NetApp (NASDAQ:NTAP) PT Raised to $67.00 at JPMorgan Chase & Co.

NetApp (NASDAQ:NTAP) had its price target upped by investment analysts at JPMorgan Chase & Co. from $64.00 to $67.00 in a research report issued to clients and investors on Tuesday, June 25th, Stock Target Advisor reports. The brokerage currently has a “neutral” rating on the data storage provider’s stock. JPMorgan Chase & Co.‘s price objective points to a potential upside of 13.91% from the company’s current price.

Other equities research analysts have also recently issued research reports about the company. ValuEngine cut Intersect ENT from a “buy” rating to a “hold” rating in a research note on Monday, June 3rd. DA Davidson cut Avon Products from a “buy” rating to a “neutral” rating and dropped their price objective for the company from $4.75 to $3.60 in a research note on Thursday, May 23rd. Loop Capital dropped their price objective on Cabot to $69.00 and set a “buy” rating for the company in a research note on Thursday, May 23rd. Credit Suisse Group raised Vipshop from an “underperform” rating to a “neutral” rating in a research note on Thursday, May 23rd. Finally, Lake Street Capital lowered their target price on Landec from $16.00 to $12.00 and set a “buy” rating for the company in a research note on Thursday, May 23rd. Six research analysts have rated the stock with a sell rating, ten have issued a hold rating and eleven have issued a buy rating to the company’s stock. NetApp presently has a consensus rating of “Hold” and a consensus price target of $73.35.

NetApp stock traded down $0.50 during trading on Tuesday, reaching $58.82. 1,750,108 shares of the company were exchanged, compared to its average volume of 2,651,746. NetApp has a 52-week low of $54.50 and a 52-week high of $88.08. The firm has a market capitalization of $14.15 billion, a P/E ratio of 14.63, a P/E/G ratio of 0.92 and a beta of 1.46. 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’s 50 day moving average price is $61.07.

NetApp (NASDAQ:NTAP) last announced its quarterly earnings data on Wednesday, May 22nd. The data storage provider reported $1.10 EPS for the quarter, missing the Zacks’ consensus estimate of $1.13 by ($0.03). NetApp had a return on equity of 71.66% and a net margin of 19.02%. The company had revenue of $1.59 billion for the quarter, compared to analysts’ expectations of $1.64 billion. During the same quarter in the previous year, the business posted $1.05 EPS. The business’s quarterly revenue was down 3.2% compared to the same quarter last year. Equities research analysts predict that NetApp will post 4.38 earnings per share for the current year.

In related news, CFO Ronald J. Pasek sold 58,052 shares of the company’s stock in a transaction that occurred on Monday, June 3rd. The stock was sold at an average price of $58.49, for a total value of $3,395,461.48. Following the sale, the chief financial officer now owns 122,806 shares of the company’s stock, valued at approximately $7,182,922.94. The transaction was disclosed in a filing with the SEC, which is available through this link. Also, SVP Matthew K. Fawcett sold 38,195 shares of the company’s stock in a transaction that occurred on Friday, June 21st. The shares were sold at an average price of $61.55, for a total value of $2,350,902.25. Following the completion of the sale, the senior vice president now directly owns 38,527 shares in the company, valued at approximately $2,371,336.85. The disclosure for this sale can be found here. Insiders have sold a total of 161,092 shares of company stock worth $9,676,120 in the last quarter. 0.19% of the stock is currently owned by insiders.

Hedge funds have recently bought and sold shares of the stock. Geode Capital Management LLC increased its stake in shares of NetApp by 4.3% during the fourth quarter. Geode Capital Management LLC now owns 4,082,660 shares of the data storage provider’s stock valued at $243,266,000 after acquiring an additional 169,398 shares during the period. Bank of New York Mellon Corp increased its stake in shares of NetApp by 45.4% during the fourth quarter. Bank of New York Mellon Corp now owns 3,582,797 shares of the data storage provider’s stock valued at $213,787,000 after acquiring an additional 1,119,253 shares during the period. Norges Bank acquired a new position in shares of NetApp during the fourth quarter valued at approximately $207,190,000. Northern Trust Corp increased its stake in shares of NetApp by 4.3% during the fourth quarter. Northern Trust Corp now owns 3,281,689 shares of the data storage provider’s stock valued at $195,818,000 after acquiring an additional 136,596 shares during the period. Finally, APG Asset Management N.V. increased its stake in shares of NetApp by 0.3% during the fourth quarter. APG Asset Management N.V. now owns 2,718,044 shares of the data storage provider’s stock valued at $141,876,000 after acquiring an additional 9,200 shares during the period. 99.25% of the stock is currently owned by hedge funds and other institutional investors.

About NetApp

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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