Central Bank & Trust Co. Reduces Holdings in NetApp, Inc. $NTAP

Key Points

• Central Bank & Trust Co. has reduced its stake in NetApp, Inc. by 20.8%, now holding 26,420 shares valued at approximately $2.81 million after selling off 6,922 shares in the second quarter.
• NetApp has announced a quarterly dividend of $0.52 per share, with the annualized dividend yielding 1.7%, and a dividend payout ratio of 36.75%.
• Despite Central Bank & Trust Co.'s selling activity, several other investors have increased their holdings in NetApp, demonstrating continued institutional interest with 92.17% of shares owned by institutional investors.

Central Bank & Trust Co. reduced its stake in shares of NetApp, Inc. (NASDAQ:NTAP - Free Report) by 20.8% in the second quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 26,420 shares of the data storage provider's stock after selling 6,922 shares during the quarter. Central Bank & Trust Co.'s holdings in NetApp were worth $2,815,000 at the end of the most recent quarter.

A number of other large investors have also recently made changes to their positions in NTAP. Horizon Investments LLC raised its holdings in NetApp by 3.8% in the first quarter. Horizon Investments LLC now owns 2,919 shares of the data storage provider's stock worth $255,000 after purchasing an additional 107 shares in the last quarter. MassMutual Private Wealth & Trust FSB increased its holdings in shares of NetApp by 11.0% during the second quarter. MassMutual Private Wealth & Trust FSB now owns 1,083 shares of the data storage provider's stock valued at $115,000 after acquiring an additional 107 shares in the last quarter. Migdal Insurance & Financial Holdings Ltd. increased its holdings in shares of NetApp by 54.9% during the first quarter. Migdal Insurance & Financial Holdings Ltd. now owns 350 shares of the data storage provider's stock valued at $31,000 after acquiring an additional 124 shares in the last quarter. Hohimer Wealth Management LLC increased its holdings in shares of NetApp by 0.4% during the first quarter. Hohimer Wealth Management LLC now owns 29,694 shares of the data storage provider's stock valued at $2,608,000 after acquiring an additional 131 shares in the last quarter. Finally, Nissay Asset Management Corp Japan ADV increased its holdings in shares of NetApp by 0.5% during the first quarter. Nissay Asset Management Corp Japan ADV now owns 26,827 shares of the data storage provider's stock valued at $2,356,000 after acquiring an additional 137 shares in the last quarter. 92.17% of the stock is owned by hedge funds and other institutional investors.

NetApp Price Performance

Shares of NASDAQ:NTAP opened at $124.16 on Tuesday. NetApp, Inc. has a twelve month low of $71.84 and a twelve month high of $135.45. The company's 50 day moving average is $109.89 and its 200 day moving average is $99.96. The company has a current ratio of 1.31, a quick ratio of 1.28 and a debt-to-equity ratio of 2.55. The company has a market cap of $24.78 billion, a PE ratio of 21.94, a price-to-earnings-growth ratio of 2.70 and a beta of 1.46.

NetApp Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, October 22nd. Shareholders of record on Friday, October 3rd will be given a $0.52 dividend. This represents a $2.08 annualized dividend and a yield of 1.7%. The ex-dividend date is Friday, October 3rd. NetApp's dividend payout ratio is currently 36.75%.

Insider Activity at NetApp

In other NetApp news, CEO George Kurian sold 8,500 shares of the company's stock in a transaction that occurred on Monday, August 18th. The stock was sold at an average price of $108.85, for a total value of $925,225.00. Following the sale, the chief executive officer owned 283,688 shares in the company, valued at approximately $30,879,438.80. This represents a 2.91% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. Also, EVP Elizabeth M. O'callahan sold 1,000 shares of the company's stock in a transaction that occurred on Wednesday, September 10th. The stock was sold at an average price of $123.67, for a total value of $123,670.00. Following the completion of the sale, the executive vice president owned 23,628 shares in the company, valued at approximately $2,922,074.76. This represents a 4.06% decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders sold 20,000 shares of company stock worth $2,180,315. Insiders own 0.28% of the company's stock.

Analyst Upgrades and Downgrades

Several equities analysts have recently issued reports on NTAP shares. Northland Securities upped their price objective on shares of NetApp from $119.00 to $120.00 and gave the company a "market perform" rating in a report on Thursday, August 28th. JPMorgan Chase & Co. upped their price objective on shares of NetApp from $115.00 to $130.00 and gave the company an "overweight" rating in a report on Thursday, July 17th. Bank of America upped their price objective on shares of NetApp from $121.00 to $125.00 and gave the company a "neutral" rating in a report on Monday, August 25th. Argus restated a "buy" rating and set a $130.00 price objective on shares of NetApp in a report on Friday, August 29th. Finally, Barclays upped their price objective on shares of NetApp from $117.00 to $125.00 and gave the company an "overweight" rating in a report on Thursday, August 28th. Seven investment analysts have rated the stock with a Buy rating and ten have given a Hold rating to the company. Based on data from MarketBeat.com, the stock has a consensus rating of "Hold" and a consensus price target of $124.07.

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.

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