Envestnet Asset Management Inc. Purchases 37,420 Shares of NetApp, Inc. (NASDAQ:NTAP)

Envestnet Asset Management Inc. increased its holdings in NetApp, Inc. (NASDAQ:NTAP - Free Report) by 9.8% in the first quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 419,556 shares of the data storage provider's stock after purchasing an additional 37,420 shares during the period. Envestnet Asset Management Inc. owned 0.21% of NetApp worth $36,854,000 as of its most recent SEC filing.

Other institutional investors have also recently added to or reduced their stakes in the company. Assetmark Inc. raised its stake in shares of NetApp by 826.9% in the 4th quarter. Assetmark Inc. now owns 241 shares of the data storage provider's stock valued at $28,000 after acquiring an additional 215 shares during the period. Olde Wealth Management LLC acquired a new position in shares of NetApp during the first quarter worth about $29,000. Itau Unibanco Holding S.A. grew its stake in shares of NetApp by 929.6% in the fourth quarter. Itau Unibanco Holding S.A. now owns 278 shares of the data storage provider's stock valued at $32,000 after buying an additional 251 shares in the last quarter. Coppell Advisory Solutions LLC grew its stake in shares of NetApp by 50.0% in the fourth quarter. Coppell Advisory Solutions LLC now owns 300 shares of the data storage provider's stock valued at $35,000 after buying an additional 100 shares in the last quarter. Finally, Park Square Financial Group LLC purchased a new stake in shares of NetApp during the 4th quarter valued at about $36,000. 92.17% of the stock is currently owned by institutional investors and hedge funds.

Insider Buying and Selling

In other NetApp news, CEO George Kurian sold 8,500 shares of NetApp stock in a transaction on Monday, April 21st. The shares were sold at an average price of $81.83, for a total transaction of $695,555.00. Following the completion of the sale, the chief executive officer owned 249,765 shares of the company's stock, valued at $20,438,269.95. This trade represents a 3.29% decrease in their position. The sale was disclosed in a filing with the SEC, which is available at this hyperlink. Also, CAO Lorenzo Daniel De sold 302 shares of NetApp stock in a transaction on Tuesday, June 3rd. The shares were sold at an average price of $98.77, for a total value of $29,828.54. Following the sale, the chief accounting officer directly owned 455 shares of the company's stock, valued at approximately $44,940.35. The trade was a 39.89% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 17,302 shares of company stock worth $1,590,514 over the last ninety days. 0.47% of the stock is currently owned by insiders.

Wall Street Analysts Forecast Growth

A number of research analysts recently commented on NTAP shares. JPMorgan Chase & Co. reduced their price target on NetApp from $120.00 to $115.00 and set an "overweight" rating for the company in a report on Friday, May 30th. Morgan Stanley reaffirmed a "cautious" rating on shares of NetApp in a report on Tuesday, May 20th. UBS Group reduced their price objective on NetApp from $115.00 to $108.00 and set a "neutral" rating on the stock in a research note on Friday, May 30th. Evercore ISI lowered their target price on shares of NetApp from $120.00 to $100.00 and set an "in-line" rating for the company in a research note on Monday, April 28th. Finally, Barclays raised their price target on shares of NetApp from $115.00 to $117.00 and gave the stock an "overweight" rating in a research report on Friday, May 30th. One equities 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 company's stock. According to MarketBeat.com, the stock presently has an average rating of "Hold" and a consensus target price of $117.79.

NetApp Price Performance

Shares of NASDAQ NTAP traded down $0.60 during trading on Monday, hitting $104.67. The company had a trading volume of 1,275,028 shares, compared to its average volume of 2,126,963. NetApp, Inc. has a 52 week low of $71.84 and a 52 week high of $135.45. The company has a market cap of $20.97 billion, a P/E ratio of 18.43, a PEG ratio of 2.43 and a beta of 1.42. The company has a debt-to-equity ratio of 2.39, a quick ratio of 1.22 and a current ratio of 1.25. The business's 50-day moving average is $101.93 and its 200 day moving average is $103.11.

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

NetApp Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Wednesday, July 23rd. Stockholders of record on Thursday, July 3rd will be given a $0.52 dividend. This represents a $2.08 dividend on an annualized basis and a dividend yield of 1.99%. The ex-dividend date of this dividend is Thursday, July 3rd. NetApp's dividend payout ratio (DPR) 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.