The stock of NetApp Inc. (NASDAQ:NTAP) is a huge mover today! The stock decreased 6.16% or $2 during the last trading session, hitting $30.45. About 8.31 million shares traded hands or 184.59% up from the average. NetApp Inc. (NASDAQ:NTAP) has risen 21.90% since April 4, 2016 and is uptrending. It has outperformed by 20.81% the S&P500.
The move comes after 9 months negative chart setup for the $8.49 billion company. It was reported on Nov, 4 by Barchart.com. We have $27.71 PT which if reached, will make NASDAQ:NTAP worth $764.10 million less.
NetApp Inc. (NASDAQ:NTAP) Ratings Coverage
Out of 33 analysts covering Netapp Inc. (NASDAQ:NTAP), 4 rate it a “Buy”, 10 “Sell”, while 19 “Hold”. This means 12% are positive. Netapp Inc. has been the topic of 76 analyst reports since August 17, 2015 according to StockzIntelligence Inc. Susquehanna maintained the stock with “Positive” rating in Wednesday, September 21 report. The firm has “Sell” rating by Goldman Sachs given on Tuesday, September 22. Robert W. Baird downgraded NetApp Inc. (NASDAQ:NTAP) on Thursday, February 18 to “Neutral” rating. The company was maintained on Thursday, August 20 by Cantor Fitzgerald. The stock of NetApp Inc. (NASDAQ:NTAP) earned “Hold” rating by Lake Street on Thursday, November 19. The rating was maintained by BMO Capital Markets on Thursday, May 26 with “Market Perform”. The stock has “Sell” rating given by Goldman Sachs on Thursday, August 18. Morgan Stanley maintained NetApp Inc. (NASDAQ:NTAP) on Thursday, August 18 with “Underweight” rating. BTIG Research initiated the shares of NTAP in a report on Tuesday, April 26 with “Neutral” rating. The firm earned “Neutral” rating on Thursday, August 18 by JP Morgan.
According to Zacks Investment Research, “NetApp Inc., formerly Network Appliance, Inc., is a leading provider of innovative data management solutions that simplify the complexity of storing, managing, protecting, and retaining enterprise data. Market leaders around the world choose NetApp to help them reduce cost, minimize risk, and adapt to change.”
Insitutional Activity: The institutional sentiment decreased to 0.88 in Q2 2016. Its down 0.11, from 0.99 in 2016Q1. The ratio dived, as 42 funds sold all NetApp Inc. shares owned while 128 reduced positions. 24 funds bought stakes while 125 increased positions. They now own 246.36 million shares or 6.05% less from 262.24 million shares in 2016Q1.
Verition Fund Mngmt Limited Liability Company has 9,028 shares for 0.03% of their US portfolio. The Michigan-based Ww Asset has invested 0.03% in NetApp Inc. (NASDAQ:NTAP). Cadence Capital Lc holds 77,237 shares or 0.14% of its portfolio. The Australia-based Westpac Corp has invested 0% in NetApp Inc. (NASDAQ:NTAP). Caisse De Depot Et Placement Du Quebec, a Quebec – Canada-based fund reported 240,008 shares. Jefferies Grp Inc Limited Liability Com last reported 0% of its portfolio in the stock. Clearbridge Ltd Liability Corporation holds 1,000 shares or 0% of its portfolio. The California-based Americafirst Capital Mgmt Ltd Limited Liability Company has invested 0% in NetApp Inc. (NASDAQ:NTAP). Norinchukin Retail Bank The holds 71,645 shares or 0.04% of its portfolio. Td Asset Mgmt accumulated 159,924 shares or 0.01% of the stock. Susquehanna Intll Gp Llp accumulated 0% or 14,015 shares. Aqr Cap Lc has 552,094 shares for 0.02% of their US portfolio. Northern Corporation holds 0.03% of its portfolio in NetApp Inc. (NASDAQ:NTAP) for 3.38 million shares. Vanguard last reported 0.04% of its portfolio in the stock. The Ontario – Canada-based Mackenzie has invested 0% in NetApp Inc. (NASDAQ:NTAP).
Insider Transactions: Since June 3, 2016, the stock had 0 insider buys, and 9 insider sales for $5.67 million net activity. 48,176 shares with value of $1.68 million were sold by Kurian George on Friday, August 26. REICH JOEL D sold 489 shares worth $16,609. ALLEN JEFFRY R sold $1.40 million worth of NetApp Inc. (NASDAQ:NTAP) on Monday, August 22. Another trade for 30,000 shares valued at $1.05 million was sold by SHAHEEN GEORGE T. $813,413 worth of shares were sold by WALL ROBERT T on Tuesday, September 27. $444,840 worth of NetApp Inc. (NASDAQ:NTAP) shares were sold by FAWCETT MATTHEW K.
More news for NetApp Inc. (NASDAQ:NTAP) were recently published by: Marketwatch.com, which released: “NetApp to lay off 6% of workforce as cost-cutting continues” on November 04, 2016. Blogs.Wsj.com‘s article titled: “NetApp Hires Former Broadcom CIO” and published on October 25, 2016 is yet another important article.
NTAP Company Profile
NetApp, Inc. (NetApp), incorporated on November 1, 2001, provides software, systems and services to manage and store customer data. The Firm enables enterprises, service providers, governmental organizations, and partners to envision, deploy and evolve their information technology (IT) environments. The Firm offers a portfolio of services and products that satisfy a range of customer workloads across different data types and deployment models. The Company’s data management and storage offerings help manage business productivity, performance and profitability, while providing investment protection and asset utilization. The Company’s FlexPod portfolio includes FlexPod Datacenter for core enterprise data centers and service providers, FlexPod Express for medium-sized businesses and branch offices, and FlexPod Select for data-intensive workloads. The portfolio is validated with hypervisors, operating systems, systems management tools, and cloud management platforms.
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