NetApp (NASDAQ:NTAP) Price Target Cut to $115.00 by Analysts at Barclays

NetApp (NASDAQ:NTAP - Free Report) had its price objective reduced by Barclays from $132.00 to $115.00 in a research note released on Friday,Benzinga reports. Barclays currently has an equal weight rating on the data storage provider's stock.

NTAP has been the subject of a number of other research reports. StockNews.com raised shares of NetApp from a "hold" rating to a "buy" rating in a report on Wednesday, February 19th. Northland Securities boosted their price target on NetApp from $108.00 to $120.00 and gave the company a "market perform" rating in a research note on Friday, November 22nd. TD Cowen lowered their price objective on NetApp from $160.00 to $130.00 and set a "buy" rating on the stock in a research note on Friday. Wells Fargo & Company cut their target price on NetApp from $130.00 to $115.00 and set an "equal weight" rating for the company in a research report on Friday. Finally, Keefe, Bruyette & Woods raised NetApp to an "outperform" rating in a report on Wednesday, February 19th. Twelve equities research analysts have rated the stock with a hold rating and six have issued a buy rating to the company's stock. According to data from MarketBeat, the company currently has an average rating of "Hold" and an average target price of $130.40.

NetApp Stock Performance

NTAP stock traded down $4.08 during trading hours on Friday, hitting $95.73. 3,429,399 shares of the stock were exchanged, compared to its average volume of 1,781,472. NetApp has a 12 month low of $95.18 and a 12 month high of $135.45. The company has a current ratio of 0.91, a quick ratio of 0.84 and a debt-to-equity ratio of 1.39. The firm has a market capitalization of $19.46 billion, a P/E ratio of 17.60, a P/E/G ratio of 2.45 and a beta of 1.23. The company has a 50-day simple moving average of $119.85 and a two-hundred day simple moving average of $121.79.

NetApp Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, April 23rd. Investors of record on Friday, April 4th will be given a dividend of $0.52 per share. This represents a $2.08 dividend on an annualized basis and a yield of 2.17%. The ex-dividend date of this dividend is Friday, April 4th. NetApp's dividend payout ratio is 38.52%.

Insider Activity at NetApp

In related news, President Cesar Cernuda sold 22,000 shares of the business's stock in a transaction on Monday, December 30th. The stock was sold at an average price of $114.99, for a total transaction of $2,529,780.00. Following the sale, the president now owns 27,099 shares in the company, valued at $3,116,114.01. The trade was a 44.81 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, CEO George Kurian sold 8,500 shares of the stock in a transaction dated Monday, December 16th. The shares were sold at an average price of $124.29, for a total value of $1,056,465.00. Following the completion of the transaction, the chief executive officer now owns 279,782 shares of the company's stock, valued at $34,774,104.78. This represents a 2.95 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 60,903 shares of company stock valued at $7,260,341 in the last quarter. Insiders own 0.47% of the company's stock.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently made changes to their positions in NTAP. Resonant Capital Advisors LLC grew its holdings in NetApp by 1.8% during the 4th quarter. Resonant Capital Advisors LLC now owns 4,442 shares of the data storage provider's stock worth $516,000 after acquiring an additional 80 shares during the last quarter. Larson Financial Group LLC lifted its holdings in shares of NetApp by 2.5% during the fourth quarter. Larson Financial Group LLC now owns 3,778 shares of the data storage provider's stock worth $438,000 after purchasing an additional 92 shares during the period. Geneos Wealth Management Inc. grew its stake in shares of NetApp by 22.3% in the fourth quarter. Geneos Wealth Management Inc. now owns 549 shares of the data storage provider's stock worth $64,000 after purchasing an additional 100 shares during the last quarter. Moors & Cabot Inc. increased its holdings in NetApp by 3.6% in the fourth quarter. Moors & Cabot Inc. now owns 2,906 shares of the data storage provider's stock valued at $337,000 after purchasing an additional 100 shares during the period. Finally, Coppell Advisory Solutions LLC raised its position in NetApp by 50.0% during the 4th quarter. Coppell Advisory Solutions LLC now owns 300 shares of the data storage provider's stock worth $35,000 after purchasing an additional 100 shares during the last quarter. 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.