NetApp (NASDAQ:NTAP) Given New $92.00 Price Target at Morgan Stanley


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NetApp (NASDAQ:NTAP) had its target price raised by equities researchers at Morgan Stanley from $90.00 to $92.00 in a research note issued to investors on Thursday, The Fly reports. The firm currently has an “overweight” rating on the data storage provider’s stock. Morgan Stanley’s target price would indicate a potential upside of 24.88% from the stock’s current price.

Several other equities analysts have also commented on NTAP. Loop Capital upped their price target on shares of NetApp from $70.00 to $83.00 and gave the stock a “buy” rating in a research report on Thursday, February 25th. Daiwa Capital Markets raised shares of NetApp from a “neutral” rating to an “outperform” rating and set a $70.00 price target for the company in a research report on Friday, February 26th. Wedbush upped their price target on shares of NetApp from $62.00 to $70.00 and gave the stock a “neutral” rating in a research report on Thursday, February 25th. Stifel Nicolaus boosted their price objective on shares of NetApp from $60.00 to $65.00 and gave the stock a “hold” rating in a research note on Thursday, February 25th. They noted that the move was a valuation call. Finally, William Blair reiterated a “market perform” rating on shares of NetApp in a research note on Thursday, February 25th. One analyst has rated the stock with a sell rating, thirteen have assigned a hold rating and ten have issued a buy rating to the company’s stock. The stock has an average rating of “Hold” and a consensus price target of $64.60.

NASDAQ:NTAP opened at $73.67 on Thursday. The firm has a 50 day simple moving average of $68.68 and a 200-day simple moving average of $59.41. The company has a debt-to-equity ratio of 7.11, a current ratio of 1.65 and a quick ratio of 1.61. The firm has a market cap of $16.40 billion, a PE ratio of 24.15, a P/E/G ratio of 1.78 and a beta of 1.35. NetApp has a 1-year low of $38.89 and a 1-year high of $75.58.

NetApp (NASDAQ:NTAP) last issued its quarterly earnings results on Wednesday, February 24th. The data storage provider reported $1.10 EPS for the quarter, topping the consensus estimate of $1.01 by $0.09. NetApp had a net margin of 12.44% and a return on equity of 263.77%. The firm had revenue of $1.47 billion during the quarter, compared to analyst estimates of $1.43 billion. During the same quarter in the prior year, the business posted $1.16 earnings per share. As a group, sell-side analysts expect that NetApp will post 3.08 earnings per share for the current fiscal year.

Institutional investors and hedge funds have recently bought and sold shares of the stock. Bell Bank raised its holdings in NetApp by 3.0% in the fourth quarter. Bell Bank now owns 61,118 shares of the data storage provider’s stock valued at $4,048,000 after acquiring an additional 1,798 shares in the last quarter. Lapides Asset Management LLC raised its holdings in shares of NetApp by 8.9% during the fourth quarter. Lapides Asset Management LLC now owns 74,700 shares of the data storage provider’s stock worth $4,948,000 after purchasing an additional 6,100 shares during the period. Robeco Institutional Asset Management B.V. increased its holdings in shares of NetApp by 3.9% in the 4th quarter. Robeco Institutional Asset Management B.V. now owns 601,324 shares of the data storage provider’s stock worth $39,831,000 after acquiring an additional 22,332 shares during the period. Teachers Retirement System of The State of Kentucky grew its position in NetApp by 1,691.3% in the 4th quarter. Teachers Retirement System of The State of Kentucky now owns 358,250 shares of the data storage provider’s stock valued at $23,731,000 after buying an additional 338,250 shares in the last quarter. Finally, IFM Investors Pty Ltd boosted its position in shares of NetApp by 15.7% during the 4th quarter. IFM Investors Pty Ltd now owns 21,530 shares of the data storage provider’s stock valued at $1,426,000 after purchasing an additional 2,928 shares in the last quarter. 90.95% of the stock is currently owned by hedge funds and other institutional investors.

About NetApp

NetApp, Inc provides software, systems, and services to manage and share data on-premises, and private and public clouds worldwide. The company offers cloud data services, including NetApp Cloud Volumes Service for AWS, NetApp Cloud Sync, NetApp Cloud Tiering, NetApp Global File Cache, NetApp SaaS Backup, NetApp Cloud Manager, NetApp Fabric Orchestrator, and NetApp Cloud Insights.

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