NetApp (NASDAQ:NTAP) Given New $140.00 Price Target at Wells Fargo & Company

NetApp (NASDAQ:NTAP) had its target price upped by research analysts at Wells Fargo & Company from $135.00 to $140.00 in a report released on Friday,Benzinga reports. The brokerage currently has an “equal weight” rating on the data storage provider’s stock. Wells Fargo & Company‘s target price suggests a potential upside of 14.44% from the company’s current price.

NTAP has been the subject of several other research reports. Bank of America increased their target price on shares of NetApp from $115.00 to $121.00 and gave the stock an “underperform” rating in a report on Friday. JPMorgan Chase & Co. raised their price objective on NetApp from $146.00 to $147.00 and gave the company a “neutral” rating in a report on Thursday, August 29th. Northland Securities raised their target price on shares of NetApp from $108.00 to $120.00 and gave the company a “market perform” rating in a research note on Friday. TD Cowen boosted their price objective on shares of NetApp from $145.00 to $160.00 and gave the stock a “buy” rating in a research note on Friday. Finally, Citigroup raised their target price on shares of NetApp from $120.00 to $130.00 and gave the company a “neutral” rating in a research note on Thursday, August 15th. One investment analyst has rated the stock with a sell rating, eleven have assigned a hold rating and six have assigned a buy rating to the stock. According to MarketBeat.com, the company has an average rating of “Hold” and a consensus target price of $134.00.

NetApp Stock Performance

NTAP opened at $122.34 on Friday. The company has a market capitalization of $25.05 billion, a price-to-earnings ratio of 22.49, a P/E/G ratio of 3.26 and a beta of 1.24. The business’s 50-day moving average price is $121.87 and its two-hundred day moving average price is $122.59. NetApp has a 1 year low of $77.56 and a 1 year high of $135.45. The company has a debt-to-equity ratio of 1.34, a current ratio of 0.96 and a quick ratio of 0.91.

NetApp (NASDAQ:NTAP) last announced its earnings results on Thursday, November 21st. The data storage provider reported $1.87 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.78 by $0.09. NetApp had a return on equity of 119.68% and a net margin of 17.78%. The business had revenue of $1.66 billion for the quarter, compared to analyst estimates of $1.65 billion. During the same quarter last year, the firm earned $1.23 EPS. NetApp’s revenue for the quarter was up 6.1% compared to the same quarter last year. Equities analysts expect that NetApp will post 5.71 EPS for the current fiscal year.

Insider Activity

In other NetApp news, CAO Lorenzo Daniel De sold 1,685 shares of the stock in a transaction that occurred on Tuesday, September 24th. The shares were sold at an average price of $123.60, for a total transaction of $208,266.00. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, Director Thomas Michael Nevens sold 3,333 shares of NetApp stock in a transaction that occurred on Monday, November 18th. The shares were sold at an average price of $119.23, for a total transaction of $397,393.59. Following the completion of the sale, the director now owns 9,277 shares of the company’s stock, valued at approximately $1,106,096.71. The trade was a 26.43 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 23,049 shares of company stock valued at $2,807,851. 0.47% of the stock is owned by company insiders.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently bought and sold shares of the stock. UMB Bank n.a. grew its stake in NetApp by 11.8% during the second quarter. UMB Bank n.a. now owns 784 shares of the data storage provider’s stock worth $101,000 after buying an additional 83 shares in the last quarter. Aviso Wealth Management lifted its holdings in shares of NetApp by 1.4% during the 2nd quarter. Aviso Wealth Management now owns 6,149 shares of the data storage provider’s stock worth $792,000 after acquiring an additional 83 shares during the period. Waldron Private Wealth LLC boosted its position in shares of NetApp by 4.3% during the 2nd quarter. Waldron Private Wealth LLC now owns 2,255 shares of the data storage provider’s stock worth $290,000 after acquiring an additional 92 shares in the last quarter. Quarry LP increased its stake in NetApp by 11.7% in the second quarter. Quarry LP now owns 876 shares of the data storage provider’s stock valued at $113,000 after acquiring an additional 92 shares during the last quarter. Finally, Elo Mutual Pension Insurance Co raised its position in NetApp by 0.5% during the second quarter. Elo Mutual Pension Insurance Co now owns 18,920 shares of the data storage provider’s stock valued at $2,437,000 after purchasing an additional 95 shares in the last quarter. Institutional investors and hedge funds own 92.17% of the company’s stock.

About NetApp

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.