Analysts Are Upgrading These 5 Value Stocks

3. NetApp, Inc. (NASDAQ:NTAP)

Number of Hedge Fund Holders: 36

P/E Ratio as of March 14: 18.19

NetApp, Inc. (NASDAQ:NTAP) is a hybrid cloud infrastructure and data management company, based in Sunnyvale, California, serving customers worldwide. The stock has gained almost 17.59% over the last 12 months. 

On March 10, Barclays analyst Tim Long upgraded NetApp, Inc. (NASDAQ:NTAP) to Overweight from Equal Weight with a price target of $102, up from $85. The analyst considered NetApp, Inc. (NASDAQ:NTAP)’s recurring revenue to be “underrated”, and he expects upside for the stock from higher services revenue and quicker than anticipated growth in public cloud data services. Long sees the current weakness in shares as an attractive entry point, and projects NetApp, Inc. (NASDAQ:NTAP) to attain 10% revenue growth in fiscal 2022 and 7% in fiscal 2023.

Elite hedge funds are bullish on NetApp, Inc. (NASDAQ:NTAP) as of the close of 2021. At the end of December, 36 funds disclosed long positions in NetApp, Inc. (NASDAQ:NTAP), up from 29 funds in the preceding quarter. Holocene Advisors is a prominent shareholder of the company, with 1.8 million shares worth $167.8 million. 

Here is what Miller Howard Investments has to say about NetApp, Inc. (NASDAQ:NTAP) in its Q3 2021 investor letter:

“Technology remains important in our portfolios, although the sector weights have come down over the past year. We now hold NetApp (NTAP) of which has a strong growth prospects, yet attractive valuations in our view. Unlike many younger tech companies, we believe our holdings should significantly benefit from an upturn in the economy.”