JPMorgan Chase & Co. Lowers NetApp (NASDAQ:NTAP) Price Target to $113.00

NetApp (NASDAQ:NTAP - Get Free Report) had its target price dropped by analysts at JPMorgan Chase & Co. from $153.00 to $113.00 in a research report issued on Thursday,Benzinga reports. The firm presently has an "overweight" rating on the data storage provider's stock. JPMorgan Chase & Co.'s price objective indicates a potential upside of 37.45% from the company's previous close.

A number of other analysts have also recently commented on NTAP. Bank of America upgraded shares of NetApp from an "underperform" rating to a "neutral" rating and upped their price objective for the company from $121.00 to $128.00 in a research report on Wednesday, February 19th. Susquehanna lowered NetApp from a "positive" rating to a "neutral" rating and decreased their price objective for the company from $155.00 to $130.00 in a research report on Monday, February 10th. Keefe, Bruyette & Woods raised shares of NetApp to an "outperform" rating in a research note on Wednesday, February 19th. Loop Capital dropped their price objective on shares of NetApp from $150.00 to $130.00 and set a "buy" rating on the stock in a report on Tuesday, March 4th. Finally, TD Cowen lowered their target price on NetApp from $160.00 to $130.00 and set a "buy" rating for the company in a report on Friday, February 28th. Twelve investment analysts have rated the stock with a hold rating and six have assigned a buy rating to the stock. Based on data from MarketBeat.com, the company currently has an average rating of "Hold" and an average price target of $125.07.

NetApp Trading Up 0.7 %

Shares of NTAP stock traded up $0.53 on Thursday, reaching $82.21. The company had a trading volume of 565,143 shares, compared to its average volume of 1,922,331. The stock has a market cap of $16.72 billion, a PE ratio of 15.11, a PEG ratio of 2.45 and a beta of 1.31. The company has a 50-day moving average of $95.52 and a 200-day moving average of $112.42. 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 has a 12 month low of $71.84 and a 12 month high of $135.45.

Insider Activity

In other news, CFO Michael J. Berry sold 12,500 shares of NetApp stock in a transaction that occurred on Tuesday, February 4th. The shares were sold at an average price of $120.74, for a total value of $1,509,250.00. Following the completion of the sale, the chief financial officer now directly owns 123,243 shares in the company, valued at approximately $14,880,359.82. The trade was a 9.21 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, EVP Elizabeth M. O'callahan sold 452 shares of the stock in a transaction that occurred on Monday, February 10th. The stock was sold at an average price of $120.75, for a total value of $54,579.00. Following the sale, the executive vice president now directly owns 11,553 shares in the company, valued at $1,395,024.75. This represents a 3.77 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 41,676 shares of company stock valued at $4,400,146. 0.47% of the stock is owned by insiders.

Institutional Trading of NetApp

A number of institutional investors have recently modified their holdings of the stock. Migdal Insurance & Financial Holdings Ltd. acquired a new position in NetApp in the fourth quarter valued at about $26,000. Assetmark Inc. raised its position in shares of NetApp by 826.9% in the 4th quarter. Assetmark Inc. now owns 241 shares of the data storage provider's stock valued at $28,000 after buying an additional 215 shares in the last quarter. Synergy Investment Management LLC bought a new stake in shares of NetApp during the 4th quarter worth approximately $32,000. Itau Unibanco Holding S.A. boosted its position in shares of NetApp by 929.6% during the 4th quarter. Itau Unibanco Holding S.A. now owns 278 shares of the data storage provider's stock worth $32,000 after acquiring an additional 251 shares in the last quarter. Finally, Golden State Wealth Management LLC acquired a new stake in shares of NetApp during the 4th quarter worth approximately $35,000. 92.17% of the stock is currently owned by 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.