NetApp (NASDAQ:NTAP) Price Target Raised to $150.00 at Wedbush

NetApp (NASDAQ:NTAP) had its target price raised by Wedbush from $115.00 to $150.00 in a report published on Friday morning, Marketbeat reports. Wedbush currently has a neutral rating on the data storage provider’s stock.

Several other research analysts have also recently issued reports on the company. Weiss Ratings cut NetApp from a “buy (b-)” rating to a “hold (c+)” rating in a research report on Friday, March 13th. Citigroup cut NetApp from a “neutral” rating to a “mixed” rating in a research report on Thursday, May 14th. JPMorgan Chase & Co. cut NetApp from an “overweight” rating to a “neutral” rating and cut their price objective for the stock from $125.00 to $110.00 in a research report on Thursday, April 16th. Susquehanna increased their price objective on NetApp from $110.00 to $185.00 and gave the stock a “neutral” rating in a research report on Friday. Finally, Bank of America increased their price objective on NetApp from $118.00 to $125.00 and gave the stock a “neutral” rating in a research report on Wednesday, May 20th. Four investment analysts have rated the stock with a Buy rating, ten have assigned a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat.com, the company presently has a consensus rating of “Hold” and an average price target of $157.50.

NetApp Trading Up 22.4%

NASDAQ:NTAP opened at $174.29 on Friday. The stock has a fifty day moving average price of $112.46 and a two-hundred day moving average price of $107.95. The stock has a market capitalization of $34.39 billion, a price-to-earnings ratio of 27.40, a PEG ratio of 2.60 and a beta of 1.28. The company has a debt-to-equity ratio of 2.15, a quick ratio of 1.36 and a current ratio of 1.39. NetApp has a 1 year low of $93.69 and a 1 year high of $192.83.

NetApp (NASDAQ:NTAP) last released its quarterly earnings data on Thursday, May 28th. The data storage provider reported $2.03 earnings per share (EPS) for the quarter, missing the consensus estimate of $2.27 by ($0.24). The business had revenue of $1.95 billion during the quarter, compared to analysts’ expectations of $1.87 billion. NetApp had a return on equity of 126.01% and a net margin of 18.43%.The company’s revenue was up 12.5% compared to the same quarter last year. During the same quarter in the previous year, the company posted $1.93 EPS. NetApp has set its FY 2027 guidance at 8.700-9.000 EPS and its Q1 2027 guidance at 2.050-2.150 EPS. As a group, sell-side analysts anticipate that NetApp will post 7.14 earnings per share for the current fiscal year.

NetApp Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, July 29th. Investors of record on Friday, July 10th will be given a dividend of $0.52 per share. This represents a $2.08 dividend on an annualized basis and a yield of 1.2%. The ex-dividend date is Friday, July 10th. NetApp’s dividend payout ratio (DPR) is currently 32.70%.

Insider Transactions at NetApp

In related news, CAO Lorenzo Daniel De sold 275 shares of NetApp stock in a transaction dated Monday, May 18th. The stock was sold at an average price of $120.00, for a total transaction of $33,000.00. Following the completion of the sale, the chief accounting officer owned 1,090 shares in the company, valued at approximately $130,800. This trade represents a 20.15% decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, EVP Elizabeth M. O’callahan sold 1,000 shares of NetApp stock in a transaction dated Monday, May 11th. The stock was sold at an average price of $117.73, for a total value of $117,730.00. Following the sale, the executive vice president owned 18,382 shares of the company’s stock, valued at approximately $2,164,112.86. This represents a 5.16% decrease in their position. The SEC filing for this sale provides additional information. In the last quarter, insiders have sold 3,275 shares of company stock valued at $347,650. 0.28% of the stock is currently owned by company insiders.

Institutional Trading of NetApp

Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Rossby Financial LCC increased its position in NetApp by 105.5% during the 3rd quarter. Rossby Financial LCC now owns 224 shares of the data storage provider’s stock worth $27,000 after purchasing an additional 115 shares in the last quarter. Abich Financial Wealth Management LLC purchased a new stake in NetApp during the 3rd quarter worth about $27,000. Park Square Financial Group LLC increased its position in NetApp by 68.7% during the 4th quarter. Park Square Financial Group LLC now owns 253 shares of the data storage provider’s stock worth $29,000 after purchasing an additional 103 shares in the last quarter. Gen Wealth Partners Inc acquired a new stake in NetApp in the 4th quarter worth about $30,000. Finally, DV Equities LLC acquired a new stake in NetApp in the 4th quarter worth about $30,000. Hedge funds and other institutional investors own 92.17% of the company’s stock.

NetApp News Roundup

Here are the key news stories impacting NetApp this week:

• Positive Sentiment: NetApp reported fiscal Q4 revenue of $1.95 billion, topping estimates and rising 12.5% year over year, while non-GAAP EPS came in at $2.43, also above expectations. NetApp Q4 Earnings and Revenues Top Estimates
• Positive Sentiment: Management issued FY2027 guidance above Wall Street estimates, pointing to revenue of about $7.3 billion-$7.6 billion and EPS of $8.70-$9.00, which supports optimism for continued growth and margin expansion. Why NetApp Stock Soared 35% Friday Morning
• Positive Sentiment: Analysts sharply lifted price targets after the report, including JPMorgan, Bank of America, Citigroup, Wedbush, Susquehanna, Northland, and Wells Fargo, signaling that the earnings beat may lead to higher estimates even if several firms kept neutral or hold-type ratings. Analyst price target updates
• Positive Sentiment: NetApp also announced a quarterly dividend and a new $1 billion share repurchase program, adding to shareholder returns and potentially supporting the stock. NetApp Announces New $1 Billion Share Repurchase Program

About NetApp

NetApp, Inc (NASDAQ: NTAP) is a data management and storage company that delivers hybrid cloud data services for applications and data. Founded in 1992 as Network Appliance and rebranded as NetApp in 2008, the company is headquartered in Sunnyvale, California. NetApp’s offering focuses on enabling organizations to store, manage, protect and move data across on-premises environments and major public clouds.

The company’s product portfolio centers on the ONTAP data management software and a range of storage systems and services built around it.