NetApp (NASDAQ:NTAP) Price Target Lowered to $85.00 at Cowen

NetApp (NASDAQ:NTAPGet Rating) had its target price decreased by Cowen to $85.00 in a research report report published on Friday, Stock Target Advisor reports.

A number of other analysts have also recently weighed in on the stock. Bank of America cut shares of NetApp from a buy rating to a neutral rating and cut their price objective for the stock from $100.00 to $96.00 in a report on Thursday, March 24th. Deutsche Bank Aktiengesellschaft raised their price objective on shares of NetApp from $85.00 to $90.00 and gave the stock a hold rating in a report on Wednesday, March 23rd. UBS Group initiated coverage on shares of NetApp in a research report on Tuesday, April 5th. They set a neutral rating and a $91.00 target price on the stock. Northland Securities raised their target price on shares of NetApp from $111.00 to $124.00 and gave the stock an outperform rating in a research report on Wednesday, March 23rd. Finally, Susquehanna restated a buy rating and set a $110.00 target price on shares of NetApp in a research report on Wednesday, March 23rd. One investment analyst has rated the stock with a sell rating, nine have issued a hold rating and twelve have issued a buy rating to the company’s stock. According to data from MarketBeat.com, the company currently has a consensus rating of Buy and a consensus target price of $98.63.

Shares of NASDAQ:NTAP opened at $73.05 on Friday. The firm’s 50 day moving average price is $76.64 and its 200 day moving average price is $84.19. The stock has a market cap of $16.26 billion, a price-to-earnings ratio of 16.53, a price-to-earnings-growth ratio of 1.73 and a beta of 1.24. NetApp has a fifty-two week low of $64.58 and a fifty-two week high of $96.82. The company has a quick ratio of 1.51, a current ratio of 1.55 and a debt-to-equity ratio of 2.70.

NetApp (NASDAQ:NTAPGet Rating) last released its quarterly earnings data on Wednesday, February 23rd. The data storage provider reported $1.20 earnings per share for the quarter, topping analysts’ consensus estimates of $1.07 by $0.13. NetApp had a net margin of 16.34% and a return on equity of 126.47%. The company had revenue of $1.61 billion for the quarter, compared to analysts’ expectations of $1.61 billion. During the same quarter last year, the company earned $0.94 earnings per share. The firm’s revenue for the quarter was up 9.8% on a year-over-year basis. On average, equities analysts anticipate that NetApp will post 4.26 EPS for the current year.

In other news, CEO George Kurian sold 4,250 shares of NetApp stock in a transaction on Monday, March 21st. The stock was sold at an average price of $89.86, for a total transaction of $381,905.00. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, President Cesar Cernuda sold 14,000 shares of NetApp stock in a transaction on Tuesday, March 15th. The stock was sold at an average price of $80.79, for a total value of $1,131,060.00. The disclosure for this sale can be found here. Insiders have sold a total of 26,750 shares of company stock worth $2,124,859 over the last 90 days. Insiders own 0.28% of the company’s stock.

Large investors have recently added to or reduced their stakes in the company. Assetmark Inc. raised its stake in shares of NetApp by 150.4% during the 3rd quarter. Assetmark Inc. now owns 288 shares of the data storage provider’s stock worth $26,000 after buying an additional 173 shares during the last quarter. North Star Investment Management Corp. raised its stake in shares of NetApp by 200.0% during the 4th quarter. North Star Investment Management Corp. now owns 300 shares of the data storage provider’s stock worth $28,000 after buying an additional 200 shares during the last quarter. Cyrus J. Lawrence LLC acquired a new position in shares of NetApp during the 1st quarter worth $28,000. Benjamin Edwards Inc. acquired a new position in shares of NetApp during the 4th quarter worth $32,000. Finally, Gradient Investments LLC acquired a new position in shares of NetApp during the 4th quarter worth $37,000. 91.91% of the stock is owned by institutional investors and hedge funds.

NetApp Company Profile (Get Rating)

NetApp, Inc provides software, systems, and cloud services to manage and share data on-premises, and private and public clouds worldwide. The company offers cloud storage services, including NetApp Cloud Volumes; cloud control solutions, such as NetApp Cloud Manager and NetApp Virtual Desktop Service; cloud services and analytics comprising NetApp Cloud Insights, NetApp Cloud Sync, NetApp Cloud Compliance, NetApp Cloud Tiering, NetApp SaaS Backup, NetApp Cloud Backup, and NetApp Global File Cache; and Cloud Optimization solutions, such as Spot by NetApp, Spot Cloud Analyzer by NetApp, Spot Eco by NetApp, Spot Ocean by NetApp, Spot Wave by NetApp, Spot Elastigroup by NetApp, and NetApp Virtual Desktop Managed Service.

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