Pacific Crest Lowers NetApp Price Target to $46.00 (NTAP)
Analysts at Pacific Crest cut their target price on shares of NetApp (NASDAQ:NTAP) from $48.00 to $46.00 in a research report issued to clients and investors on Wednesday, StockRatingsNetwork reports. The firm currently has an “outperform” rating on the stock. Pacific Crest’s price target indicates a potential upside of 13.75% from the company’s current price.
Shares of NetApp (NASDAQ:NTAP) traded down 0.64% on Wednesday, hitting $40.44. 6,689,370 shares of the company’s stock traded hands. NetApp has a one year low of $26.26 and a one year high of $44.65. The stock has a 50-day moving average of $42.4 and a 200-day moving average of $39.16. The company has a market cap of $13.753 billion and a P/E ratio of 28.38. NetApp also was the target of unusually large options trading on Tuesday. Traders bought 11,375 put options on the company. This represents an increase of 169% compared to the typical volume of 4,233 put options.
NetApp (NASDAQ:NTAP) last released its earnings data on Wednesday, August 14th. The company reported $0.53 earnings per share for the quarter, beating the analysts’ consensus estimate of $0.49 by $0.04. The company had revenue of $1.52 billion for the quarter, compared to the consensus estimate of $1.53 billion. During the same quarter last year, the company posted $0.42 earnings per share. NetApp’s revenue was up 4.9% compared to the same quarter last year. Analysts expect that NetApp will post $2.75 EPS for the current fiscal year.
In other NetApp news, Chairman Daniel J. Warmenhoven unloaded 10,000 shares of NetApp stock in a transaction that occurred on Monday, October 14th. The shares were sold at an average price of $41.69, for a total transaction of $416,900.00. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link.
Several other analysts have also recently commented on the stock. Analysts at TheStreet reiterated a “buy” rating on shares of NetApp in a research note to investors on Tuesday, October 8th. Finally, analysts at Barclays downgraded shares of NetApp from an “overweight” rating to an “equal weight” rating in a research note to investors on Tuesday, September 24th. They now have a $46.00 price target on the stock. Two equities research analysts have rated the stock with a sell rating, fifteen have assigned a hold rating and seventeen have given a buy rating to the stock. The company has an average rating of “Hold” and an average price target of $43.91.
NetApp, Inc (NASDAQ:NTAP) is a provider of storage systems and data management solutions for information technology (IT) infrastructures.
Get Analysts' Upgrades and Downgrades via Email - Stay on top of analysts' coverage with Analyst Ratings Network's FREE daily email newsletter that provides a concise list of analysts' upgrades and downgrades. Click here to register now.