Monthly Stock Report: NetApp, Inc. (NTAP)
Publication Date: September 22, 2024
Company Overview
NetApp, Inc. (NASDAQ: NTAP), based in San Jose, California, is a leading provider in the computer hardware industry under the Information Technology sector. Established in 1992, NetApp specializes in enterprise software, systems, and services designed to revolutionize data infrastructures across the U.S., Canada, and Europe. The company operates primarily through its Hybrid Cloud and Public Cloud segments, offering an extensive suite of data management software and storage solutions tailored for diverse industries such as financial services, healthcare, and technology. Key offerings include the renowned NetApp ONTAP and Azure NetApp Files, complemented by robust professional support services. As of now, NetApp boasts a total revenue of approximately $6.38 billion, reflecting solid financial performance. Analysts maintain a “hold” recommendation due to a target high price of $155.00, suggesting potential upside while advising investors to exercise caution.
Market Performance and Analysis
The current trading price of NetApp’s stock is $122.22, slightly below its fifty-day moving average of $123.93, indicating potential short-term weakness. With a total share count of 204,783,008, of which 5,302,873 are designated as short, the short interest amounts to approximately 0.0339% of the float. This modest short sentiment suggests limited bearish activity among investors regarding NetApp’s performance. Analysts have set a target mean price of $132.17 and a median estimate of $134.00, reflecting moderate growth expectations in the near term. The potential price range extends from a conservative low of $108.00 to an optimistic high of $155.00.
Investment Outlook
Despite solid revenue figures, a lack of available data regarding EBITDA presents a gap in understanding NetApp’s operational profitability. Nevertheless, the current valuations and target prices indicate a promising outlook for investors. With a consensus recommendation of “hold” among 15 analysts and a mean recommendation score of 2.6, investors are advised to retain their positions while remaining aware of market fluctuations. The stock’s historical performance, including a fifty-two week high of $135.01 and a low of $70.82, highlights significant volatility, emphasizing the necessity for cautious evaluation before making investment decisions.
| Metric | Value |
|---|---|
| Market Cap | $25.0b |
| Total Debt | $2.6b |
| Total Cash | $3.0b |
| Shares Outstanding | 204.8m |
| Float Shares | 203.7m |
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