NetApp Inc. (NTAP) may enjoy gains as insiders got busy in the recent days

CHWY Stock
CHWY Stock

NetApp Inc.’s filing revealed that its Chief Accounting Officer Parks Robert unloaded Company’s shares for reported $0.69 million on Aug 28. In the deal valued at $75.90 per share,9,113 shares were sold. As a result of this transaction, Parks Robert now holds 0 shares worth roughly $ 0.0.

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Then, O’Callahan Elizabeth M sold 871 shares, generating $67,276 in total proceeds. Upon selling the shares at $77.24, the EVP, Chief Legal Officer now owns 12,210 shares.

Before that, Kurian George sold 4,500 shares. NetApp Inc. shares valued at $349,471 were divested by the Chief Executive Officer at a price of $77.66 per share. As a result of the transaction, Kurian George now holds 274,050 shares, worth roughly $21.78 million.

Susquehanna upgraded its NetApp Inc. [NTAP] rating to a Positive from a a Neutral in a research note published on Tuesday, September 05, 2023; the price target was increased to $100 from $62. PT values the company’s stock at a premium of 20.51 to its Tuesday closing price.

Price Performance Review of NTAP

On Tuesday, NetApp Inc. [NASDAQ:NTAP] saw its stock jump 2.44% to $79.49. On the same session, the stock had its day’s lowest price of $78.56, but rose to a high of $79.94. Over the last five days, the stock has gained 4.58%. NetApp Inc. shares have risen nearly 32.35% since the year began. Nevertheless, the stocks have risen 10.16% over the past one year. While a 52-week high of $80.53 was reached on 07/21/23, a 52-week low of $58.08 was recorded on 03/15/23. SMA at 50 days reached $77.18, while 200 days put it at $68.52. A total of 2.47 million shares were traded, compared to the trading of 2.31 million shares in the previous session.

Levels Of Support And Resistance For NTAP Stock

The 24-hour chart illustrates a support level at 78.72, which if violated will result in even more drops to 77.95. On the upside, there is a resistance level at 80.10. A further resistance level may holdings at 80.71. The Relative Strength Index (RSI) on the 14-day chart is 65.47, which indicates neutral technical sentiment, while the Moving Average Convergence Divergence (MACD) stands at 1.63, which suggests price will go up in the next trading period. Percent R suggests that price movement has been bullish at 7.76%. Stochastics %K at 90.97% indicates the stock is a selling.

How much short interest is there in NetApp Inc.?

A steep rise in short interest was recorded in NetApp Inc. stocks on Aug 14, 2023, dropping by -0.56 million shares to a total of 6.37 million shares. Yahoo Finance data shows the prior-month short interest on Jul 13, 2023 was 6.93 million shares. There was a decline of -8.79%, which implies that there is a negative sentiment for the stock. In spite of short shares comprising just 3.50% of the overall stock float, the days-to-cover ratio (short ratio) fell to 2.66.

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

In filings from The Vanguard Group, Inc., it is revealed that the company now owns 26,719,886 shares, or roughly 12.58% of the outstanding NTAP shares. In other words, the investor’s shares have fallen by -1,071,653 from its previous 13-F filing of 27791539.0. Additionally, PRIMECAP Management Co. decreased -2.70% of its stake after which the total value it holdings stand at $1,207,601,353, while Capital Research & Management Co added 12.83% of its stake to hold $1.07 billion in the firm. Over the last quarter, BlackRock Fund Advisors sold -184,347 shares of NetApp Inc., while SSgA Funds Management, Inc. sold 201,316 shares. At present, First Trust Advisors LP is holding 6,467,843 shares valued at $504.56 million. Geode Capital Management LLC owned 4,799,591 shares of the company at the time of its most recent 13F filing, worth $374.42 million.

According to FactSet, NetApp Inc.’s share price will average $80.56 in the next year, based on opinions of analysts polled by the firm. This is up nearly 3.09 percent from its previous closing price of $77.60. Analysts expect NetApp Inc. stock to reach the higher price of $100.00, while the lowest price estimate is $63.00. However, 22 analysts have rated NTAP stock as an Overweight in their predictions for 2023.


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