NetApp (NASDAQ:NTAP) Given New $132.00 Price Target at Barclays

NetApp (NASDAQ:NTAP) had its price objective boosted by investment analysts at Barclays from $119.00 to $132.00 in a research report issued on Friday,Benzinga reports. The brokerage currently has an “equal weight” rating on the data storage provider’s stock. Barclays‘s target price would indicate a potential upside of 4.14% from the company’s current price.

A number of other equities analysts have also weighed in on the company. Oppenheimer initiated coverage on NetApp in a report on Wednesday, November 13th. They issued a “market perform” rating for the company. UBS Group upped their price objective on shares of NetApp from $121.00 to $134.00 and gave the company a “neutral” rating in a report on Thursday, August 29th. Susquehanna reaffirmed a “positive” rating and set a $155.00 target price on shares of NetApp in a research note on Monday, August 26th. Evercore ISI increased their price target on shares of NetApp from $120.00 to $130.00 and gave the company an “in-line” rating in a research note on Monday, August 12th. Finally, Wedbush restated a “neutral” rating and set a $120.00 price target on shares of NetApp in a report on Monday, August 26th. One analyst has rated the stock with a sell rating, eleven have given a hold rating and six have given a buy rating to the company. According to MarketBeat.com, the stock currently has a consensus rating of “Hold” and an average price target of $133.06.

NetApp Stock Performance

NASDAQ:NTAP opened at $126.75 on Friday. The company has a market cap of $25.96 billion, a P/E ratio of 24.76, a P/E/G ratio of 3.13 and a beta of 1.24. NetApp has a twelve month low of $77.46 and a twelve month high of $135.01. The company’s 50-day moving average price is $121.77 and its 200-day moving average price is $122.39. The company has a current ratio of 0.96, a quick ratio of 0.91 and a debt-to-equity ratio of 1.34.

NetApp (NASDAQ:NTAP) last released its earnings results on Thursday, November 21st. The data storage provider reported $1.87 earnings per share for the quarter, topping analysts’ consensus estimates of $1.78 by $0.09. The business had revenue of $1.66 billion for the quarter, compared to analyst estimates of $1.65 billion. NetApp had a net margin of 17.01% and a return on equity of 121.41%. The business’s revenue was up 6.1% on a year-over-year basis. During the same period last year, the company posted $1.23 EPS. On average, sell-side analysts forecast that NetApp will post 5.71 earnings per share for the current fiscal year.

Insider Buying and Selling at NetApp

In other NetApp news, EVP Elizabeth M. O’callahan sold 705 shares of the firm’s stock in a transaction that occurred on Thursday, October 10th. The shares were sold at an average price of $126.20, for a total value of $88,971.00. Following the completion of the transaction, the executive vice president now owns 11,694 shares of the company’s stock, valued at $1,475,782.80. This trade represents a 5.69 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available at this link. Also, CAO Lorenzo Daniel De sold 1,685 shares of the company’s stock in a transaction on Tuesday, September 24th. The stock was sold at an average price of $123.60, for a total value of $208,266.00. The disclosure for this sale can be found here. Insiders sold a total of 23,049 shares of company stock valued at $2,807,851 in the last three months. 0.47% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On NetApp

A number of hedge funds have recently bought and sold shares of NTAP. Hollencrest Capital Management purchased a new stake in shares of NetApp during the second quarter worth approximately $26,000. Northwest Investment Counselors LLC purchased a new position in NetApp in the third quarter worth approximately $27,000. New Covenant Trust Company N.A. acquired a new position in NetApp during the 1st quarter worth approximately $28,000. Redwood Wealth Management Group LLC purchased a new stake in shares of NetApp in the 2nd quarter valued at approximately $32,000. Finally, True Wealth Design LLC raised its holdings in shares of NetApp by 2,833.3% in the 3rd quarter. True Wealth Design LLC now owns 352 shares of the data storage provider’s stock valued at $43,000 after purchasing an additional 340 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.