NetApp (NASDAQ:NTAP) Price Target Raised to $140.00 at Wells Fargo & Company

NetApp (NASDAQ:NTAP) had its price target raised by research analysts at Wells Fargo & Company from $135.00 to $140.00 in a research note issued to investors on Friday,Benzinga reports. The firm presently has an “equal weight” rating on the data storage provider’s stock. Wells Fargo & Company‘s target price points to a potential upside of 7.38% from the company’s previous close.

NTAP has been the topic of several other reports. Oppenheimer initiated coverage on NetApp in a report on Wednesday, November 13th. They set a “market perform” rating on the stock. TD Cowen upped their price target on shares of NetApp from $145.00 to $160.00 and gave the company a “buy” rating in a report on Friday. UBS Group raised their price objective on shares of NetApp from $121.00 to $134.00 and gave the stock a “neutral” rating in a report on Thursday, August 29th. Morgan Stanley upped their target price on shares of NetApp from $127.00 to $132.00 and gave the company an “equal weight” rating in a research note on Friday. Finally, Evercore ISI lifted their price target on NetApp from $120.00 to $130.00 and gave the stock an “in-line” rating in a research note on Monday, August 12th. One analyst has rated the stock with a sell rating, eleven have assigned a hold rating and six have assigned a buy rating to the company’s stock. According to data from MarketBeat, the stock has a consensus rating of “Hold” and an average price target of $133.38.

NetApp Price Performance

Shares of NASDAQ NTAP opened at $130.38 on Friday. The company has a debt-to-equity ratio of 1.34, a current ratio of 0.96 and a quick ratio of 0.91. NetApp has a 1-year low of $77.56 and a 1-year high of $135.01. The company has a market capitalization of $26.70 billion, a price-to-earnings ratio of 26.66, a PEG ratio of 3.13 and a beta of 1.24. The business has a 50-day moving average of $121.77 and a 200-day moving average of $122.39.

NetApp (NASDAQ:NTAP) last issued its quarterly earnings data on Thursday, November 21st. The data storage provider reported $1.87 EPS for the quarter, topping analysts’ consensus estimates of $1.78 by $0.09. The firm had revenue of $1.66 billion for the quarter, compared to analyst estimates of $1.65 billion. NetApp had a net margin of 17.01% and a return on equity of 121.41%. The firm’s revenue was up 6.1% compared to the same quarter last year. During the same quarter in the previous year, the business posted $1.23 EPS. On average, equities analysts anticipate that NetApp will post 5.71 EPS for the current fiscal year.

Insider Activity

In other news, EVP Elizabeth M. O’callahan sold 705 shares of the business’s stock in a transaction on Thursday, October 10th. The stock was sold at an average price of $126.20, for a total transaction of $88,971.00. Following the sale, the executive vice president now directly owns 11,694 shares of the company’s stock, valued at $1,475,782.80. The trade was a 5.69 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, CEO George Kurian sold 8,500 shares of the stock in a transaction on Monday, October 21st. The shares were sold at an average price of $126.11, for a total value of $1,071,935.00. Following the completion of the transaction, the chief executive officer now owns 292,778 shares of the company’s stock, valued at $36,922,233.58. This trade represents a 2.82 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 23,049 shares of company stock worth $2,807,851 over the last three months. Corporate insiders own 0.47% of the company’s stock.

Institutional Investors Weigh In On NetApp

Large investors have recently made changes to their positions in the company. Hollencrest Capital Management purchased a new position in NetApp during the 2nd quarter worth approximately $26,000. Northwest Investment Counselors LLC acquired a new stake in shares of NetApp in the third quarter worth $27,000. Redwood Wealth Management Group LLC purchased a new position in shares of NetApp during the second quarter valued at $32,000. New Covenant Trust Company N.A. acquired a new position in NetApp during the first quarter valued at $28,000. Finally, Robbins Farley purchased a new stake in NetApp in the 2nd quarter worth about $44,000. Institutional investors and hedge funds own 92.17% of the company’s stock.

About NetApp

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.