NetApp Price Target Cut to $45.00 by Analysts at JPMorgan Chase & Co. (NTAP)
Stock analysts at JPMorgan Chase & Co. decreased their target price on shares of NetApp (NASDAQ:NTAP) from $46.00 to $45.00 in a report issued on Thursday, Stock Ratings Network reports. The firm currently has an “overweight” rating on the stock. JPMorgan Chase & Co.’s price target would suggest a potential upside of 15.95% from the stock’s previous close.
NetApp (NASDAQ:NTAP) traded down 0.31% on Thursday, hitting $38.81. The stock had a trading volume of 6,123,428 shares. NetApp has a 52-week low of $26.26 and a 52-week high of $43.83. The stock’s 50-day moving average is $41.90 and its 200-day moving average is $39.5. The company has a market cap of $13.199 billion and a P/E ratio of 27.15. NetApp also was the recipient of some unusual options trading activity on Thursday. Stock investors bought 10,295 put options on the stock. This is an increase of approximately 109% compared to the average daily volume of 4,915 put options.
NetApp (NASDAQ:NTAP) last posted its quarterly earnings results on Wednesday, August 14th. The company reported $0.53 EPS for the quarter, beating the Thomson Reuters 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 in the prior year, the company posted $0.42 earnings per share. The company’s quarterly revenue was up 4.9% on a year-over-year basis. On average, analysts predict that NetApp will post $2.74 earnings per share for the current fiscal year.
In other NetApp news, Chairman Daniel J. Warmenhoven sold 10,000 shares of NetApp stock on the open market in a transaction that occurred on Monday, October 21st. The stock was sold at an average price of $41.54, for a total value of $415,400.00. The sale was disclosed in a filing with the SEC, which is available at this link.
NTAP has been the subject of a number of other recent research reports. Analysts at TheStreet reiterated a “buy” rating on shares of NetApp in a research note to investors on Sunday. Finally, analysts at Pacific Crest cut their price target on shares of NetApp from $48.00 to $46.00 in a research note to investors on Wednesday, October 16th. They now have an “outperform” rating on the stock. Two research analysts have rated the stock with a sell rating, fourteen have given a hold rating and seventeen have issued a buy rating to the stock. The company currently has an average rating of “Hold” and an average target price of $44.39.
NetApp, Inc (NASDAQ:NTAP) is a provider of storage systems and data management solutions for information technology (IT) infrastructures.
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