NetApp (NASDAQ:NTAP) Upgraded at Wall Street Zen

NetApp (NASDAQ:NTAP) was upgraded by investment analysts at Wall Street Zen from a “hold” rating to a “strong-buy” rating in a research note issued to investors on Saturday.

A number of other analysts have also recently weighed in on NTAP. Wedbush raised their price objective on NetApp from $115.00 to $150.00 and gave the stock a “neutral” rating in a research report on Friday, May 29th. Susquehanna increased their price objective on shares of NetApp from $110.00 to $185.00 and gave the company a “neutral” rating in a research report on Friday, May 29th. Morgan Stanley increased their price objective on shares of NetApp from $88.00 to $137.00 and gave the company an “underweight” rating in a research report on Friday, May 29th. Citigroup increased their price objective on shares of NetApp from $114.00 to $150.00 and gave the company a “neutral” rating in a research report on Friday, May 29th. Finally, Bank of America increased their price objective on shares of NetApp from $125.00 to $150.00 and gave the company a “neutral” rating in a research report on Friday, May 29th. Five equities research analysts have rated the stock with a Buy rating, nine have assigned a Hold rating and one has issued a Sell rating to the company’s stock. According to data from MarketBeat, the company currently has an average rating of “Hold” and an average target price of $169.33.

NetApp Stock Performance

Shares of NTAP stock opened at $161.61 on Friday. The company has a current ratio of 1.44, a quick ratio of 1.39 and a debt-to-equity ratio of 1.84. The company has a market cap of $31.66 billion, a PE ratio of 25.41, a PEG ratio of 2.93 and a beta of 1.45. NetApp has a 12-month low of $93.69 and a 12-month high of $192.83. The business’s fifty day simple moving average is $125.92 and its 200-day simple moving average is $112.27.

NetApp (NASDAQ:NTAP) last posted its quarterly earnings data on Thursday, May 28th. The data storage provider reported $2.03 earnings per share for the quarter, missing analysts’ consensus estimates of $2.27 by ($0.24). The business had revenue of $1.95 billion during the quarter, compared to analyst estimates of $1.87 billion. NetApp had a return on equity of 117.23% and a net margin of 18.43%.The firm’s revenue for the quarter was up 12.5% compared to the same quarter last year. During the same period in the previous year, the business earned $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. Analysts expect that NetApp will post 7.16 earnings per share for the current fiscal year.

Insider Buying and Selling

In related news, EVP Elizabeth M. O’callahan sold 1,000 shares of the company’s stock in a transaction that occurred on Wednesday, June 10th. The stock was sold at an average price of $163.48, for a total value of $163,480.00. Following the sale, the executive vice president owned 32,297 shares in the company, valued at $5,279,913.56. This represents a 3.00% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CAO Lorenzo Daniel De sold 225 shares of the company’s stock in a transaction that occurred on Monday, June 1st. The shares were sold at an average price of $171.09, for a total value of $38,495.25. Following the completion of the sale, the chief accounting officer owned 1,090 shares in the company, valued at approximately $186,488.10. This represents a 17.11% decrease in their position. The disclosure for this sale is available in the SEC filing. In the last quarter, insiders sold 3,500 shares of company stock worth $448,955. 0.28% of the stock is owned by insiders.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the business. Abich Financial Wealth Management LLC purchased a new position in NetApp during the third quarter valued at approximately $27,000. Rossby Financial LCC raised its position in NetApp by 105.5% during the third quarter. Rossby Financial LCC now owns 224 shares of the data storage provider’s stock valued at $27,000 after acquiring an additional 115 shares in the last quarter. Park Square Financial Group LLC grew its position in NetApp by 68.7% during the fourth quarter. Park Square Financial Group LLC now owns 253 shares of the data storage provider’s stock valued at $29,000 after buying an additional 103 shares during the period. Gen Wealth Partners Inc acquired a new stake in NetApp during the fourth quarter valued at $30,000. Finally, DV Equities LLC acquired a new stake in NetApp during the fourth quarter valued at $30,000. 92.17% of the stock is currently owned by institutional investors and hedge funds.

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.