In a report released today, Mehdi Hosseini from Susquehanna reiterated a Hold rating on NetApp (NTAP), with a price target of $54. The company’s shares closed last Monday at $44.71, close to its 52-week low of $44.55.
According to TipRanks.com, Hosseini is a 5-star analyst with an average return of 10.2% and a 49.2% success rate. Hosseini covers the Consumer Goods sector, focusing on stocks such as Advanced Energy Industries, Hewlett Packard Enterprise, and Universal Display.
Currently, the analyst consensus on NetApp is a Moderate Buy with an average price target of $61, which is a 32.7% upside from current levels. In a report issued on August 7, Barclays also resumed coverage with a Hold rating on the stock with a $47 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 $1.59 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.
