Wells Fargo & Company Lowers NetApp (NASDAQ:NTAP) Price Target to $115.00

NetApp (NASDAQ:NTAP) had its price objective cut by stock analysts at Wells Fargo & Company from $130.00 to $115.00 in a report released on Friday,Benzinga reports. The firm presently has an “equal weight” rating on the data storage provider’s stock. Wells Fargo & Company‘s price objective would suggest a potential upside of 15.97% from the company’s previous close.

NTAP has been the topic of several other research reports. Susquehanna lowered NetApp from a “positive” rating to a “neutral” rating and lowered their price target for the stock from $155.00 to $130.00 in a research report on Monday, February 10th. Barclays boosted their target price on shares of NetApp from $119.00 to $132.00 and gave the company an “equal weight” rating in a research report on Friday, November 22nd. Bank of America upgraded NetApp from an “underperform” rating to a “neutral” rating and lifted their target price for the company from $121.00 to $128.00 in a research report on Wednesday, February 19th. Northland Securities upped their price target on shares of NetApp from $108.00 to $120.00 and gave the stock a “market perform” rating in a report on Friday, November 22nd. Finally, TD Cowen dropped their price objective on shares of NetApp from $160.00 to $130.00 and set a “buy” rating for the company in a report on Friday. Eleven equities research analysts have rated the stock with a hold rating and seven have issued a buy rating to the company’s stock. According to data from MarketBeat.com, NetApp has an average rating of “Hold” and a consensus price target of $133.20.

NetApp Stock Down 16.1 %

Shares of NASDAQ NTAP traded down $19.06 during mid-day trading on Friday, reaching $99.16. 4,478,045 shares of the company’s stock were exchanged, compared to its average volume of 1,592,910. The business has a fifty day simple moving average of $120.22 and a 200 day simple moving average of $122.02. The company has a current ratio of 0.91, a quick ratio of 0.84 and a debt-to-equity ratio of 1.39. NetApp has a twelve month low of $88.49 and a twelve month high of $135.45. The firm has a market capitalization of $20.16 billion, a price-to-earnings ratio of 18.21, a PEG ratio of 2.45 and a beta of 1.23.

Insider Activity at NetApp

In other NetApp news, EVP Elizabeth M. O’callahan sold 451 shares of the firm’s stock in a transaction dated Friday, January 10th. The stock was sold at an average price of $116.79, for a total transaction of $52,672.29. Following the sale, the executive vice president now directly owns 12,005 shares of the company’s stock, valued at $1,402,063.95. This trade represents a 3.62 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, President Cesar Cernuda sold 22,000 shares of the firm’s stock in a transaction on Monday, December 30th. The shares were sold at an average price of $114.99, for a total transaction of $2,529,780.00. Following the transaction, the president now directly owns 27,099 shares of the company’s stock, valued at $3,116,114.01. The trade was a 44.81 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 60,903 shares of company stock valued at $7,260,341 over the last 90 days. Corporate insiders own 0.47% of the company’s stock.

Institutional Trading of NetApp

A number of large investors have recently made changes to their positions in the stock. Vanguard Group Inc. increased its holdings in shares of NetApp by 1.7% in the 4th quarter. Vanguard Group Inc. now owns 26,443,974 shares of the data storage provider’s stock valued at $3,069,617,000 after acquiring an additional 429,343 shares during the period. State Street Corp boosted its position in NetApp by 2.0% in the third quarter. State Street Corp now owns 10,261,170 shares of the data storage provider’s stock valued at $1,267,357,000 after buying an additional 199,384 shares during the last quarter. Ameriprise Financial Inc. raised its holdings in shares of NetApp by 14.5% during the fourth quarter. Ameriprise Financial Inc. now owns 7,024,456 shares of the data storage provider’s stock worth $815,402,000 after purchasing an additional 888,671 shares during the last quarter. Geode Capital Management LLC grew its holdings in NetApp by 8.2% during the third quarter. Geode Capital Management LLC now owns 5,985,673 shares of the data storage provider’s stock worth $738,280,000 after acquiring an additional 453,324 shares during the period. Finally, Invesco Ltd. increased its holdings in NetApp by 20.4% in the fourth quarter. Invesco Ltd. now owns 3,123,228 shares of the data storage provider’s stock valued at $362,544,000 after buying an additional 529,471 shares in the last quarter. 92.17% of the stock is owned by hedge funds and other institutional investors.

About NetApp

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.