Wells Fargo & Co Reiterates Market Perform Rating for NetApp (NASDAQ:NTAP)

NetApp (NASDAQ:NTAP)‘s stock had its “market perform” rating restated by investment analysts at Wells Fargo & Co in a report issued on Thursday, Briefing.com Automated Import reports. They presently have a $50.00 price objective on the data storage provider’s stock, down from their previous price objective of $53.00. Wells Fargo & Co‘s price objective would suggest a potential upside of 6.93% from the company’s current price.

NTAP has been the subject of several other research reports. ValuEngine downgraded shares of NetApp from a “hold” rating to a “sell” rating in a report on Monday, June 3rd. Goldman Sachs Group downgraded shares of NetApp from a “conviction-buy” rating to a “buy” rating in a report on Thursday, May 23rd. Citigroup downgraded shares of NetApp from a “neutral” rating to a “sell” rating and dropped their target price for the company from $67.00 to $55.00 in a report on Monday, July 8th. Credit Suisse Group reiterated an “outperform” rating and issued a $62.00 target price on shares of NetApp in a report on Thursday. Finally, JPMorgan Chase & Co. lifted their target price on shares of NetApp from $64.00 to $67.00 and gave the company a “neutral” rating in a report on Tuesday, June 25th. Six equities research analysts have rated the stock with a sell rating, fifteen have assigned a hold rating and nine have issued a buy rating to the company’s stock. The company currently has an average rating of “Hold” and an average price target of $59.45.

Shares of NTAP traded up $0.29 on Thursday, hitting $46.76. 2,891,994 shares of the stock traded hands, compared to its average volume of 2,748,195. The company has a quick ratio of 1.42, a current ratio of 1.45 and a debt-to-equity ratio of 1.05. The firm has a market capitalization of $11.23 billion, a P/E ratio of 11.63, a P/E/G ratio of 0.96 and a beta of 1.48. The stock’s 50 day moving average is $56.10 and its two-hundred day moving average is $64.24. NetApp has a 1 year low of $44.55 and a 1 year high of $88.08.

NetApp (NASDAQ:NTAP) last announced its quarterly earnings data on Wednesday, August 14th. The data storage provider reported $0.65 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.46 by $0.19. The business had revenue of $1.24 billion for the quarter, compared to the consensus estimate of $1.23 billion. NetApp had a net margin of 19.02% and a return on equity of 71.66%. The company’s quarterly revenue was down 16.1% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $1.04 earnings per share. Research analysts forecast that NetApp will post 3.35 EPS for the current year.

In other NetApp news, VP Joel D. Reich sold 30,000 shares of the business’s stock in a transaction on Tuesday, June 4th. The shares were sold at an average price of $60.59, for a total value of $1,817,700.00. Following the completion of the transaction, the vice president now owns 55,361 shares in the company, valued at $3,354,322.99. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, SVP Matthew K. Fawcett sold 38,195 shares of the business’s stock in a transaction on Friday, June 21st. The stock was sold at an average price of $61.55, for a total transaction of $2,350,902.25. Following the completion of the transaction, the senior vice president now owns 38,527 shares of the company’s stock, valued at approximately $2,371,336.85. The disclosure for this sale can be found here. In the last 90 days, insiders sold 161,092 shares of company stock valued at $9,676,120. Insiders own 0.33% of the company’s stock.

Several large investors have recently bought and sold shares of NTAP. FMR LLC lifted its position in shares of NetApp by 24.3% during the 1st quarter. FMR LLC now owns 1,699,118 shares of the data storage provider’s stock worth $117,816,000 after purchasing an additional 332,665 shares during the last quarter. Marshall Wace North America L.P. lifted its position in shares of NetApp by 629.5% during the 1st quarter. Marshall Wace North America L.P. now owns 119,994 shares of the data storage provider’s stock worth $8,321,000 after purchasing an additional 103,545 shares during the last quarter. Teacher Retirement System of Texas lifted its position in shares of NetApp by 6,974.9% during the 1st quarter. Teacher Retirement System of Texas now owns 251,511 shares of the data storage provider’s stock worth $17,440,000 after purchasing an additional 247,956 shares during the last quarter. MML Investors Services LLC lifted its position in shares of NetApp by 16.4% during the 1st quarter. MML Investors Services LLC now owns 11,271 shares of the data storage provider’s stock worth $782,000 after purchasing an additional 1,588 shares during the last quarter. Finally, Argent Capital Management LLC lifted its position in shares of NetApp by 33.2% during the 1st quarter. Argent Capital Management LLC now owns 18,459 shares of the data storage provider’s stock worth $1,280,000 after purchasing an additional 4,603 shares during the last quarter. Institutional investors and hedge funds own 96.66% of the company’s stock.

NetApp Company Profile

NetApp, Inc provides software, systems, and services to manage and share data on-premises, and private and public clouds worldwide. It offers cloud data services, such as ONTAP cloud storage data management and NetApp cloud sync data synchronization services; NetApp SaaS backup for Microsoft Office 365; NetApp cloud backup solutions; OnCommand management software and management integration tools; and NetApp private storage for cloud.

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Analyst Recommendations for NetApp (NASDAQ:NTAP)

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