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

NetApp (NASDAQ:NTAP) had its target price hoisted by stock analysts at Citigroup from $110.00 to $114.00 in a research report issued to clients and investors on Monday,Benzinga reports. The brokerage currently has a “neutral” rating on the data storage provider’s stock. Citigroup’s target price indicates a potential upside of 13.70% from the stock’s current price.

NTAP has been the subject of a number of other research reports. Wedbush reissued a “neutral” rating and issued a $115.00 target price on shares of NetApp in a research note on Wednesday, February 25th. The Goldman Sachs Group began coverage on NetApp in a research note on Tuesday, January 13th. They issued a “buy” rating and a $128.00 price target on the stock. Northland Securities set a $137.00 price objective on NetApp and gave the company an “outperform” rating in a research report on Wednesday, November 26th. Oppenheimer restated a “market perform” rating on shares of NetApp in a report on Wednesday, November 26th. Finally, Bank of America lifted their target price on shares of NetApp from $125.00 to $129.00 and gave the stock a “neutral” rating in a research note on Wednesday, November 26th. One research analyst has rated the stock with a Strong Buy rating, seven have assigned a Buy rating and eight have issued a Hold rating to the company. According to MarketBeat.com, the company has an average rating of “Moderate Buy” and an average target price of $123.00.

NetApp Price Performance

NASDAQ NTAP traded up $1.24 on Monday, reaching $100.27. 1,154,859 shares of the company’s stock traded hands, compared to its average volume of 2,539,382. The stock has a market cap of $19.86 billion, a PE ratio of 16.78, a P/E/G ratio of 3.44 and a beta of 1.38. NetApp has a 12 month low of $71.84 and a 12 month high of $126.66. The stock has a 50-day simple moving average of $103.14 and a 200 day simple moving average of $111.31. The company has a debt-to-equity ratio of 2.15, a current ratio of 1.39 and a quick ratio of 1.36.

NetApp (NASDAQ:NTAP) last released its earnings results on Thursday, February 26th. The data storage provider reported $2.12 EPS for the quarter, beating the consensus estimate of $2.07 by $0.05. The company had revenue of $1.71 billion for the quarter, compared to analyst estimates of $1.70 billion. NetApp had a net margin of 18.07% and a return on equity of 118.11%. The firm’s quarterly revenue was up 4.4% compared to the same quarter last year. During the same quarter last year, the firm earned $1.91 EPS. NetApp has set its Q4 2026 guidance at 2.210-2.310 EPS and its FY 2026 guidance at 7.920-8.020 EPS. As a group, research analysts predict that NetApp will post 5.89 earnings per share for the current year.

Insider Buying and Selling at NetApp

In other news, EVP Elizabeth M. O’callahan sold 1,000 shares of the stock in a transaction that occurred on Tuesday, February 10th. The stock was sold at an average price of $103.45, for a total value of $103,450.00. Following the completion of the transaction, the executive vice president owned 20,075 shares of the company’s stock, valued at approximately $2,076,758.75. This represents a 4.74% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Company insiders own 0.28% of the company’s stock.

Hedge Funds Weigh In On NetApp

Institutional investors have recently added to or reduced their stakes in the company. Norges Bank purchased a new stake in shares of NetApp in the 4th quarter worth about $458,060,000. Boston Partners boosted its stake in NetApp by 108.9% during the second quarter. Boston Partners now owns 2,947,200 shares of the data storage provider’s stock worth $313,997,000 after acquiring an additional 1,536,339 shares in the last quarter. Geode Capital Management LLC grew its holdings in NetApp by 16.8% in the second quarter. Geode Capital Management LLC now owns 7,112,316 shares of the data storage provider’s stock worth $756,665,000 after purchasing an additional 1,024,626 shares during the period. Pacer Advisors Inc. grew its holdings in NetApp by 103.6% in the third quarter. Pacer Advisors Inc. now owns 1,783,103 shares of the data storage provider’s stock worth $211,226,000 after purchasing an additional 907,233 shares during the period. Finally, Arrowstreet Capital Limited Partnership increased its stake in shares of NetApp by 94.6% during the third quarter. Arrowstreet Capital Limited Partnership now owns 1,823,292 shares of the data storage provider’s stock valued at $215,987,000 after purchasing an additional 886,485 shares in the last quarter. Institutional investors own 92.17% of the company’s stock.

NetApp Company Profile

NetApp, Inc (NASDAQ: NTAP) is a data management and storage company that delivers hybrid cloud data services for applications and data. Founded in 1992 as Network Appliance and rebranded as NetApp in 2008, the company is headquartered in Sunnyvale, California. NetApp’s offering focuses on enabling organizations to store, manage, protect and move data across on-premises environments and major public clouds.

The company’s product portfolio centers on the ONTAP data management software and a range of storage systems and services built around it.