Abacus FCF Advisors LLC Has $1.06 Million Position in NetApp, Inc. (NASDAQ:NTAP)

Abacus FCF Advisors LLC cut its holdings in NetApp, Inc. (NASDAQ:NTAP - Free Report) by 61.6% in the first quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 12,048 shares of the data storage provider's stock after selling 19,318 shares during the quarter. Abacus FCF Advisors LLC's holdings in NetApp were worth $1,058,000 at the end of the most recent quarter.

Several other hedge funds have also recently bought and sold shares of the business. Assetmark Inc. lifted its holdings in shares of NetApp by 826.9% during the 4th quarter. Assetmark Inc. now owns 241 shares of the data storage provider's stock worth $28,000 after acquiring an additional 215 shares during the period. Synergy Investment Management LLC acquired a new position in shares of NetApp during the fourth quarter valued at $32,000. Itau Unibanco Holding S.A. grew its position in shares of NetApp by 929.6% during the 4th quarter. Itau Unibanco Holding S.A. now owns 278 shares of the data storage provider's stock worth $32,000 after buying an additional 251 shares during the period. Golden State Wealth Management LLC bought a new position in shares of NetApp during the fourth quarter worth $35,000. Finally, Coppell Advisory Solutions LLC boosted its stake in NetApp by 50.0% in the 4th quarter. Coppell Advisory Solutions LLC now owns 300 shares of the data storage provider's stock worth $35,000 after purchasing an additional 100 shares during the period. 92.17% of the stock is owned by institutional investors and hedge funds.

Insider Activity at NetApp

In other NetApp news, CAO Lorenzo Daniel De sold 302 shares of the firm's stock in a transaction dated Tuesday, June 3rd. The stock was sold at an average price of $98.77, for a total transaction of $29,828.54. Following the transaction, the chief accounting officer now owns 455 shares in the company, valued at approximately $44,940.35. This trade represents a 39.89% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, President Cesar Cernuda sold 19,696 shares of the stock in a transaction that occurred on Friday, March 28th. The shares were sold at an average price of $90.15, for a total value of $1,775,594.40. Following the transaction, the president now directly owns 11,928 shares of the company's stock, valued at $1,075,309.20. This trade represents a 62.28% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 28,498 shares of company stock valued at $2,500,978 in the last three months. Corporate insiders own 0.47% of the company's stock.

Analysts Set New Price Targets

A number of research analysts recently weighed in on the company. UBS Group decreased their target price on NetApp from $115.00 to $108.00 and set a "neutral" rating on the stock in a report on Friday, May 30th. Bank of America raised shares of NetApp from an "underperform" rating to a "neutral" rating and boosted their target price for the stock from $121.00 to $128.00 in a report on Wednesday, February 19th. Loop Capital dropped their price target on shares of NetApp from $150.00 to $130.00 and set a "buy" rating on the stock in a research report on Tuesday, March 4th. TD Cowen cut their target price on shares of NetApp from $160.00 to $130.00 and set a "buy" rating on the stock in a research note on Friday, February 28th. Finally, Wells Fargo & Company lowered their target price on shares of NetApp from $115.00 to $100.00 and set an "equal weight" rating on the stock in a report on Friday, May 30th. One equities research analyst has rated the stock with a sell rating, ten have issued a hold rating and six have given a buy rating to the company. According to MarketBeat.com, NetApp presently has an average rating of "Hold" and a consensus price target of $117.79.

NetApp Stock Performance

Shares of NTAP traded up $0.12 during trading hours on Wednesday, reaching $102.63. 2,800,559 shares of the company's stock traded hands, compared to its average volume of 1,928,820. The business's fifty day simple moving average is $92.21 and its two-hundred day simple moving average is $106.13. The firm has a market capitalization of $20.88 billion, a price-to-earnings ratio of 18.87, a P/E/G ratio of 2.45 and a beta of 1.42. NetApp, Inc. has a twelve month low of $71.84 and a twelve month high of $135.45. The company has a debt-to-equity ratio of 1.39, a current ratio of 0.91 and a quick ratio of 0.84.

NetApp (NASDAQ:NTAP - Get Free Report) last issued its earnings results on Thursday, May 29th. The data storage provider reported $1.93 earnings per share for the quarter, beating analysts' consensus estimates of $1.90 by $0.03. The company had revenue of $1.73 billion for the quarter, compared to the consensus estimate of $1.72 billion. NetApp had a return on equity of 123.63% and a net margin of 17.78%. The firm's quarterly revenue was up 3.8% on a year-over-year basis. During the same quarter in the prior year, the company earned $1.80 EPS. Analysts predict that NetApp, Inc. will post 5.89 earnings per share for the current year.

NetApp Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, July 23rd. Stockholders of record on Thursday, July 3rd will be issued a dividend of $0.52 per share. This represents a $2.08 annualized dividend and a dividend yield of 2.03%. The ex-dividend date is Thursday, July 3rd. NetApp's payout ratio is 36.62%.

About NetApp

NetApp, Inc provides cloud-led and data-centric services to manage and share data on-premises, and private and public clouds worldwide. It operates in two segments, Hybrid Cloud and Public Could. The company offers intelligent data management software, such as NetApp ONTAP, NetApp Snapshot, NetApp SnapCenter Backup Management, NetApp SnapMirror Data Replication, NetApp SnapLock Data Compliance, and storage infrastructure solutions, including NetApp All-Flash FAS series, NetApp Fabric Attached Storage, NetApp E/EF series, and NetApp StorageGRID.