NetApp (NASDAQ:NTAP) Price Target Lowered to $90.00 at Citigroup

NetApp (NASDAQ:NTAP) had its price objective decreased by Citigroup from $110.00 to $90.00 in a research note published on Monday morning,Benzinga reports. Citigroup currently has a neutral rating on the data storage provider’s stock.

Other equities analysts have also issued reports about the stock. Barclays lowered their target price on shares of NetApp from $132.00 to $115.00 and set an “equal weight” rating for the company in a report on Friday, February 28th. Wedbush reissued a “neutral” rating and issued a $110.00 target price (down from $120.00) on shares of NetApp in a report on Friday, February 28th. Keefe, Bruyette & Woods upgraded NetApp to an “outperform” rating in a report on Wednesday, February 19th. JPMorgan Chase & Co. dropped their price target on shares of NetApp from $160.00 to $153.00 and set an “overweight” rating on the stock in a research note on Friday, February 28th. Finally, Wells Fargo & Company reduced their price objective on shares of NetApp from $130.00 to $115.00 and set an “equal weight” rating for the company in a research note on Friday, February 28th. Twelve research analysts have rated the stock with a hold rating and six have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, the company currently has an average rating of “Hold” and a consensus target price of $127.73.

NetApp Stock Up 0.8 %

Shares of NetApp stock opened at $83.28 on Monday. NetApp has a 1 year low of $71.84 and a 1 year high of $135.45. The firm has a market cap of $16.94 billion, a price-to-earnings ratio of 15.31, a PEG ratio of 2.45 and a beta of 1.31. The company has a 50-day moving average of $99.46 and a 200 day moving average of $113.85. The company has a debt-to-equity ratio of 1.39, a current ratio of 0.91 and a quick ratio of 0.84.

NetApp Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Wednesday, April 23rd. Stockholders of record on Friday, April 4th will be given a dividend of $0.52 per share. This represents a $2.08 annualized dividend and a dividend yield of 2.50%. The ex-dividend date of this dividend is Friday, April 4th. NetApp’s payout ratio is currently 38.52%.

Insider Buying and Selling

In related news, CFO Michael J. Berry sold 12,500 shares of the business’s stock in a transaction that occurred on Tuesday, February 4th. The stock was sold at an average price of $120.74, for a total transaction of $1,509,250.00. Following the completion of the transaction, the chief financial officer now directly owns 123,243 shares in the company, valued at approximately $14,880,359.82. The trade was a 9.21 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, President Cesar Cernuda sold 19,696 shares of NetApp stock in a transaction that occurred on Friday, March 28th. The shares were sold at an average price of $90.15, for a total transaction of $1,775,594.40. Following the transaction, the president now directly owns 11,928 shares in the company, valued at $1,075,309.20. This represents a 62.28 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 50,176 shares of company stock valued at $5,445,901. 0.47% of the stock is owned by insiders.

Institutional Trading of NetApp

Several institutional investors and hedge funds have recently modified their holdings of NTAP. M&T Bank Corp increased its stake in NetApp by 4.8% in the 4th quarter. M&T Bank Corp now owns 12,794 shares of the data storage provider’s stock worth $1,485,000 after buying an additional 581 shares in the last quarter. Versor Investments LP purchased a new stake in shares of NetApp during the fourth quarter worth about $395,000. AMJ Financial Wealth Management grew its position in shares of NetApp by 120.7% during the fourth quarter. AMJ Financial Wealth Management now owns 68,897 shares of the data storage provider’s stock worth $7,998,000 after purchasing an additional 37,684 shares in the last quarter. Robeco Institutional Asset Management B.V. raised its stake in NetApp by 9.2% during the 4th quarter. Robeco Institutional Asset Management B.V. now owns 1,346,212 shares of the data storage provider’s stock valued at $156,268,000 after purchasing an additional 113,360 shares during the period. Finally, Brandywine Global Investment Management LLC bought a new position in NetApp in the 4th quarter worth approximately $5,151,000. 92.17% of the stock is currently owned by institutional investors.

NetApp Company Profile

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.