Loop Capital Cuts NetApp (NASDAQ:NTAP) Price Target to $130.00

NetApp (NASDAQ:NTAP) had its target price trimmed by Loop Capital from $150.00 to $130.00 in a research report report published on Tuesday morning,Benzinga reports. The firm currently has a buy rating on the data storage provider’s stock.

Several other equities research analysts have also commented on NTAP. Northland Securities upped their price target on NetApp from $108.00 to $120.00 and gave the stock a “market perform” rating in a research note on Friday, November 22nd. Keefe, Bruyette & Woods upgraded NetApp to an “outperform” rating in a research note on Wednesday, February 19th. Wells Fargo & Company dropped their price target on NetApp from $130.00 to $115.00 and set an “equal weight” rating for the company in a research note on Friday, February 28th. TD Cowen dropped their price target on NetApp from $160.00 to $130.00 and set a “buy” rating for the company in a research note on Friday, February 28th. Finally, Susquehanna lowered NetApp from a “positive” rating to a “neutral” rating and dropped their price target for the stock from $155.00 to $130.00 in a research note on Monday, February 10th. Twelve equities research analysts have rated the stock with a hold rating and six have given a buy rating to the company’s stock. According to MarketBeat, the company presently has an average rating of “Hold” and an average target price of $129.07.

NetApp Stock Performance

NetApp stock opened at $91.86 on Tuesday. The firm has a market capitalization of $18.69 billion, a P/E ratio of 16.89, a PEG ratio of 2.45 and a beta of 1.24. 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 stock has a fifty day moving average price of $117.89 and a 200 day moving average price of $120.89. NetApp has a 52 week low of $91.19 and a 52 week high of $135.45.

NetApp Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Wednesday, April 23rd. Investors of record on Friday, April 4th will be issued a $0.52 dividend. This represents a $2.08 dividend on an annualized basis and a yield of 2.26%. The ex-dividend date of this dividend is Friday, April 4th. NetApp’s dividend payout ratio is currently 38.52%.

Insider Activity at NetApp

In other NetApp news, CEO George Kurian sold 8,500 shares of the stock in a transaction that occurred on Monday, December 16th. The stock was sold at an average price of $124.29, for a total transaction of $1,056,465.00. Following the transaction, the chief executive officer now owns 279,782 shares of the company’s stock, valued at $34,774,104.78. This trade represents a 2.95 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, EVP Elizabeth M. O’callahan sold 452 shares of the stock in a transaction that occurred on Monday, February 10th. The stock was sold at an average price of $120.75, for a total value of $54,579.00. Following the transaction, the executive vice president now directly owns 11,553 shares in the company, valued at approximately $1,395,024.75. This represents a 3.77 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders 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

A number of large investors have recently bought and sold shares of NTAP. Norges Bank bought a new position in NetApp during the 4th quarter worth approximately $306,440,000. Ameriprise Financial Inc. lifted its holdings in NetApp by 14.5% during the 4th quarter. Ameriprise Financial Inc. now owns 7,024,456 shares of the data storage provider’s stock worth $815,402,000 after buying an additional 888,671 shares during the last quarter. Clark Capital Management Group Inc. raised its position in shares of NetApp by 5,858.0% during the 4th quarter. Clark Capital Management Group Inc. now owns 895,435 shares of the data storage provider’s stock worth $103,942,000 after purchasing an additional 880,406 shares during the period. Boston Partners raised its position in shares of NetApp by 53.9% during the 4th quarter. Boston Partners now owns 2,083,189 shares of the data storage provider’s stock worth $241,867,000 after purchasing an additional 729,394 shares during the period. Finally, KBC Group NV raised its position in shares of NetApp by 276.9% during the 4th quarter. KBC Group NV now owns 891,033 shares of the data storage provider’s stock worth $103,431,000 after purchasing an additional 654,626 shares during the period. Institutional investors 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.