The buying and selling of stock by a company’s insider give investors a sense that the stock will rise or fall in the future. Netapp Inc shares valued at $2,310,660 were sold by CERNUDA CESAR on Apr 01 ’24. At $105.03 per share, CERNUDA CESAR sold 22,000 shares. The insider’s holdings dropped to 43,072 shares worth approximately $4.42 million following the completion of this transaction.
Also, Kurian George sold 8,500 shares, netting a total of over 862,218 in proceeds. Following the sale of shares at $101.44 each, the insider now holds 261,202 shares.
Before that, BERRY MICHAEL J had sold 7,500 shares from its account. In a trade valued at $765,000, the EVP, CFO traded Netapp Inc shares for $102.00 each. Upon closing the transaction, the insider’s holdings decreased to 7,500 shares, worth approximately $14.87 million.
As published in a research note from Argus on March 04, 2024, Netapp Inc [NTAP] has been rated up from a Hold to a Buy and the price target has been revised to $130. Analysts at TD Cowen resumed the stock at ‘”an Outperform”‘ outlook in a report released in early March. As of January 16, 2024, Raymond James has decreased its “an Outperform” rating to a “Mkt perform” for NTAP. Earlier on January 08, 2024, JP Morgan downgraded its rating. Their new recommendation was “an Underweight” for NTAP stock which previously was a “a Neutral”.
Analyzing NTAP Stock Performance
During the last five days, there has been a drop of approximately -3.64%. Over the course of the year, Netapp Inc shares have jumped approximately 16.38%. Shares of the company reached a 52-week high of $112.48 on 03/01/24 and a 52-week low of $83.62 on 01/08/24. A 50-day SMA is recorded $96.81, while a 200-day SMA reached $84.05. Nevertheless, trading volume fell to 1.11 million shares from 1.28 million shares the previous day.
Support And Resistance Levels for Netapp Inc (NTAP)
According to the 24-hour chart, there is a support level at 101.97, which, if violated, would cause prices to drop to 101.35. In the upper region, resistance lies at 103.32. The next price resistance is at 104.05. RSI (Relative Strength Index) is 51.36 on the 14-day chart, showing neutral technical sentiment. Moving Average Convergence Divergence (MACD) is at -0.69, which suggests the price will decrease in the coming days. Percent R is at 92.15%, indicating bearish price movement. Stochastics %K at holding indicates that the stock is to be held.
Is Netapp Inc subject to short interest?
Stocks of Netapp Inc saw a sharp steep in short interest on Mar 28, 2024 dropping by -1.98 million shares to 5.18 million. Data from Yahoo Finance shows that the short interest on Feb 29, 2024 was 7.16 million shares. A decline of -38.22% in short interest reflects a positive sentiment towards the stock. Despite the fact that short shares comprise just 1.89 of the overall float, the days-to-cover ratio (short ratio) decline to 1.89.
