Citigroup Lowers NetApp (NASDAQ:NTAP) Price Target to $90.00

NetApp (NASDAQ:NTAP - Free Report) had its price objective trimmed by Citigroup from $110.00 to $90.00 in a research note published on Monday morning,Benzinga reports. The firm currently has a neutral rating on the data storage provider's stock.

Several other equities research analysts also recently weighed in on the stock. Keefe, Bruyette & Woods raised shares of NetApp to an "outperform" rating in a research note on Wednesday, February 19th. Barclays decreased their price objective on shares of NetApp from $132.00 to $115.00 and set an "equal weight" rating for the company in a research note on Friday, February 28th. Wedbush restated a "neutral" rating and set a $110.00 target price (down previously from $120.00) on shares of NetApp in a research report on Friday, February 28th. Morgan Stanley increased their price target on NetApp from $132.00 to $146.00 and gave the stock an "equal weight" rating in a report on Tuesday, December 17th. Finally, Bank of America upgraded NetApp from an "underperform" rating to a "neutral" rating and boosted their price objective for the company from $121.00 to $128.00 in a report on Wednesday, February 19th. Twelve equities research analysts have rated the stock with a hold rating and six have assigned a buy rating to the company. According to MarketBeat, the stock presently has a consensus rating of "Hold" and a consensus target price of $125.07.

NetApp Trading Up 1.5 %

Shares of NASDAQ NTAP traded up $1.26 during trading hours on Monday, hitting $82.61. 1,602,025 shares of the company traded hands, compared to its average volume of 1,929,117. The stock has a market capitalization of $16.80 billion, a price-to-earnings ratio of 15.19, a price-to-earnings-growth ratio of 2.45 and a beta of 1.31. The company's 50 day moving average price is $96.24 and its 200 day moving average price is $112.86. NetApp has a 12 month low of $71.84 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.

NetApp Dividend Announcement

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 2.52%. The ex-dividend date of this dividend is Friday, April 4th. NetApp's payout ratio is currently 38.52%.

Insider Buying and Selling at NetApp

In other news, CEO George Kurian sold 8,500 shares of NetApp stock in a transaction that occurred on Tuesday, January 21st. The shares were sold at an average price of $123.03, for a total value of $1,045,755.00. Following the transaction, the chief executive officer now owns 271,282 shares of the company's stock, valued at $33,375,824.46. The trade was a 3.04 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, CFO Michael J. Berry sold 12,500 shares of the stock in a transaction that occurred on Tuesday, February 4th. The shares were sold at an average price of $120.74, for a total transaction of $1,509,250.00. Following the sale, the chief financial officer now directly owns 123,243 shares of the company's stock, valued at $14,880,359.82. The trade was a 9.21 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 50,176 shares of company stock worth $5,445,901 over the last quarter. Insiders own 0.47% of the company's stock.

Hedge Funds Weigh In On NetApp

Hedge funds and other institutional investors have recently modified their holdings of the stock. M&T Bank Corp increased its stake in NetApp by 4.8% during the 4th quarter. M&T Bank Corp now owns 12,794 shares of the data storage provider's stock valued at $1,485,000 after purchasing an additional 581 shares in the last quarter. Versor Investments LP purchased a new position in NetApp in the 4th quarter worth $395,000. AMJ Financial Wealth Management lifted its position in NetApp by 120.7% during the 4th quarter. AMJ Financial Wealth Management now owns 68,897 shares of the data storage provider's stock worth $7,998,000 after acquiring an additional 37,684 shares during the period. Robeco Institutional Asset Management B.V. grew its stake in NetApp by 9.2% during the 4th quarter. Robeco Institutional Asset Management B.V. now owns 1,346,212 shares of the data storage provider's stock valued at $156,268,000 after purchasing an additional 113,360 shares during the last quarter. Finally, Brandywine Global Investment Management LLC acquired a new position in shares of NetApp in the fourth quarter valued at about $5,151,000. 92.17% of the stock is owned by hedge funds and other institutional investors.

NetApp Company Profile

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.