Wells Fargo & Company Issues Pessimistic Forecast for NetApp (NASDAQ:NTAP) Stock Price

NetApp (NASDAQ:NTAP) had its target price decreased by stock analysts at Wells Fargo & Company from $130.00 to $115.00 in a research report issued on Friday,Benzinga reports. The firm currently has an “equal weight” rating on the data storage provider’s stock. Wells Fargo & Company‘s price target points to a potential upside of 15.00% from the stock’s previous close.

NTAP has been the subject of several other reports. Morgan Stanley lifted their price objective on shares of NetApp from $132.00 to $146.00 and gave the stock an “equal weight” rating in a research note on Tuesday, December 17th. 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 upgraded shares of NetApp to an “outperform” rating in a report on Wednesday, February 19th. JPMorgan Chase & Co. reduced their target price on shares of NetApp from $160.00 to $153.00 and set an “overweight” rating for the company in a report on Friday. Finally, Barclays boosted their target price on shares of NetApp from $119.00 to $132.00 and gave the stock an “equal weight” rating in a report on Friday, November 22nd. Twelve equities research analysts have rated the stock with a hold rating and six have given a buy rating to the stock. According to MarketBeat.com, NetApp has a consensus rating of “Hold” and a consensus target price of $132.07.

NetApp Trading Down 15.4 %

NTAP stock opened at $100.00 on Friday. 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 firm has a fifty day moving average price of $119.85 and a 200 day moving average price of $121.83. The firm has a market cap of $20.33 billion, a PE ratio of 18.38, a price-to-earnings-growth ratio of 2.45 and a beta of 1.23. NetApp has a fifty-two week low of $88.49 and a fifty-two week high of $135.45.

Insider Activity at NetApp

In related news, EVP Elizabeth M. O’callahan sold 452 shares of the company’s stock in a transaction that occurred on Monday, February 10th. The stock was sold at an average price of $120.75, for a total value of $54,579.00. Following the sale, the executive vice president now owns 11,553 shares in the company, valued at $1,395,024.75. This represents a 3.77 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CEO George Kurian sold 8,500 shares of the company’s stock in a transaction that occurred on Monday, December 16th. The shares were sold at an average price of $124.29, for a total value of $1,056,465.00. Following the completion of the sale, the chief executive officer now owns 279,782 shares in the company, valued at approximately $34,774,104.78. This represents a 2.95 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 60,903 shares of company stock worth $7,260,341 over the last quarter. Insiders own 0.47% of the company’s stock.

Institutional Investors Weigh In On NetApp

A number of large investors have recently bought and sold shares of the company. Migdal Insurance & Financial Holdings Ltd. purchased a new stake in NetApp in the 4th quarter worth approximately $26,000. Assetmark Inc. boosted its position in NetApp by 826.9% in the 4th quarter. Assetmark Inc. now owns 241 shares of the data storage provider’s stock worth $28,000 after purchasing an additional 215 shares in the last quarter. Synergy Investment Management LLC purchased a new stake in NetApp in the 4th quarter worth approximately $32,000. Itau Unibanco Holding S.A. boosted its position in NetApp by 929.6% in the 4th quarter. Itau Unibanco Holding S.A. now owns 278 shares of the data storage provider’s stock worth $32,000 after purchasing an additional 251 shares in the last quarter. Finally, Golden State Wealth Management LLC purchased a new stake in NetApp in the 4th quarter worth approximately $35,000. Hedge funds and other institutional investors own 92.17% of the company’s stock.

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.