Wells Fargo & Company Lowers NetApp (NASDAQ:NTAP) Price Target to $100.00

NetApp (NASDAQ:NTAP) had its price objective cut by stock analysts at Wells Fargo & Company from $115.00 to $100.00 in a research report issued to clients and investors on Friday,Benzinga reports. The firm currently has an “equal weight” rating on the data storage provider’s stock. Wells Fargo & Company‘s price objective points to a potential upside of 1.34% from the stock’s current price.

Other analysts also recently issued reports about the stock. Bank of America upgraded shares of NetApp from an “underperform” rating to a “neutral” rating and raised their price objective for the company from $121.00 to $128.00 in a research report on Wednesday, February 19th. Morgan Stanley reissued a “cautious” rating on shares of NetApp in a report on Tuesday, May 20th. Barclays raised NetApp from an “equal weight” rating to an “overweight” rating and set a $115.00 price target on the stock in a report on Wednesday, April 30th. Keefe, Bruyette & Woods raised NetApp to an “outperform” rating in a report on Wednesday, February 19th. Finally, Loop Capital decreased their price target on NetApp from $150.00 to $130.00 and set a “buy” rating on the stock in a report on Tuesday, March 4th. One investment analyst has rated the stock with a sell rating, ten have issued a hold rating and seven have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Hold” and an average price target of $118.93.

NetApp Stock Down 0.5%

Shares of NTAP stock opened at $98.68 on Friday. NetApp has a 12 month low of $71.84 and a 12 month high of $135.45. The stock has a market cap of $20.07 billion, a P/E ratio of 18.14, a P/E/G ratio of 2.45 and a beta of 1.40. 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 company has a 50 day simple moving average of $90.19 and a two-hundred day simple moving average of $107.01.

NetApp (NASDAQ:NTAP) last announced its earnings results on Thursday, May 29th. The data storage provider reported $1.93 EPS for the quarter, beating analysts’ consensus estimates of $1.90 by $0.03. NetApp had a net margin of 17.78% and a return on equity of 123.63%. The business had revenue of $1.73 billion during the quarter, compared to analysts’ expectations of $1.72 billion. During the same period in the prior year, the company earned $1.80 earnings per share. The firm’s revenue was up 3.8% on a year-over-year basis. On average, research analysts expect that NetApp will post 5.89 earnings per share for the current year.

Insider Transactions at NetApp

In other news, EVP Elizabeth M. O’callahan sold 528 shares of NetApp stock in a transaction dated Monday, March 10th. The stock was sold at an average price of $92.58, for a total value of $48,882.24. Following the sale, the executive vice president now directly owns 12,900 shares of the company’s stock, valued at approximately $1,194,282. The trade was a 3.93% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, Director Anders Gustafsson bought 2,800 shares of NetApp stock in a transaction dated Thursday, March 27th. The stock was purchased at an average cost of $91.00 per share, for a total transaction of $254,800.00. Following the completion of the acquisition, the director now directly owns 6,348 shares of the company’s stock, valued at approximately $577,668. The trade was a 78.92% increase in their position. The disclosure for this purchase can be found here. Over the last three months, insiders have sold 28,724 shares of company stock valued at $2,520,032. 0.47% of the stock is currently owned by insiders.

Institutional Investors Weigh In On NetApp

Several large investors have recently made changes to their positions in NTAP. Vanguard Group Inc. increased its stake in NetApp by 2.3% during the first quarter. Vanguard Group Inc. now owns 27,041,930 shares of the data storage provider’s stock worth $2,375,363,000 after acquiring an additional 597,956 shares during the last quarter. Ameriprise Financial Inc. increased its stake in NetApp by 1.0% during the first quarter. Ameriprise Financial Inc. now owns 7,096,679 shares of the data storage provider’s stock worth $623,383,000 after acquiring an additional 72,223 shares during the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC increased its stake in NetApp by 18.8% during the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 3,546,548 shares of the data storage provider’s stock worth $311,529,000 after acquiring an additional 560,218 shares during the last quarter. Invesco Ltd. increased its stake in NetApp by 12.3% during the first quarter. Invesco Ltd. now owns 3,507,590 shares of the data storage provider’s stock worth $308,107,000 after acquiring an additional 384,362 shares during the last quarter. Finally, UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC increased its stake in NetApp by 8.0% during the fourth quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 2,986,330 shares of the data storage provider’s stock worth $346,653,000 after acquiring an additional 220,393 shares during the last quarter. 92.17% of the stock is owned by institutional investors.

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.