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Investment analysts at Piper Jaffray lowered their price objective on shares of NetApp (NASDAQ:NTAP) from $52.00 to $40.00 in a note issued to investors on Wednesday, Analyst Ratings Net reports. The firm currently has an “overweight” rating on the stock. Piper Jaffray’s target price suggests a potential upside of 14.94% from the stock’s previous close.

Shares of NetApp (NASDAQ:NTAP) traded down 0.09% on Wednesday, hitting $34.77. 1,696,889 shares of the company’s stock traded hands. NetApp has a 1-year low of $33.34 and a 1-year high of $45.96. The stock’s 50-day moving average is $35.9 and its 200-day moving average is $39.38. The company has a market cap of $11.518 billion and a price-to-earnings ratio of 20.21.

In other NetApp news, Chairman Daniel Warmenhoven unloaded 41,763 shares of the company’s stock in a transaction dated Thursday, May 1st. The shares were sold at an average price of $35.56, for a total value of $1,485,092.28. Following the completion of the sale, the chairman now directly owns 65,059 shares of the company’s stock, valued at approximately $2,313,498. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link.

A number of other firms have also recently commented on NTAP. Analysts at RBC Capital cut their price target on shares of NetApp from $41.00 to $38.00 in a research note on Tuesday. They now have a “sector perform” rating on the stock. Separately, analysts at Raymond James downgraded shares of NetApp from an “outperform” rating to a “market perform” rating in a research note on Monday. Finally, analysts at Wells Fargo & Co. reiterated a “market perform” rating on shares of NetApp in a research note on Wednesday, May 7th. Two analysts have rated the stock with a sell rating, twenty-one have assigned a hold rating and ten have assigned a buy rating to the company. The stock currently has a consensus rating of “Hold” and an average target price of $42.27.

NetApp, Inc (NASDAQ:NTAP) is a provider of storage systems and data management solutions for information technology (IT) infrastructures.

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