The stock of NetApp, Inc. (NASDAQ:NTAP) is now priced at $46.68 and the shares are -0.71 points down or -1.5% lower compared to its previous closing price of $47.39. The stock had 3.067 million contracts set over the past session. NTAP shares’ daily volume is compared to its average trading volume at 3.079 million shares. However, it has a float of 220 million and although its performance was 11.75% over the week, it’s one to watch. Analysts have given the NTAP stock a yearly average price target of $49.21 per share. It means the stock’s upside potential is 5.42% with the NTAP share price recently placing at $46.16 to $47.39. However, some brokerage firms have priced the stock below the average, including one that has called $36.
The shorts are climbing into the NetApp, Inc. stock, with the latest data on short interest released on August 14, 2020, showing that short interest numbers in the NTAP shares have risen. Short interest in the stock represents just 7.34% of its float, but the volume has raised by 3290493. The volume of shorted shares rised to 16.182 million from 12.892 million shares over the last two weeks. The average intraday trading volume has been 2.561 million shares, which means that days to cover moved to roughly 6.318648.
In the last trading session, NetApp, Inc. (NASDAQ:NTAP) raised by $4.91 over the week and gained $3.45 on its 20-day. The stock’s high in the recent session is lower when compared to its 52-week high of $65.38. The stock recorded its established 52-week high on 01/16/20.
Since 03/23/20, the stock has traded to a low of $34.66 at 34.68%, an encouraging piece of data likely to interest most investors out to exploit the stock’s recent surge. The stock has a beta allocation of 1.27. Being above 1 means that the stock’s volatility is higher than the market and traders are keenly watching it.
Looking at current readings, NetApp, Inc.’s two-week RSI is 64.42. This suggests that the stock is neutral at the moment and that NTAP shares’ price movement remains stable. The stochastic readings are equally revealing at 91.36% meaning the NTAP share price is currently in oversold territory.
The technical chart shows that the NTAP stock will likely settle at between $47.33 and $47.97 per share. However, if the stock dips below $46.1, then its market would become much weaker. Any downside could see the stock price sliding to levels as low as $45.51.
Currently, the stock is trading in the green of MACD, with a reading of 2.97. Investors always pay attention to any move above or below the zero-line, mainly because the indicator points to the position of the stock’s short-term average relative to its long-term measure. A MACD -a reading above the zero line means that the short-term is above the long-term average. This scenario implies that there is an upward momentum. The opposite is true when the MACD falls below the zero-line.
Analysts at Wells Fargo though raised target price of NTAP stock from $46 to $52 but maintained Equal Weight recommendation in their August 27 review. Northland Capital analysts see the stock as a Outperform, but they also raised the share’s target price from $51 to $57 in a flash note released to investors on August 27. Morgan Stanley analysts see the stock as Underweight. Nonetheless, the analysts revised the share prices up on August 27, placing it at $38 from $34.
The average rating for the NTAP equity is 2.92 and is currently gathering a bullish momentum. Of 26 analysts tracking NetApp, Inc. polled by Reuters, 18 rated NTAP as a hold. The remaining 8 analysts were split evenly. However, the split wasn’t equal as a majority (5) rated it as a buy or strong buy. 3 analyst advised investors against buying the stock or to sell if they own any of the stock.
Elsewhere, the NTAP stock price is 11.66X ahead of its 12-month Consensus earnings per share estimates. The stocks P/S ratio currently stands at 13.5 below the group’s average of 15.8. NetApp, Inc. has its P/E ratio at 36.5, which means that the stock is currently trading at a premium relative to the 4 industry average.
Zacks Consensus Estimate forecasts that the current-quarter revenues for NetApp, Inc. (NASDAQ:NTAP) will increase by about 0.54%, which will see them reach $1310 million. The company’s full-year revenues are, however, expected to diminish by about -0.18%, down from $5410 million to $5400 million. NTAP’s expected adjusted earnings should drop almost -33.94% to end up at $0.72 per share, while for the fiscal year, analysts project the company’s earnings to drop by about -16.05% to record $3.4/share.