NetApp, Inc. (NASDAQ:NTAP) is a stock to watch today. At current price of $53.81, the shares have already lost -1.37 points (-2.48% lower) from its previous close of $55.18. The stock sets an active trading volume day with a reported 1193663 contracts so far this session. NTAP shares had a relatively better volume day versus average trading capacity of 2.28 million shares, but with a 0.23 billion float and a -5.11% run over a week, it’s definitely worth keeping an eye on. The one year price forecast for NTAP stock indicates that the average analyst price target is $62.94 per share. This means the stock has a potential increase of 16.97% from where the NTAP share price has been trading recently.
During the recent trading session for NetApp, Inc. (NASDAQ:NTAP), the company witnessed their stock drop by $-3.54 over a week and tumble down $-11.58 from the price 20 days ago. When compared to their established 52-week high of $78.35, the high they recorded in their recent session happens to be higher. Their established 52-week high was attained by the company on 04/17/19. The recent low of $44.55 stood for a -31.32% since 08/14/19, a data which is good for most investors who are looking to take advantage of the stock’s recent rise. A beta of 1.62 is also allocated to the stock. Since the beta is greater than one, it implies that the stock is more volatile than the market, a data that traders are keeping close attention to.
Looking at the current readings for NetApp, Inc., the two-week RSI stands at 35.96. This figure suggests that NTAP stock, for now, is neutral, meaning that the shares are stable in terms of price movement. The stochastic readings, on the other hand, based on the current NTAP readings is similarly very revealing as it has a stochastic reading of 44.09% at this stage. This figure means that NTAP share price today is being neutral.
Technical chart claims that NetApp, Inc. (NTAP) would settle between $56.12/share to $57.06/share level. However, if the stock price goes below the $53.72 mark, then the market for NetApp, Inc. becomes much weaker. If that happens, the stock price might even plunge as low as $52.25 for its downside target. The stock is currently in the red zone of MACD, with the indicator reading -0.75. Traders are always alerted for the move of a stock above or below the zero line due to the fact that the reading is an indicator of the position of the short-term average relative to the long-term average. If the MACD is above the zero line, then the short-term average relative is above that of the long-term average, thus implying an upward momentum. Vice versa is the case if the MACD is below the zero line.
Analysts at Cowen lifted target price for shares of NTAP but were stick to Market Perform recommendation for the stock in their opinion released on February 13. The price target has been raised from $60 to $58. Standpoint Research analysts bumped their rating on NetApp, Inc. (NASDAQ:NTAP) stock from Hold to Buy in a separate flash note issued to investors on December 23. Analysts at Maxim Group are sticking to their Buy stance. However, on November 14, they lifted price target for these shares to $74 from $66.
NTAP equity has an average rating of 2.74, with the figure leaning towards a bullish end. 26 analysts who tracked the company were contacted by Reuters. Amongst them, 16 rated the stock as a hold while the remaining 10 were split even though not equally. Some analysts rate the stock as a buy or a strong buy while others rated it as a sell. 7 analysts rated NetApp, Inc. (NASDAQ:NTAP) as a buy or a strong buy while 3 advised that investors should desist from purchasing the stock or sell them if they already own the company’s stock.
Moving on, NTAP stock price is currently trading at 11.69X forward 12-month Consensus EPS estimates, and its P/E ratio is 13.1 while for the average stock in the same group, the multiple is 16.8. NetApp, Inc. current P/B ratio of 44.7 means it is trading at a premium against its industry’s 4.6.
NetApp, Inc. (NTAP)’s current-quarter revenues are projected to climb by nearly -4.6% to hit $1.52 billion, based on current consensus estimate. The firm’s full-year revenues are expected to expand by over -10% from $6.15 billion to a noteworthy $5.53 billion. At the other end of the current quarter income statement, NetApp, Inc. is expected to see its adjusted earnings surge by roughly 9% to hit $1.33 per share. For the fiscal year, NTAP’s earnings are projected to climb by roughly -7.1% to hit $4.2 per share.