Wells Fargo & Company Increases NetApp (NASDAQ:NTAP) Price Target to $60.00

NetApp (NASDAQ:NTAP) had its target price raised by research analysts at Wells Fargo & Company from $52.00 to $60.00 in a research note issued to investors on Wednesday, The Fly reports. The brokerage currently has an “equal weight” rating on the data storage provider’s stock. Wells Fargo & Company‘s price objective indicates a potential upside of 2.58% from the stock’s current price.

NTAP has been the topic of several other reports. Wedbush decreased their price objective on shares of NetApp from $58.50 to $57.00 and set a “neutral” rating on the stock in a report on Wednesday. ValuEngine raised shares of NetApp from a “sell” rating to a “hold” rating in a report on Monday, October 19th. Loop Capital raised shares of NetApp from a “hold” rating to a “buy” rating and increased their price objective for the company from $47.00 to $70.00 in a report on Wednesday. BidaskClub raised shares of NetApp from a “sell” rating to a “hold” rating in a report on Friday, October 9th. Finally, Northland Securities increased their price objective on shares of NetApp from $51.00 to $57.00 and gave the company an “outperform” rating in a report on Thursday, August 27th. One research analyst has rated the stock with a sell rating, eighteen have given a hold rating and nine have issued a buy rating to the company. The company currently has a consensus rating of “Hold” and a consensus price target of $56.85.

Shares of NASDAQ NTAP opened at $58.49 on Wednesday. The company’s fifty day moving average price is $48.93 and its 200 day moving average price is $45.19. NetApp has a 1 year low of $34.66 and a 1 year high of $65.38. The company has a market capitalization of $12.99 billion, a PE ratio of 16.86, a price-to-earnings-growth ratio of 1.42 and a beta of 1.28. The company has a debt-to-equity ratio of 9.26, a quick ratio of 1.57 and a current ratio of 1.62.

NetApp (NASDAQ:NTAP) last announced its quarterly earnings results on Monday, November 30th. The data storage provider reported $1.05 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $0.73 by $0.32. NetApp had a net margin of 14.47% and a return on equity of 240.01%. The firm had revenue of $1.42 billion for the quarter, compared to the consensus estimate of $1.31 billion. During the same period in the prior year, the firm posted $1.09 earnings per share. The firm’s quarterly revenue was up 3.3% compared to the same quarter last year. On average, equities analysts expect that NetApp will post 2.68 EPS for the current year.

In related news, Director Thomas Michael Nevens sold 22,831 shares of the firm’s stock in a transaction dated Friday, September 11th. The shares were sold at an average price of $44.62, for a total transaction of $1,018,719.22. Following the completion of the sale, the director now directly owns 22,831 shares in the company, valued at $1,018,719.22. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. 0.36% of the stock is currently owned by company insiders.

Several institutional investors and hedge funds have recently made changes to their positions in NTAP. Prudential PLC increased its position in shares of NetApp by 25,386.3% during the third quarter. Prudential PLC now owns 1,900,001 shares of the data storage provider’s stock valued at $83,296,000 after acquiring an additional 1,892,546 shares during the last quarter. Morgan Stanley increased its position in shares of NetApp by 195.2% during the first quarter. Morgan Stanley now owns 850,769 shares of the data storage provider’s stock valued at $35,469,000 after acquiring an additional 562,559 shares during the last quarter. Natixis increased its position in shares of NetApp by 410.5% during the third quarter. Natixis now owns 650,687 shares of the data storage provider’s stock valued at $28,526,000 after acquiring an additional 523,237 shares during the last quarter. PGGM Investments increased its position in shares of NetApp by 329.6% during the third quarter. PGGM Investments now owns 642,969 shares of the data storage provider’s stock valued at $28,188,000 after acquiring an additional 493,295 shares during the last quarter. Finally, Charles Schwab Investment Management Inc. increased its position in shares of NetApp by 39.3% during the third quarter. Charles Schwab Investment Management Inc. now owns 1,523,906 shares of the data storage provider’s stock valued at $66,809,000 after acquiring an additional 430,271 shares during the last quarter. Institutional investors and hedge funds own 92.70% of the company’s stock.

About NetApp

NetApp, Inc provides software, systems, and services to manage and share data on-premises, and private and public clouds worldwide. The company offers cloud data services, including NetApp Cloud Volumes Service for AWS, NetApp Cloud Sync, NetApp Cloud Tiering, NetApp Global File Cache, NetApp SaaS Backup, NetApp Cloud Manager, NetApp Fabric Orchestrator, and NetApp Cloud Insights.

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