Evercore ISI Issues Pessimistic Forecast for NetApp (NASDAQ:NTAP) Stock Price

NetApp (NASDAQ:NTAP) had its target price dropped by equities research analysts at Evercore ISI from $120.00 to $100.00 in a research report issued on Monday,Benzinga reports. The firm presently has an “in-line” rating on the data storage provider’s stock. Evercore ISI’s target price indicates a potential upside of 13.82% from the company’s previous close.

Several other equities research analysts also recently weighed in on NTAP. StockNews.com downgraded NetApp from a “buy” rating to a “hold” rating in a report on Friday, February 28th. Wells Fargo & Company cut their target price on shares of NetApp from $130.00 to $115.00 and set an “equal weight” rating on the stock in a report on Friday, February 28th. Loop Capital cut their price target on NetApp from $150.00 to $130.00 and set a “buy” rating for the company in a research note on Tuesday, March 4th. TD Cowen cut their target price on NetApp from $160.00 to $130.00 and set a “buy” rating for the company in a research note on Friday, February 28th. Finally, JPMorgan Chase & Co. lowered their price target on NetApp from $153.00 to $113.00 and set an “overweight” rating on the stock in a report on Thursday, April 17th. Twelve equities research analysts have rated the stock with a hold rating and six have issued a buy rating to the company. Based on data from MarketBeat.com, the stock has an average rating of “Hold” and a consensus price target of $123.07.

NetApp Price Performance

NTAP opened at $87.86 on Monday. The firm has a market cap of $17.87 billion, a price-to-earnings ratio of 16.15, a PEG ratio of 2.45 and a beta of 1.31. NetApp has a 12-month low of $71.84 and a 12-month high of $135.45. The company has a current ratio of 0.91, a quick ratio of 0.84 and a debt-to-equity ratio of 1.39. The stock’s 50-day moving average price is $91.41 and its 200 day moving average price is $110.88.

Insider Transactions at NetApp

In other news, CFO Michael J. Berry sold 12,500 shares of the business’s stock in a transaction that occurred on Tuesday, February 4th. The shares were sold at an average price of $120.74, for a total transaction of $1,509,250.00. Following the sale, the chief financial officer now owns 123,243 shares in the company, valued at $14,880,359.82. The trade was a 9.21 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO George Kurian sold 8,500 shares of the firm’s stock in a transaction on Monday, April 21st. The stock was sold at an average price of $81.83, for a total value of $695,555.00. Following the completion of the sale, the chief executive officer now directly owns 249,765 shares of the company’s stock, valued at approximately $20,438,269.95. This trade represents a 3.29 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders sold 50,176 shares of company stock worth $5,095,701. Insiders own 0.47% of the company’s stock.

Institutional Trading of NetApp

Institutional investors have recently made changes to their positions in the stock. Resonant Capital Advisors LLC raised its position in NetApp by 1.8% during the fourth quarter. Resonant Capital Advisors LLC now owns 4,442 shares of the data storage provider’s stock valued at $516,000 after acquiring an additional 80 shares in the last quarter. Larson Financial Group LLC lifted its stake in shares of NetApp by 2.5% in the fourth quarter. Larson Financial Group LLC now owns 3,778 shares of the data storage provider’s stock valued at $438,000 after buying an additional 92 shares during the period. Geneos Wealth Management Inc. increased its position in shares of NetApp by 22.3% during the fourth quarter. Geneos Wealth Management Inc. now owns 549 shares of the data storage provider’s stock valued at $64,000 after purchasing an additional 100 shares during the period. Moors & Cabot Inc. lifted its holdings in shares of NetApp by 3.6% during the 4th quarter. Moors & Cabot Inc. now owns 2,906 shares of the data storage provider’s stock worth $337,000 after acquiring an additional 100 shares during the period. Finally, Coppell Advisory Solutions LLC raised its holdings in shares of NetApp by 50.0% in the 4th quarter. Coppell Advisory Solutions LLC now owns 300 shares of the data storage provider’s stock worth $35,000 after buying an additional 100 shares in the last quarter. 92.17% of the stock is currently owned by institutional investors and hedge funds.

NetApp Company Profile

NetApp, Inc provides cloud-led and data-centric services to manage and share data on-premises, and private and public clouds worldwide. It operates in two segments, Hybrid Cloud and Public Could. The company offers intelligent data management software, such as NetApp ONTAP, NetApp Snapshot, NetApp SnapCenter Backup Management, NetApp SnapMirror Data Replication, NetApp SnapLock Data Compliance, and storage infrastructure solutions, including NetApp All-Flash FAS series, NetApp Fabric Attached Storage, NetApp E/EF series, and NetApp StorageGRID.