In a report released yesterday, Aaron Rakers from Wells Fargo maintained a Hold rating on NetApp (NTAP). The company’s shares closed last Monday at $60.07.
According to TipRanks.com, Rakers is a 5-star analyst with an average return of 15.4% and a 66.5% success rate. Rakers covers the Consumer Goods sector, focusing on stocks such as Applied Materials, Dell Technologies, and Arista Networks.
The word on The Street in general, suggests a Hold analyst consensus rating for NetApp with a $55.40 average price target, a -7.7% downside from current levels. In a report issued on November 4, Cowen & Co. also maintained a Hold rating on the stock with a $60.00 price target.
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Based on NetApp’s latest earnings release for the quarter ending July 31, the company reported a quarterly revenue of $1.24 billion and net profit of $103 million. In comparison, last year the company earned revenue of $1.52 billion and had a net profit of $241 million.
Based on the recent corporate insider activity of 39 insiders, corporate insider sentiment is negative on the stock. This means that over the past quarter there has been an increase of insiders selling their shares of NTAP in relation to earlier this year. Most recently, in August 2019, Gerald Held, a Director at NTAP sold 10,000 shares for a total of $469,400.
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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.
