NetApp, Inc. (NASDAQ:NTAP) Receives $129.07 Average Price Target from Brokerages

NetApp, Inc. (NASDAQ:NTAP - Get Free Report) has been assigned a consensus recommendation of "Hold" from the seventeen brokerages that are presently covering the company, Marketbeat Ratings reports. Eleven analysts have rated the stock with a hold rating and six have assigned a buy rating to the company. The average twelve-month price target among analysts that have covered the stock in the last year is $129.07.

Several equities research analysts have recently commented on the stock. TD Cowen dropped their target price on shares of NetApp from $160.00 to $130.00 and set a "buy" rating for the company in a research report on Friday, February 28th. Morgan Stanley increased their price objective on NetApp from $132.00 to $146.00 and gave the stock an "equal weight" rating in a report on Tuesday, December 17th. Wells Fargo & Company dropped their target price on shares of NetApp from $130.00 to $115.00 and set an "equal weight" rating on the stock in a report on Friday, February 28th. Keefe, Bruyette & Woods upgraded shares of NetApp to an "outperform" rating in a research note on Wednesday, February 19th. Finally, Bank of America raised NetApp from an "underperform" rating to a "neutral" rating and lifted their price target for the stock from $121.00 to $128.00 in a research report on Wednesday, February 19th.

NetApp Trading Down 0.8 %

NTAP stock traded down $0.73 on Friday, reaching $94.39. The company's stock had a trading volume of 2,095,288 shares, compared to its average volume of 1,748,144. The firm has a market cap of $19.20 billion, a PE ratio of 17.35, a PEG ratio of 2.45 and a beta of 1.24. The business has a fifty day simple moving average of $112.05 and a two-hundred day simple moving average of $117.91. NetApp has a 12-month low of $89.88 and a 12-month high of $135.45. The company has a debt-to-equity ratio of 1.39, a quick ratio of 0.84 and a current ratio of 0.91.

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NetApp Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Wednesday, April 23rd. Shareholders of record on Friday, April 4th will be given a $0.52 dividend. The ex-dividend date is Friday, April 4th. This represents a $2.08 dividend on an annualized basis and a dividend yield of 2.20%. NetApp's payout ratio is currently 38.52%.

Insider Activity

In other news, President Cesar Cernuda sold 22,000 shares of NetApp stock in a transaction that occurred on Monday, December 30th. The shares were 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. This trade represents a 44.81 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, EVP Elizabeth M. O'callahan sold 451 shares of the company's stock in a transaction on Friday, January 10th. The stock was sold at an average price of $116.79, for a total transaction of $52,672.29. Following the transaction, the executive vice president now owns 12,005 shares of the company's stock, valued at approximately $1,402,063.95. This represents a 3.62 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 52,931 shares of company stock worth $6,252,759 in the last three months. Company insiders own 0.47% of the company's stock.

Institutional Trading of NetApp

Several hedge funds have recently bought and sold shares of NTAP. M&T Bank Corp increased its holdings in shares of NetApp by 4.8% in the fourth quarter. M&T Bank Corp now owns 12,794 shares of the data storage provider's stock worth $1,485,000 after purchasing an additional 581 shares during the last quarter. Versor Investments LP purchased a new stake in shares of NetApp during the 4th quarter worth approximately $395,000. Intech Investment Management LLC boosted its position in shares of NetApp by 8.9% during the 3rd quarter. Intech Investment Management LLC now owns 302,010 shares of the data storage provider's stock valued at $37,301,000 after acquiring an additional 24,651 shares during the last quarter. AMJ Financial Wealth Management grew its holdings in shares of NetApp by 120.7% in the fourth quarter. AMJ Financial Wealth Management now owns 68,897 shares of the data storage provider's stock valued at $7,998,000 after purchasing an additional 37,684 shares in the last quarter. Finally, Daiwa Securities Group Inc. increased its position in NetApp by 20.9% in the third quarter. Daiwa Securities Group Inc. now owns 42,302 shares of the data storage provider's stock worth $5,225,000 after purchasing an additional 7,318 shares during the last quarter. Hedge funds and other institutional investors own 92.17% of the company's stock.

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.