NetApp Inc. (NASDAQ:NTAP) had its price target raised by research analysts at BMO Capital Markets to $39.00 in a research note issued to investors on Thursday. BMO Capital Markets’ price objective suggests a potential upside of 12.29% from the stock’s current price.

NTAP has been the subject of a number of other research reports. Deutsche Bank AG downgraded NetApp from a “hold” rating to a “sell” rating and decreased their target price for the company from $35.66 to $25.00 in a report on Monday, September 26th. They noted that the move was a valuation call. Cross Research upgraded NetApp from a “hold” rating to a “buy” rating in a report on Monday, September 26th. William Blair restated an “underperform” rating on shares of NetApp in a report on Wednesday, September 28th. Robert W. Baird restated a “neutral” rating and set a $37.00 target price (up previously from $32.00) on shares of NetApp in a report on Wednesday, September 28th. Finally, Needham & Company LLC restated a “hold” rating on shares of NetApp in a report on Wednesday, September 28th. Eleven investment analysts have rated the stock with a sell rating, twenty-three have given a hold rating and seven have assigned a buy rating to the company. The company presently has a consensus rating of “Hold” and a consensus price target of $31.16.

Analyst Recommendations for NetApp (NASDAQ:NTAP)

Shares of NetApp (NASDAQ:NTAP) opened at 34.73 on Thursday. The company has a 50-day moving average of $33.90 and a 200 day moving average of $29.36. The firm has a market cap of $9.68 billion, a P/E ratio of 31.26 and a beta of 1.49. NetApp has a 52-week low of $20.66 and a 52-week high of $36.10.

NetApp (NASDAQ:NTAP) last announced its quarterly earnings data on Wednesday, November 16th. The data storage provider reported $0.60 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $0.54 by $0.06. NetApp had a return on equity of 15.82% and a net margin of 5.87%. The firm earned $1.34 billion during the quarter, compared to the consensus estimate of $1.36 billion. During the same quarter in the previous year, the company posted $0.61 earnings per share. The business’s revenue was down 7.3% on a year-over-year basis. On average, equities analysts expect that NetApp will post $2.37 earnings per share for the current year.

In other news, CEO George Kurian sold 4,000 shares of the business’s stock in a transaction on Friday, September 30th. The stock was sold at an average price of $35.16, for a total value of $140,640.00. Following the completion of the transaction, the chief executive officer now directly owns 40,570 shares of the company’s stock, valued at approximately $1,426,441.20. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. Also, Director Jeffry R. Allen sold 14,020 shares of the business’s stock in a transaction on Wednesday, August 24th. The stock was sold at an average price of $35.24, for a total value of $494,064.80. Following the completion of the transaction, the director now directly owns 15,000 shares of the company’s stock, valued at $528,600. The disclosure for this sale can be found here. 0.49% of the stock is owned by insiders.

Several hedge funds and other institutional investors have recently added to or reduced their stakes in NTAP. Dodge & Cox raised its position in shares of NetApp by 0.7% in the second quarter. Dodge & Cox now owns 36,281,441 shares of the data storage provider’s stock valued at $892,161,000 after buying an additional 246,450 shares in the last quarter. Vanguard Group Inc. raised its position in shares of NetApp by 1.6% in the second quarter. Vanguard Group Inc. now owns 25,692,849 shares of the data storage provider’s stock valued at $631,787,000 after buying an additional 401,590 shares in the last quarter. State Street Corp raised its position in shares of NetApp by 0.7% in the second quarter. State Street Corp now owns 12,594,917 shares of the data storage provider’s stock valued at $309,710,000 after buying an additional 83,169 shares in the last quarter. BlackRock Institutional Trust Company N.A. raised its position in shares of NetApp by 14.8% in the second quarter. BlackRock Institutional Trust Company N.A. now owns 9,225,320 shares of the data storage provider’s stock valued at $226,851,000 after buying an additional 1,189,529 shares in the last quarter. Finally, Bank of New York Mellon Corp raised its position in shares of NetApp by 3.8% in the second quarter. Bank of New York Mellon Corp now owns 5,996,983 shares of the data storage provider’s stock valued at $147,467,000 after buying an additional 219,124 shares in the last quarter. 89.59% of the stock is owned by hedge funds and other institutional investors.

NetApp Company Profile

NetApp, Inc (NetApp) provides software, systems and services to manage and store customer data. The Company enables enterprises, service providers, governmental organizations, and partners to envision, deploy and evolve their information technology (IT) environments. The Company offers a portfolio of products and services that satisfy a range of customer workloads across different data types and deployment models.

5 Day Chart for NASDAQ:NTAP

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