In a report issued on August 7, Tim Long from Barclays resumed coverage with a Hold rating on NetApp (NTAP) and a price target of $47. The company’s shares closed on Friday at $46.58, close to its 52-week low of $44.79.
According to TipRanks.com, Long is a 5-star analyst with an average return of 19.1% and a 64.4% success rate. Long covers the Consumer Goods sector, focusing on stocks such as Hewlett Packard Enterprise, Keysight Technologies, and Dell Technologies Inc.
The word on The Street in general, suggests a Moderate Buy analyst consensus rating for NetApp with a $61.73 average price target, implying a 32.5% upside from current levels. In a report issued on July 29, Longbow Research also downgraded the stock to Hold.
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Based on NetApp’s latest earnings release for the quarter ending April 30, the company reported a quarterly revenue of $1.59 billion and net profit of $396 million. In comparison, last year the company earned revenue of $1.47 billion and had a net profit of $283 million.
Based on the recent corporate insider activity of 43 insiders, corporate insider sentiment is negative on the stock.
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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.