Citigroup Boosts NetApp (NTAP) Price Target to $62.00

NetApp (NASDAQ:NTAP) had its price objective hoisted by analysts at Citigroup from $53.00 to $62.00 in a research report issued to clients and investors on Tuesday. The firm currently has a “neutral” rating on the data storage provider’s stock. Citigroup’s price objective would suggest a potential upside of 7.40% from the stock’s current price.

Other equities research analysts have also recently issued research reports about the stock. DA Davidson increased their target price on shares of NetApp from $53.00 to $56.00 and gave the company a “buy” rating in a research note on Tuesday, November 14th. Piper Jaffray Companies set a $52.00 target price on shares of NetApp and gave the company a “buy” rating in a research note on Tuesday, November 14th. Maxim Group reiterated a “buy” rating and issued a $56.00 target price on shares of NetApp in a research note on Friday, October 27th. Lake Street Capital reiterated a “buy” rating and issued a $54.00 target price (up previously from $49.00) on shares of NetApp in a research note on Thursday, November 16th. Finally, UBS Group reiterated a “buy” rating and issued a $52.00 target price (up previously from $45.00) on shares of NetApp in a research note on Thursday, November 16th. One research analyst has rated the stock with a sell rating, nineteen have issued a hold rating and fifteen have given a buy rating to the company. The stock presently has a consensus rating of “Hold” and a consensus price target of $53.81.

NetApp (NTAP) traded up $1.56 during mid-day trading on Tuesday, reaching $57.73. 4,354,300 shares of the company’s stock were exchanged, compared to its average volume of 2,737,891. The company has a debt-to-equity ratio of 0.55, a current ratio of 1.67 and a quick ratio of 1.64. NetApp has a one year low of $37.43 and a one year high of $64.06. The company has a market capitalization of $14,985.70, a PE ratio of 25.24, a price-to-earnings-growth ratio of 1.79 and a beta of 1.32.

NetApp (NASDAQ:NTAP) last released its earnings results on Wednesday, November 15th. The data storage provider reported $0.81 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $0.69 by $0.12. NetApp had a net margin of 11.49% and a return on equity of 26.77%. The business had revenue of $1.42 billion during the quarter, compared to analysts’ expectations of $1.38 billion. During the same quarter last year, the company earned $0.60 earnings per share. The firm’s revenue was up 6.1% on a year-over-year basis. equities analysts forecast that NetApp will post 2.76 earnings per share for the current fiscal year.

In other news, EVP Henri P. Richard sold 1,976 shares of the stock in a transaction that occurred on Friday, December 1st. The shares were sold at an average price of $55.91, for a total transaction of $110,478.16. Following the sale, the executive vice president now directly owns 11,884 shares of the company’s stock, valued at $664,434.44. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CEO George Kurian sold 75,000 shares of the stock in a transaction that occurred on Monday, November 20th. The shares were sold at an average price of $52.50, for a total transaction of $3,937,500.00. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 176,629 shares of company stock valued at $9,568,956. Company insiders own 0.47% of the company’s stock.

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. Toronto Dominion Bank boosted its stake in NetApp by 25.4% in the second quarter. Toronto Dominion Bank now owns 91,841 shares of the data storage provider’s stock valued at $3,678,000 after acquiring an additional 18,613 shares during the last quarter. Personal Capital Advisors Corp bought a new position in NetApp in the third quarter valued at approximately $269,000. Commonwealth of Pennsylvania Public School Empls Retrmt SYS boosted its stake in NetApp by 9.0% in the third quarter. Commonwealth of Pennsylvania Public School Empls Retrmt SYS now owns 21,939 shares of the data storage provider’s stock valued at $960,000 after acquiring an additional 1,809 shares during the last quarter. GHP Investment Advisors Inc. boosted its stake in NetApp by 18.1% in the third quarter. GHP Investment Advisors Inc. now owns 46,379 shares of the data storage provider’s stock valued at $2,030,000 after acquiring an additional 7,123 shares during the last quarter. Finally, Oakview Capital Management L.P. bought a new position in NetApp in the third quarter valued at approximately $24,533,000. 96.67% of the stock is currently owned by institutional investors and hedge funds.

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NetApp Company Profile

NetApp, Inc (NetApp) provides software, systems and services to manage and store customer data. The Company enables enterprises, service providers, governmental organizations, and partners to envision, deploy and evolve their information technology (IT) environments. The Company offers a portfolio of products and services that satisfy a range of customer workloads across different data types and deployment models.

Analyst Recommendations for NetApp (NASDAQ:NTAP)

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