Maxim Group analyst Nehal Chokshi reiterated a Buy rating on NetApp (NASDAQ: NTAP) today and set a price target of $81. The company’s shares closed yesterday at $66.79.
Chokshi commented:
“Product revenue accelerates to 19% y/y growth; variable compensation true- up temporally limits bottom line expansion. Midpoint July quarter and full year guidance implies product revenue will sustain double digit y/y growth, likely conservative given below seasonal guide. Services is aligned to a mega, multi-year trend that we expect will prove difficult for competitors to replicate. and product revenue accelerating to 19% y/y growth, we reiterate our Buy rating and 12-month price target of $81.”
According to TipRanks.com, Chokshi is a 5-star analyst with an average return of 19.1% and a 68.6% success rate. Chokshi covers the Consumer Goods sector, focusing on stocks such as Hewlett Packard Enterprise, Super Micro Computer, and Palo Alto Networks.
Currently, the analyst consensus on NetApp is Strong Buy and the average price target is $75.62, representing a 13.2% upside.
In a report issued on May 18, Loop Capital Markets also maintained a Buy rating on the stock with a $85 price target.
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The company has a one-year high of $72.85 and a one-year low of $37.43. Currently, NetApp has an average volume of 2.84M.
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 7,020 shares for a total of $434,819.
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NetApp, Inc. engages in the provision of software, systems, and services for the management and storage of customer data. The company’s products include hybrid, enterprise all-flash, and cloud storages. Its patented unified scale-out fabric-attached storage platform uses the NetApp Data ONTAP storage operating system.
