NetApp (NTAP) Price Target Increased to $80.00 by Analysts at Royal Bank of Canada

NetApp (NASDAQ:NTAP) had its price target hoisted by analysts at Royal Bank of Canada to $80.00 in a research note issued to investors on Friday. The brokerage currently has a “sector perform” rating on the data storage provider’s stock. Royal Bank of Canada’s price target suggests a potential upside of 2.96% from the company’s previous close.

A number of other analysts have also commented on NTAP. DA Davidson raised shares of NetApp from a “neutral” rating to a “buy” rating and set a $66.00 price objective for the company in a research note on Thursday, February 15th. Pivotal Research set a $62.00 price objective on shares of NetApp and gave the company a “buy” rating in a research note on Thursday, February 15th. Lake Street Capital upped their price objective on shares of NetApp from $54.00 to $62.00 and gave the company a “buy” rating in a research note on Thursday, February 15th. Zacks Investment Research lowered shares of NetApp from a “buy” rating to a “hold” rating in a research note on Thursday, February 15th. Finally, Deutsche Bank upped their price objective on shares of NetApp from $37.00 to $40.00 and gave the company a “sell” rating in a research note on Thursday, February 15th. Two equities research analysts have rated the stock with a sell rating, ten have assigned a hold rating, twenty have given a buy rating and one has issued a strong buy rating to the stock. The stock presently has an average rating of “Buy” and a consensus price target of $66.46.

NTAP stock opened at $77.70 on Friday. The company has a quick ratio of 1.86, a current ratio of 1.89 and a debt-to-equity ratio of 0.75. NetApp has a one year low of $37.55 and a one year high of $77.84. The stock has a market cap of $20.76 billion, a price-to-earnings ratio of 25.99, a PEG ratio of 1.82 and a beta of 1.25.

NetApp (NASDAQ:NTAP) last posted its quarterly earnings data on Wednesday, May 23rd. The data storage provider reported $1.05 EPS for the quarter, beating analysts’ consensus estimates of $1.01 by $0.04. NetApp had a net margin of 1.29% and a return on equity of 33.87%. The company had revenue of $1.64 billion during the quarter, compared to analyst estimates of $1.60 billion. During the same period in the prior year, the firm earned $0.86 earnings per share. The business’s quarterly revenue was up 10.8% on a year-over-year basis. sell-side analysts predict that NetApp will post 3.54 EPS for the current year.

In related news, Director Kathryn Hill sold 26,997 shares of the stock in a transaction that occurred on Wednesday, June 13th. The stock was sold at an average price of $76.02, for a total value of $2,052,311.94. Following the transaction, the director now owns 26,997 shares in the company, valued at $2,052,311.94. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, VP Joel D. Reich sold 23,108 shares of the stock in a transaction that occurred on Tuesday, May 29th. The shares were sold at an average price of $67.72, for a total value of $1,564,873.76. Following the transaction, the vice president now owns 52,997 shares in the company, valued at approximately $3,588,956.84. The disclosure for this sale can be found here. Insiders sold 142,386 shares of company stock worth $9,956,870 in the last 90 days. 0.47% of the stock is currently owned by corporate insiders.

A number of hedge funds have recently made changes to their positions in the business. Dynamic Technology Lab Private Ltd grew its holdings in NetApp by 79.4% during the first quarter. Dynamic Technology Lab Private Ltd now owns 32,800 shares of the data storage provider’s stock valued at $2,024,000 after purchasing an additional 14,512 shares during the last quarter. Oakview Capital Management L.P. grew its holdings in NetApp by 7.3% during the first quarter. Oakview Capital Management L.P. now owns 430,168 shares of the data storage provider’s stock valued at $26,537,000 after purchasing an additional 29,398 shares during the last quarter. Amalgamated Bank grew its holdings in NetApp by 7.7% during the first quarter. Amalgamated Bank now owns 38,330 shares of the data storage provider’s stock valued at $2,365,000 after purchasing an additional 2,731 shares during the last quarter. Summit Trail Advisors LLC grew its holdings in NetApp by 6,367.4% during the first quarter. Summit Trail Advisors LLC now owns 2,773,654 shares of the data storage provider’s stock valued at $2,774,000 after purchasing an additional 2,730,767 shares during the last quarter. Finally, WINTON GROUP Ltd grew its holdings in NetApp by 127.7% during the first quarter. WINTON GROUP Ltd now owns 298,199 shares of the data storage provider’s stock valued at $18,396,000 after purchasing an additional 167,262 shares during the last quarter. Institutional investors own 91.21% of the company’s stock.

NetApp Company Profile

NetApp, Inc provides software, systems, and services to manage and store computer data worldwide. It offers flash; flash arrays that support data management; hybrid arrays to deploy the speed of flash storage; hybrid cloud; ONTAP cloud storage data management service; NetApp cloud sync hybrid data management Software as a Service; NetApp private storage for cloud; and AltaVault cloud-integrated solutions.

Analyst Recommendations for NetApp (NASDAQ:NTAP)

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