Merrill Lynch Believes NetApp (NTAP) Still Has Room to Grow


In a report released today, Wamsi Mohan from Merrill Lynch maintained a Buy rating on NetApp (NASDAQ: NTAP), with a price target of $90. The company’s shares opened today at $82.31, close to its 52-week high of $83.60.

Mohan has an average return of 26.8% when recommending NetApp.

According to TipRanks.com, Mohan is ranked #701 out of 4847 analysts.

The word on The Street in general, suggests a Moderate Buy analyst consensus rating for NetApp with a $83.72 average price target, representing a 1.7% upside. In a report issued on August 8, Stifel Nicolaus also reiterated a Buy rating on the stock with a $91 price target.

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Based on NetApp’s latest earnings release for the quarter ending April 30, the company reported a quarterly revenue of $1.64 billion and net profit of $271 million. In comparison, last year the company earned revenue of $1.33 billion and had a net profit of $136 million.

Based on the recent corporate insider activity of 75 insiders, corporate insider sentiment is negative on the stock. Last month, George Kurian, the CEO of NTAP sold 6,000 shares for a total of $468,960.

TipRanks has tracked 36,000 company insiders and found that a few of them are better than others when it comes to timing their transactions. See which 3 stocks are most likely to make moves following their insider activities.

NetApp, Inc. engages in the design, manufacture, marketing, and technical support of storage and data management solutions. It offers cloud data services, data storage software, data backup and recovery, all-flash storage, converged systems, data infrastructure management, ONTAP data security, and hybrid flash storage.

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