JPMorgan Chase & Co. Lowers NetApp (NASDAQ:NTAP) Price Target to $153.00

NetApp (NASDAQ:NTAP) had its price objective cut by stock analysts at JPMorgan Chase & Co. from $160.00 to $153.00 in a note issued to investors on Friday,Benzinga reports. The brokerage currently has an “overweight” rating on the data storage provider’s stock. JPMorgan Chase & Co.‘s price target would suggest a potential upside of 53.00% from the stock’s previous close.

Several other research firms also recently commented on NTAP. Morgan Stanley raised their target price on NetApp from $132.00 to $146.00 and gave the stock an “equal weight” rating in a research report on Tuesday, December 17th. TD Cowen cut their target price on NetApp from $160.00 to $130.00 and set a “buy” rating for the company in a research report on Friday. Wedbush restated a “neutral” rating and set a $120.00 target price on shares of NetApp in a research report on Friday, November 22nd. Susquehanna downgraded NetApp from a “positive” rating to a “neutral” rating and cut their target price for the stock from $155.00 to $130.00 in a research report on Monday, February 10th. Finally, Northland Securities raised their target price on NetApp from $108.00 to $120.00 and gave the stock a “market perform” rating in a research report on Friday, November 22nd. Twelve investment analysts have rated the stock with a hold rating and six have assigned a buy rating to the stock. Based on data from MarketBeat, the company presently has a consensus rating of “Hold” and an average price target of $132.07.

NetApp Price Performance

Shares of NASDAQ:NTAP opened at $100.00 on Friday. NetApp has a 1-year low of $88.49 and a 1-year high of $135.45. The firm has a market capitalization of $20.33 billion, a PE ratio of 18.38, a PEG ratio of 2.45 and a beta of 1.23. The business’s 50 day moving average is $119.85 and its 200-day moving average is $121.83. The company has a current ratio of 0.91, a quick ratio of 0.84 and a debt-to-equity ratio of 1.39.

Insider Activity

In other news, CEO George Kurian sold 8,500 shares of NetApp stock in a transaction on Tuesday, February 18th. The stock was sold at an average price of $119.04, for a total value of $1,011,840.00. Following the completion of the sale, the chief executive officer now directly owns 266,765 shares of the company’s stock, valued at approximately $31,755,705.60. This trade represents a 3.09 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, President Cesar Cernuda sold 22,000 shares of NetApp stock in a transaction on Monday, December 30th. The shares were 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 $3,116,114.01. This trade represents a 44.81 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders sold 60,903 shares of company stock valued at $7,260,341. Company insiders own 0.47% of the company’s stock.

Institutional Investors Weigh In On NetApp

Hedge funds and other institutional investors have recently made changes to their positions in the company. Private Advisor Group LLC grew its stake in shares of NetApp by 25.4% during the third quarter. Private Advisor Group LLC now owns 3,166 shares of the data storage provider’s stock worth $391,000 after purchasing an additional 642 shares during the period. First Trust Direct Indexing L.P. grew its stake in shares of NetApp by 30.4% during the third quarter. First Trust Direct Indexing L.P. now owns 8,443 shares of the data storage provider’s stock worth $1,043,000 after purchasing an additional 1,966 shares during the period. Pinnacle Associates Ltd. grew its stake in shares of NetApp by 6.8% during the third quarter. Pinnacle Associates Ltd. now owns 3,296 shares of the data storage provider’s stock worth $407,000 after purchasing an additional 209 shares during the period. Farther Finance Advisors LLC grew its stake in shares of NetApp by 25.9% during the third quarter. Farther Finance Advisors LLC now owns 796 shares of the data storage provider’s stock worth $98,000 after purchasing an additional 164 shares during the period. Finally, Conning Inc. grew its stake in shares of NetApp by 234.9% during the third quarter. Conning Inc. now owns 6,081 shares of the data storage provider’s stock worth $751,000 after purchasing an additional 4,265 shares during the period. 92.17% of the stock is 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.