JPMorgan Chase & Co. Issues Pessimistic Forecast for NetApp (NASDAQ:NTAP) Stock Price

NetApp (NASDAQ:NTAP) had its target price cut by equities research analysts at JPMorgan Chase & Co. from $160.00 to $153.00 in a report issued on Friday,Benzinga reports. The brokerage presently has an “overweight” rating on the data storage provider’s stock. JPMorgan Chase & Co.‘s target price would suggest a potential upside of 54.51% from the company’s previous close.

Other equities research analysts also recently issued reports about the stock. StockNews.com raised shares of NetApp from a “hold” rating to a “buy” rating in a research note on Wednesday, February 19th. Keefe, Bruyette & Woods raised NetApp to an “outperform” rating in a research report on Wednesday, February 19th. Oppenheimer began coverage on NetApp in a research report on Wednesday, November 13th. They set a “market perform” rating for the company. Wedbush reaffirmed a “neutral” rating and issued a $120.00 price objective on shares of NetApp in a research note on Friday, November 22nd. Finally, Citigroup raised their target price on NetApp from $130.00 to $135.00 and gave the company a “neutral” rating in a report on Friday, November 22nd. Eleven equities research analysts have rated the stock with a hold rating and seven have given a buy rating to the company. According to data from MarketBeat, the stock currently has an average rating of “Hold” and an average price target of $134.87.

NetApp Trading Down 16.2 %

NTAP traded down $19.20 on Friday, hitting $99.02. The company had a trading volume of 4,073,595 shares, compared to its average volume of 1,583,917. The company’s fifty day moving average price is $120.22 and its 200 day moving average price is $122.02. NetApp has a 1 year low of $88.49 and a 1 year high of $135.45. The company has a current ratio of 0.91, a quick ratio of 0.84 and a debt-to-equity ratio of 1.39. The firm has a market cap of $20.13 billion, a P/E ratio of 18.23, a PEG ratio of 2.45 and a beta of 1.23.

Insider Activity at NetApp

In other news, President Cesar Cernuda sold 22,000 shares of the business’s stock in a transaction dated Monday, December 30th. The stock was sold at an average price of $114.99, for a total value of $2,529,780.00. Following the completion of the sale, the president now directly owns 27,099 shares of the company’s stock, valued at approximately $3,116,114.01. The trade was a 44.81 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, EVP Elizabeth M. O’callahan sold 451 shares of the firm’s stock in a transaction that occurred on Friday, January 10th. The stock was sold at an average price of $116.79, for a total value of $52,672.29. Following the transaction, the executive vice president now owns 12,005 shares in the company, valued at $1,402,063.95. This represents a 3.62 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 60,903 shares of company stock valued at $7,260,341 over the last ninety days. Insiders own 0.47% of the company’s stock.

Institutional Inflows and Outflows

Institutional investors have recently bought and sold shares of the business. Migdal Insurance & Financial Holdings Ltd. purchased a new position in shares of NetApp during the fourth quarter worth about $26,000. Assetmark Inc. grew its position in NetApp by 826.9% in the 4th quarter. Assetmark Inc. now owns 241 shares of the data storage provider’s stock valued at $28,000 after buying an additional 215 shares during the last quarter. Synergy Investment Management LLC purchased a new position in NetApp during the fourth quarter worth about $32,000. Itau Unibanco Holding S.A. increased its holdings in NetApp by 929.6% in the fourth quarter. Itau Unibanco Holding S.A. now owns 278 shares of the data storage provider’s stock valued at $32,000 after buying an additional 251 shares in the last quarter. Finally, Golden State Wealth Management LLC purchased a new stake in shares of NetApp during the 4th quarter worth approximately $35,000. 92.17% of the stock is currently owned by institutional investors and hedge funds.

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.