NetApp Inc. (NASDAQ: NTAP) shares rose on Wednesday Nov 30 with lower trade volume than normal after a number of analysts weighed in on the investing value of the stock and reiterated thier respective ratings.
Meanwhile, the Dow Jones Industrial Average hit an intraday record after opening higher Wednesday, led by the energy sector as hopes rose that the world’s major oil producers are near a deal on limiting output.
The benchmark S&P 500 and Dow were on track to post their largest monthly gains since March.
The S&P 500 SPX, +0.22% gained 5 points, or 0.2%, to 2,209. The Dow Jones Industrial Average DJIA, +0.41% added 62 points, or 0.3%, to 19,184, trading in record territory. The Nasdaq Composite COMP, -0.08% was 7 points, or 0.1%, higher at 5,386.
NetApp Inc. (NASDAQ: NTAP) had its Neutral rating reiterated by equities researchers at Robert W. Baird in a research note to investors. With a rating of Neutral on the stock, NetApp Inc. has a 52-week high of $39.00. As a means of comparison, a number of other analysts have spoken on the company recently, and the company has secured a consensus one-year price target of $36.32, lower than the opening price of $36.56. Share prices often shift to the upside on recommendations and new price targets of professional brokerage firms.
Shares of NetApp Inc. (NASDAQ: NTAP) opened at $36.56 on Tuesday trading between $36.56 and $36.88, and last traded at $36.70, which is a spike of $0.19 or 0.51% over the previous closing price.
NetApp Inc. (NASDAQ: NTAP) currently has a market cap of 10.20B.
NetApp Inc. (NASDAQ: NTAP) Average Daily Trading Volume
178,945 shares traded hands yesterday, lower than normal, out of a total float 277,685,000. Investors often use upticks in trading volume to identify large volume aggregation or circulation by institutional investors, so trading volume is likely to increase in the next few days.
While increased trading for short periods will not mean much, however, a trend of heavy trading volume on the buy side over a period of days or weeks expresses a positive cue to market traders that institutions may be moving in, so institutional sponsorship is critical.
Institutional sponsorship just refers to ownership of a stock by mutual funds, banks, pension funds and other large institutions.
Professional investors such as these retain teams of analysts researching thousands of stocks, so it is good confirmation to see them taking a postion in a stock you’re considering.
NetApp Inc. (NASDAQ: NTAP) Moving Averages
A moving average can also act as support or resistance. In an uptrend a 50-day, 100-day or 200-day moving average may act as a support level, as shown in the figure below.
This is because the average acts like a floor (support), so the price bounces up off of it.
In a downtrend a moving average may act as resistance; like a ceiling, the price hits it and then starts to drop again.
By following the activity of these professional investors—and the moving averages they influence— traders can make well planned trades.
Trades for NetApp Inc. (NASDAQ: NTAP) have ranged from $20.66 – 39.000, and the stock now has a 50-day MA of $34.21 and 200-day MA of $30.14. Today’s last price is 5.91%% below the 52 week high of $39.00.
Earnings growth is an important factor to research when investing in stocks and investors identify companies that have been successful at growing their earnings at least 25% or more for a 3 year period.
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