Investing in NetApp Inc. (NTAP) Is Getting More Attractive


In a filing, NetApp Inc. revealed its Chief Executive Officer Kurian George unloaded Company’s shares for reported $0.3 million on Feb 07. In the deal valued at $65.87 per share,4,500 shares were sold. As a result of this transaction, Kurian George now holds 150,226 shares worth roughly $ 9.73 million.

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Then, Kurian George sold 2,250 shares, generating $145,125 in total proceeds. Upon selling the shares at $64.50, the Chief Executive Officer now owns 154,726 shares.

Before that, Kurian George sold 2,250 shares. NetApp Inc. shares valued at $135,900 were divested by the Chief Executive Officer at a price of $60.40 per share. As a result of the transaction, Kurian George now holds 156,976 shares, worth roughly $10.17 million.

Credit Suisse downgraded its NetApp Inc. [NTAP] rating to a Neutral from a an Outperform in a research note published on Monday. A number of analysts have revised their coverage, including Barclays’s analysts, who decreased its forecast for the stock in early January from “an Overweight” to “an Equal weight”. JP Morgan also remained covering NTAP and has decreased its forecast on December 20, 2022 with a “Neutral” recommendation from previously “an Overweight” rating. Morgan Stanley revised its rating on December 13, 2022. It rated NTAP as “an Underweight” which previously was an “an Equal-weight”.

Price Performance Review of NTAP

On Monday, NetApp Inc. [NASDAQ:NTAP] saw its stock fall -0.93% to $64.77. On the same session, the stock had its day’s lowest price of $64.60, but rose to a high of $65.97. Over the last five days, the stock has lost -3.92%. NetApp Inc. shares have risen nearly 7.84% since the year began. Nevertheless, the stocks have fallen -18.31% over the past one year. While a 52-week high of $90.20 was reached on 02/02/23, a 52-week low of $58.08 was recorded on 01/03/23. SMA at 50 days reached $64.32, while 200 days put it at $67.57. A total of 2.11 million shares were traded, compared to the trading of 2.13 million shares in the previous session.

Levels Of Support And Resistance For NTAP Stock

The 24-hour chart illustrates a support level at 64.26, which if violated will result in even more drops to 63.74. On the upside, there is a resistance level at 65.63. A further resistance level may holdings at 66.48. The Relative Strength Index (RSI) on the 14-day chart is 43.11, which indicates neutral technical sentiment, while the Moving Average Convergence Divergence (MACD) stands at -1.24, which suggests price will go down in the next trading period. Percent R suggests that price movement has been bearish at 73.06%. Stochastics %K at 39.20% indicates the stock is a holding.

How much short interest is there in NetApp Inc.?

A steep rise in short interest was recorded in NetApp Inc. stocks on Jan 12, 2023, growing by 0.65 million shares to a total of 5.84 million shares. Yahoo Finance data shows the prior-month short interest on Dec 14, 2022 was 5.19 million shares. There was a rise of 11.13%, which implies that there is a positive sentiment for the stock. In spite of short shares comprising just 3.08% of the overall stock float, the days-to-cover ratio (short ratio) rose to 3.36.

NetApp Inc. [NTAP] – Who Are The Largest Shareholders?

In filings from The Vanguard Group, Inc., it is revealed that the company now owns 27,058,956 shares, or roughly 12.55% of the outstanding NTAP shares. In other words, the investor’s shares have risen by 1,429,094 from its previous 13-F filing of 25629862.0. Additionally, PRIMECAP Management Co. decreased -1.87% of its stake after which the total value it holdings stand at $1,069,033,928, while BlackRock Fund Advisors added 5.23% of its stake to hold $827.09 million in the firm. Over the last quarter, Capital Research & Management Co sold -556,975 shares of NetApp Inc., while SSgA Funds Management, Inc. sold -110,454 shares. At present, Wellington Management Co. LLP is holding 5,118,849 shares valued at $339.02 million. Geode Capital Management LLC owned 4,604,441 shares of the company at the time of its most recent 13F filing, worth $304.95 million.

According to FactSet, NetApp Inc.’s share price will average $73.05 in the next year, based on opinions of analysts polled by the firm. This is up nearly 7.07 percent from its previous closing price of $65.38. Analysts expect NetApp Inc. stock to reach the higher price of $100.00, while the lowest price estimate is $58.00. However, 25 analysts have rated NTAP stock as an Overweight in their predictions for 2023.


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