NetApp (NASDAQ:NTAP) Given “Neutral” Rating at Wedbush

Wedbush reaffirmed their neutral rating on shares of NetApp (NASDAQ:NTAP) in a report released on Wednesday,Benzinga reports. They currently have a $115.00 price target on the data storage provider’s stock.

Several other research analysts also recently weighed in on NTAP. Barclays upped their target price on shares of NetApp from $125.00 to $134.00 and gave the company an “overweight” rating in a research note on Wednesday, November 26th. The Goldman Sachs Group assumed coverage on shares of NetApp in a report on Tuesday, January 13th. They issued a “buy” rating and a $128.00 price objective on the stock. Citigroup lowered their target price on NetApp from $125.00 to $110.00 and set a “neutral” rating for the company in a research note on Tuesday, February 17th. Northland Securities set a $137.00 target price on NetApp and gave the stock an “outperform” rating in a research report on Wednesday, November 26th. Finally, UBS Group boosted their price target on NetApp from $114.00 to $120.00 and gave the stock a “neutral” rating in a research note on Wednesday, November 26th. One investment analyst has rated the stock with a Strong Buy rating, seven have issued a Buy rating and nine have assigned a Hold rating to the company. According to MarketBeat.com, NetApp has an average rating of “Moderate Buy” and a consensus price target of $123.21.

NetApp Price Performance

NTAP stock opened at $101.88 on Wednesday. The firm has a market cap of $20.18 billion, a P/E ratio of 17.72, a price-to-earnings-growth ratio of 3.46 and a beta of 1.38. The company has a debt-to-equity ratio of 2.52, a quick ratio of 1.30 and a current ratio of 1.34. NetApp has a 1 year low of $71.84 and a 1 year high of $127.78. The stock has a 50-day simple moving average of $103.62 and a 200-day simple moving average of $111.40.

NetApp (NASDAQ:NTAP) last released its quarterly earnings results on Tuesday, November 25th. The data storage provider reported $2.05 earnings per share for the quarter, topping analysts’ consensus estimates of $1.88 by $0.17. The firm had revenue of $1.71 billion during the quarter, compared to analysts’ expectations of $1.69 billion. NetApp had a return on equity of 121.28% and a net margin of 17.73%.NetApp’s quarterly revenue was up 2.8% compared to the same quarter last year. During the same quarter in the prior year, the business earned $1.87 EPS. On average, equities analysts predict that NetApp will post 5.89 earnings per share for the current fiscal year.

Insider Buying and Selling

In other news, EVP Elizabeth M. O’callahan sold 1,000 shares of NetApp stock in a transaction dated Tuesday, February 10th. The shares were 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 directly owned 20,075 shares of the company’s stock, valued at approximately $2,076,758.75. The trade was a 4.74% decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. 0.28% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On NetApp

Several hedge funds and other institutional investors have recently modified their holdings of NTAP. Ascent Group LLC boosted its position in shares of NetApp by 1.5% during the third quarter. Ascent Group LLC now owns 6,084 shares of the data storage provider’s stock worth $721,000 after buying an additional 90 shares during the period. Caliber Wealth Management LLC KS raised its stake in NetApp by 5.0% during the 3rd quarter. Caliber Wealth Management LLC KS now owns 2,100 shares of the data storage provider’s stock valued at $249,000 after acquiring an additional 100 shares in the last quarter. Parallel Advisors LLC boosted its position in NetApp by 2.1% during the 4th quarter. Parallel Advisors LLC now owns 5,007 shares of the data storage provider’s stock worth $536,000 after acquiring an additional 101 shares during the period. Park Square Financial Group LLC grew its stake in shares of NetApp by 68.7% in the fourth quarter. Park Square Financial Group LLC now owns 253 shares of the data storage provider’s stock worth $29,000 after purchasing an additional 103 shares in the last quarter. Finally, Parkside Financial Bank & Trust grew its stake in shares of NetApp by 19.2% in the second quarter. Parkside Financial Bank & Trust now owns 647 shares of the data storage provider’s stock worth $69,000 after purchasing an additional 104 shares in the last quarter. Institutional investors and hedge funds own 92.17% of the company’s stock.

About NetApp

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.