.82 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, CAO Lorenzo Daniel De sold 326 shares of the company’s stock in a transaction that occurred on Monday, November 18th. The shares were sold at an average price of $117.44, for a total value of $38,285.44. The disclosure for this sale can be found here. Insiders have sold a total of 23,049 shares of company stock valued at $2,807,851 in the last 90 days. 0.47% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

Several large investors have recently bought and sold shares of NTAP. Bessemer Group Inc. raised its position in shares of NetApp by 46.1% during the first quarter. Bessemer Group Inc. now owns 16,720 shares of the data storage provider’s stock worth $1,754,000 after acquiring an additional 5,273 shares during the last quarter. Intech Investment Management LLC increased its position in NetApp by 8.9% during the 3rd quarter. Intech Investment Management LLC now owns 302,010 shares of the data storage provider’s stock valued at $37,301,000 after purchasing an additional 24,651 shares during the period. The Manufacturers Life Insurance Company raised its holdings in NetApp by 4.7% during the 2nd quarter. The Manufacturers Life Insurance Company now owns 186,777 shares of the data storage provider’s stock worth $24,057,000 after purchasing an additional 8,305 shares during the last quarter. Legal & General Group Plc lifted its position in shares of NetApp by 3.5% in the 2nd quarter. Legal & General Group Plc now owns 2,405,363 shares of the data storage provider’s stock worth $309,811,000 after purchasing an additional 82,378 shares during the period. Finally, Cetera Investment Advisers boosted its stake in shares of NetApp by 132.1% in the 1st quarter. Cetera Investment Advisers now owns 28,230 shares of the data storage provider’s stock valued at $2,963,000 after purchasing an additional 16,066 shares during the last quarter. 92.17% of the stock is owned by institutional investors.

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.