NetApp, Inc. (NASDAQ:NTAP) Shares Sold by Atlas Capital Advisors Inc.

Key Points

• Atlas Capital Advisors Inc. sold 7,972 shares of NetApp, reducing its stake by 87.8%, leaving it with only 1,108 shares valued at $97,000.
• Institutional ownership of NetApp has increased, with Vanguard Group growing its position by 2.3% to hold shares worth $2.375 billion.
• NetApp recently reported quarterly earnings of $1.93 per share, exceeding expectations, with a revenue of $1.73 billion, reflecting a year-over-year increase of 3.8%.

Atlas Capital Advisors Inc. reduced its holdings in NetApp, Inc. (NASDAQ:NTAP - Free Report) by 87.8% in the first quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor owned 1,108 shares of the data storage provider's stock after selling 7,972 shares during the quarter. Atlas Capital Advisors Inc.'s holdings in NetApp were worth $97,000 at the end of the most recent quarter.

A number of other hedge funds have also added to or reduced their stakes in the business. Assenagon Asset Management S.A. boosted its position in shares of NetApp by 39.6% during the first quarter. Assenagon Asset Management S.A. now owns 36,998 shares of the data storage provider's stock valued at $3,250,000 after buying an additional 10,494 shares during the last quarter. Achmea Investment Management B.V. boosted its position in shares of NetApp by 55.8% during the first quarter. Achmea Investment Management B.V. now owns 221,907 shares of the data storage provider's stock valued at $19,492,000 after buying an additional 79,457 shares during the last quarter. Burns Matteson Capital Management LLC purchased a new position in shares of NetApp during the first quarter valued at approximately $321,000. UNICOM Systems Inc. purchased a new position in NetApp in the first quarter worth $13,483,000. Finally, Hennessy Advisors Inc. purchased a new position in NetApp in the first quarter worth $2,050,000. 92.17% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

NTAP has been the topic of several research analyst reports. Morgan Stanley reissued a "cautious" rating on shares of NetApp in a research report on Tuesday, May 20th. Wells Fargo & Company cut their price objective on NetApp from $115.00 to $100.00 and set an "equal weight" rating on the stock in a research report on Friday, May 30th. UBS Group cut their price objective on NetApp from $115.00 to $108.00 and set a "neutral" rating on the stock in a research report on Friday, May 30th. Barclays boosted their price objective on NetApp from $115.00 to $117.00 and gave the stock an "overweight" rating in a research report on Friday, May 30th. Finally, Evercore ISI lowered their target price on NetApp from $120.00 to $100.00 and set an "in-line" rating on the stock in a research note on Monday, April 28th. One research analyst has rated the stock with a sell rating, ten have given a hold rating and six have given a buy rating to the stock. According to MarketBeat, NetApp currently has an average rating of "Hold" and an average target price of $119.21.

Insider Buying and Selling

In other NetApp news, EVP Elizabeth M. O'callahan sold 1,000 shares of the company's stock in a transaction dated Monday, August 11th. The stock was sold at an average price of $105.90, for a total transaction of $105,900.00. Following the sale, the executive vice president owned 23,251 shares in the company, valued at $2,462,280.90. This represents a 4.12% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, CEO George Kurian sold 8,500 shares of the company's stock in a transaction dated Monday, June 16th. The stock was sold at an average price of $101.78, for a total value of $865,130.00. Following the transaction, the chief executive officer directly owned 296,805 shares of the company's stock, valued at approximately $30,208,812.90. This represents a 2.78% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 19,302 shares of company stock worth $2,026,379. 0.28% of the stock is owned by corporate insiders.

NetApp Stock Down 1.0%

Shares of NTAP traded down $1.15 during trading hours on Friday, hitting $108.42. The company had a trading volume of 498,038 shares, compared to its average volume of 2,022,868. The company's fifty day moving average price is $105.12 and its two-hundred day moving average price is $101.04. NetApp, Inc. has a one year low of $71.84 and a one year high of $135.45. The company has a market capitalization of $21.72 billion, a PE ratio of 19.06, a price-to-earnings-growth ratio of 2.52 and a beta of 1.44. The company has a current ratio of 1.25, a quick ratio of 1.22 and a debt-to-equity ratio of 2.39.

NetApp (NASDAQ:NTAP - Get Free Report) last released its earnings results on Thursday, May 29th. The data storage provider reported $1.93 EPS for the quarter, topping analysts' consensus estimates of $1.90 by $0.03. The firm had revenue of $1.73 billion during the quarter, compared to the consensus estimate of $1.72 billion. NetApp had a return on equity of 126.96% and a net margin of 18.05%. The company's revenue was up 3.8% compared to the same quarter last year. During the same quarter in the previous year, the company posted $1.80 earnings per share. As a group, equities analysts forecast that NetApp, Inc. will post 5.89 earnings per share for the current fiscal year.

NetApp Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Wednesday, July 23rd. Investors of record on Thursday, July 3rd were given a dividend of $0.52 per share. The ex-dividend date was Thursday, July 3rd. This represents a $2.08 dividend on an annualized basis and a yield of 1.9%. NetApp's dividend payout ratio (DPR) is presently 36.62%.

NetApp Company Profile

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.