Recent Investment Analysts’ Ratings Updates for NetApp (NTAP)

Posted by Cindy Kellogue on Nov 26th, 2024

A number of research firms have changed their ratings and price targets for NetApp (NASDAQ: NTAP):

11/22/2024 – NetApp had its price target raised by analysts at Bank of America Co. from $115.00 to $121.00. They now have an “underperform” rating on the stock.
11/22/2024 – NetApp had its “neutral” rating reaffirmed by analysts at Wedbush. They now have a $120.00 price target on the stock.
11/22/2024 – NetApp had its price target raised by analysts at Citigroup Inc. from $130.00 to $135.00. They now have a “neutral” rating on the stock.
11/22/2024 – NetApp had its price target raised by analysts at Northland Securities from $108.00 to $120.00. They now have a “market perform” rating on the stock.
11/22/2024 – NetApp had its price target raised by analysts at Wells Fargo & Company from $135.00 to $140.00. They now have an “equal weight” rating on the stock.
11/22/2024 – NetApp had its price target raised by analysts at Barclays PLC from $119.00 to $132.00. They now have an “equal weight” rating on the stock.
11/22/2024 – NetApp had its price target raised by analysts at Morgan Stanley from $127.00 to $132.00. They now have an “equal weight” rating on the stock.
11/22/2024 – NetApp had its price target raised by analysts at Stifel Nicolaus from $140.00 to $145.00. They now have a “buy” rating on the stock.
11/22/2024 – NetApp had its price target raised by analysts at TD Cowen from $145.00 to $160.00. They now have a “buy” rating on the stock.
11/13/2024 – NetApp is now covered by analysts at Oppenheimer Holdings Inc.. They set a “market perform” rating on the stock.

NetApp Trading Up 3.1 %

NASDAQ:NTAP opened at $126.18 on Tuesday. The company has a debt-to-equity ratio of 1.39, a quick ratio of 0.84 and a current ratio of 0.91. The company has a market capitalization of $25.84 billion, a P/E ratio of 23.19, a P/E/G ratio of 3.15 and a beta of 1.24. The stock’s 50 day moving average price is $122.04 and its 200 day moving average price is $122.81. NetApp, Inc. has a 52 week low of $77.56 and a 52 week high of $135.45.

NetApp (NASDAQ:NTAP – Get Free Report) last released its quarterly earnings results on Thursday, November 21st. The data storage provider reported $1.87 earnings per share for the quarter, beating analysts’ consensus estimates of $1.78 by $0.09. NetApp had a net margin of 17.78% and a return on equity of 123.63%. The business had revenue of $1.66 billion for the quarter, compared to the consensus estimate of $1.65 billion. During the same quarter last year, the firm earned $1.23 EPS. NetApp’s revenue for the quarter was up 6.1% on a year-over-year basis. On average, research analysts forecast that NetApp, Inc. will post 5.71 EPS for the current fiscal year.

NetApp Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Wednesday, January 22nd. Shareholders of record on Friday, January 3rd will be given a $0.52 dividend. The ex-dividend date of this dividend is Friday, January 3rd. This represents a $2.08 dividend on an annualized basis and a dividend yield of 1.65%. NetApp’s dividend payout ratio is currently 38.24%.

Insider Transactions at NetApp

In related news, EVP Elizabeth M. O’callahan sold 705 shares of the firm’s stock in a transaction 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 transaction, the executive vice president now directly owns 11,694 shares in the company, valued at approximately $1,475,782.80. This trade represents a 5.69 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is available through this link. Also, Director Thomas Michael Nevens sold 3,333 shares of the business’s stock in a transaction on Monday, November 18th. The stock was sold at an average price of $119.23, for a total transaction of $397,393.59. Following the transaction, the director now directly owns 9,277 shares of the company’s stock, valued at approximately $1,106,096.71. This represents a 26.43 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders sold 23,049 shares of company stock worth $2,807,851. 0.47% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On NetApp

Several hedge funds and other institutional investors have recently made changes to their positions in NTAP. Hollencrest Capital Management bought a new stake in NetApp during the 2nd quarter valued at approximately $26,000. Northwest Investment Counselors LLC acquired a new position in shares of NetApp during the third quarter worth approximately $27,000. Redwood Wealth Management Group LLC bought a new stake in shares of NetApp in the second quarter valued at approximately $32,000. New Covenant Trust Company N.A. bought a new stake in NetApp in the 1st quarter valued at $28,000. Finally, Robbins Farley acquired a new stake in NetApp during the second quarter worth about $44,000. 92.17% of the stock is owned by institutional investors and hedge funds.

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.