NetApp (NASDAQ:NTAP) Price Target Raised to $114.00

NetApp (NASDAQ:NTAP) had its price target lifted by Citigroup from $110.00 to $114.00 in a research note issued to investors on Monday,Benzinga reports. The brokerage currently has a “neutral” rating on the data storage provider’s stock. Citigroup’s price objective would suggest a potential upside of 13.70% from the company’s previous close.

Several other research analysts also recently issued reports on NTAP. Northland Securities set a $137.00 target price on shares of NetApp and gave the stock an “outperform” rating in a research note on Wednesday, November 26th. Bank of America boosted their price objective on shares of NetApp from $125.00 to $129.00 and gave the stock a “neutral” rating in a report on Wednesday, November 26th. Weiss Ratings upgraded NetApp from a “hold (c+)” rating to a “buy (b-)” rating in a research note on Friday. Barclays lifted their target price on NetApp from $125.00 to $134.00 and gave the stock an “overweight” rating in a report on Wednesday, November 26th. Finally, UBS Group upped their price target on NetApp from $114.00 to $120.00 and gave the company a “neutral” rating in a report on Wednesday, November 26th. One equities research analyst has rated the stock with a Strong Buy rating, seven have issued a Buy rating and eight have issued a Hold rating to the company. Based on data from MarketBeat, NetApp has a consensus rating of “Moderate Buy” and an average target price of $123.00.

NetApp Stock Up 1.2%

Shares of NASDAQ NTAP traded up $1.24 during trading on Monday, reaching $100.27. The company had a trading volume of 1,154,859 shares, compared to its average volume of 2,539,382. NetApp has a 12-month low of $71.84 and a 12-month high of $126.66. 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. The business’s 50-day moving average is $103.14 and its 200 day moving average is $111.31. The company has a quick ratio of 1.36, a current ratio of 1.39 and a debt-to-equity ratio of 2.15.

NetApp (NASDAQ:NTAP) last posted its quarterly earnings results on Thursday, February 26th. The data storage provider reported $2.12 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.07 by $0.05. The firm had revenue of $1.71 billion during the quarter, compared to analyst estimates of $1.70 billion. NetApp had a return on equity of 118.11% and a net margin of 18.07%.NetApp’s quarterly revenue was up 4.4% compared to the same quarter last year. During the same quarter in the previous 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, equities analysts forecast that NetApp will post 5.89 earnings per share for the current fiscal year.

Insider Buying and Selling

In other NetApp news, EVP Elizabeth M. O’callahan sold 1,000 shares of the stock in a transaction dated Tuesday, February 10th. The stock was sold at an average price of $103.45, for a total value of $103,450.00. Following 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 ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Company insiders own 0.28% of the company’s stock.

Institutional Investors Weigh In On NetApp

Several hedge funds and other institutional investors have recently made changes to their positions in the business. Envestnet Asset Management Inc. grew its stake in shares of NetApp by 4.9% during the 3rd quarter. Envestnet Asset Management Inc. now owns 432,772 shares of the data storage provider’s stock valued at $51,266,000 after acquiring an additional 20,089 shares during the period. Citigroup Inc. lifted its holdings in NetApp by 216.1% during the third quarter. Citigroup Inc. now owns 927,525 shares of the data storage provider’s stock valued at $109,875,000 after purchasing an additional 634,085 shares in the last quarter. National Pension Service boosted its position in shares of NetApp by 26.0% in the third quarter. National Pension Service now owns 159,274 shares of the data storage provider’s stock worth $18,868,000 after purchasing an additional 32,833 shares during the period. Epoch Investment Partners Inc. increased its stake in shares of NetApp by 3.8% in the second quarter. Epoch Investment Partners Inc. now owns 1,810,772 shares of the data storage provider’s stock worth $192,938,000 after purchasing an additional 66,045 shares in the last quarter. Finally, J. Safra Sarasin Holding AG raised its position in shares of NetApp by 496.7% during the 3rd quarter. J. Safra Sarasin Holding AG now owns 18,168 shares of the data storage provider’s stock valued at $2,152,000 after purchasing an additional 15,123 shares during the period. Hedge funds and other institutional investors 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.