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NetApp Inc. (NTAP) – Don’t Be So Quick to Call it Dead

NetApp Inc. (NASDAQ: NTAP) is 10.31% higher on its value in year-to-date trading and has touched a low of $58.08 and a high of $79.09 in the current 52-week trading range. The question becomes, what are the chances the stock will continue to grow shareholders’ wealth in the market. Here’s what analysts think will happen to its price in the coming time. The NTAP stock was last observed hovering at around $66.46 in the last trading session, with the day’s loss setting it -0.21% off its average median price target of $70.00 for the next 12 months. It is also 22.97% off the consensus price target high of $86.00 offered by 22 analysts, but current levels are -14.22% lower than the price target low of $58.00 for the same period.

Currently trading at $66.25, the stock is 3.45% and 3.97% above its SMA20 and SMA50 respectively. However, with a daily trading volume of 1.26 million and changing -0.32% at the moment leaves the stock 0.00% off its SMA200. NTAP registered -3.30% loss for a year compared to 6-month loss of -8.65%. The firm has a 50-day simple moving average (SMA 50) of $2.11 and a 200-day simple moving average (SMA200) of $10.28.

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The stock witnessed a 7.83% gain in the last 1 month and extending the period to 3 months gives it a 0.05%, and is 1.28% up over the last 5 days. If we measure the stock’s price variations over the week and the month, we find that the volatility rates stand at 1.89% over the week and 2.00% over the month.

NetApp Inc. (NTAP) has around 12000 employees, a market worth around $14.33B and $6.46B in sales. Current P/E ratio is 11.44 and Fwd P/E is 11.89. Profit margin for the company is 19.90%. Distance from 52-week low is 14.07% and -16.23% from its 52-week high. The company has generated returns on investments over the last 12 months (28.80%).

NetApp Inc. (NTAP) Analyst Forecasts

Analyst recommendations provided by FactSet shows that the consensus forecast for NetApp Inc. (NTAP) is a “Hold”. 22 analysts offering their recommendations for the stock have an average rating of 2.70, where 12 rate it as a Hold and 2 think it is a “Overweight”. 6 of the analysts rate the stock as a “Buy”. 1 analysts have rated the stock as a Sell or Underperform.

NetApp Inc. is expected to release its quarterly report on 08/23/2023.The EPS is expected to grow by 26.70% this year

NetApp Inc. (NTAP) Top Institutional Holders

The shares outstanding are 216.00M, and float is at 213.31M with Short Float at 3.83%.

NetApp Inc. (NTAP) Insider Activity

A total of 30 insider transactions have happened at NetApp Inc. (NTAP) in the last six months, with sales accounting for 19 and purchases happening 11 times. The most recent transaction is an insider sale by Kurian George, the company’s Chief Executive Officer. SEC filings show that Kurian George sold 2,250 shares of the company’s common stock on May 15 at a price of $64.50 per share for a total of $0.15 million. Following the sale, the insider now owns 0.15 million shares.

NetApp Inc. disclosed in a document filed with the SEC on May 09 that Kurian George (Chief Executive Officer) sold a total of 2,250 shares of the company’s common stock. The trade occurred on May 09 and was made at $63.49 per share for $0.14 million. Following the transaction, the insider now directly holds 0.14 million shares of the NTAP stock.

Still, SEC filings show that on Apr 10, Kurian George (Chief Executive Officer) disposed off 2,250 shares at an average price of $64.50 for $0.15 million. The insider now directly holds 142,670 shares of NetApp Inc. (NTAP).

NetApp Inc. (NTAP): Who are the competitors?

The company’s main competitors (and peers) include Cloudflare Inc. (NET) that is trading -0.92% down over the past 12 months and Arista Networks Inc. (ANET) that is 38.04% higher over the same period. Western Digital Corporation (WDC) is -35.07% down on the 1-year trading charts.

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