Envestnet Portfolio Solutions Inc. Decreases Stake in NetApp, Inc. (NASDAQ:NTAP)

Envestnet Portfolio Solutions Inc. reduced its stake in NetApp, Inc. (NASDAQ:NTAP - Free Report) by 26.6% during the first quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 19,508 shares of the data storage provider's stock after selling 7,070 shares during the period. Envestnet Portfolio Solutions Inc.'s holdings in NetApp were worth $1,714,000 as of its most recent SEC filing.

Other institutional investors and hedge funds also recently bought and sold shares of the company. Norges Bank bought a new position in NetApp during the 4th quarter valued at about $306,440,000. Ameriprise Financial Inc. lifted its position in shares of NetApp by 14.5% in the 4th quarter. Ameriprise Financial Inc. now owns 7,024,456 shares of the data storage provider's stock worth $815,402,000 after purchasing an additional 888,671 shares during the period. Clark Capital Management Group Inc. lifted its position in shares of NetApp by 5,858.0% in the 4th quarter. Clark Capital Management Group Inc. now owns 895,435 shares of the data storage provider's stock worth $103,942,000 after purchasing an additional 880,406 shares during the period. Boston Partners lifted its position in shares of NetApp by 53.9% in the 4th quarter. Boston Partners now owns 2,083,189 shares of the data storage provider's stock worth $241,867,000 after purchasing an additional 729,394 shares during the period. Finally, Raymond James Financial Inc. purchased a new stake in shares of NetApp in the 4th quarter worth approximately $64,683,000. 92.17% of the stock is currently owned by institutional investors.

Insider Buying and Selling at NetApp

In other NetApp news, Director Anders Gustafsson acquired 2,800 shares of the stock in a transaction dated Thursday, March 27th. The stock was acquired at an average price of $91.00 per share, with a total value of $254,800.00. Following the completion of the purchase, the director now owns 6,348 shares in the company, valued at $577,668. This trade represents a 78.92% increase in their position. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, President Cesar Cernuda sold 19,696 shares of the firm's stock in a transaction that occurred on Friday, March 28th. The shares were sold at an average price of $90.15, for a total transaction of $1,775,594.40. Following the completion of the transaction, the president now directly owns 11,928 shares of the company's stock, valued at approximately $1,075,309.20. The trade was a 62.28% decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 36,998 shares of company stock worth $3,366,108 over the last three months. Insiders own 0.47% of the company's stock.

NetApp Trading Up 1.8%

Shares of NTAP traded up $1.86 during trading on Tuesday, reaching $106.13. 1,905,372 shares of the company traded hands, compared to its average volume of 1,929,132. NetApp, Inc. has a twelve month low of $71.84 and a twelve month high of $135.45. The stock has a market cap of $21.27 billion, a PE ratio of 18.68, a price-to-earnings-growth ratio of 2.40 and a beta of 1.42. The stock has a 50-day simple moving average of $96.69 and a 200-day simple moving average of $104.55. The company has a quick ratio of 1.22, a current ratio of 1.25 and a debt-to-equity ratio of 2.39.

NetApp (NASDAQ:NTAP - Get Free Report) last announced its quarterly 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. NetApp had a net margin of 18.05% and a return on equity of 126.96%. The business had revenue of $1.73 billion during the quarter, compared to analysts' expectations of $1.72 billion. During the same period last year, the business earned $1.80 earnings per share. The business's revenue for the quarter was up 3.8% on a year-over-year basis. On average, analysts anticipate that NetApp, Inc. will post 5.89 earnings per share for the current year.

NetApp Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Wednesday, July 23rd. Shareholders of record on Thursday, July 3rd will be given a dividend of $0.52 per share. This represents a $2.08 dividend on an annualized basis and a dividend yield of 1.96%. The ex-dividend date of this dividend is Thursday, July 3rd. NetApp's dividend payout ratio is presently 36.62%.

Analyst Ratings Changes

NTAP has been the subject of several recent analyst reports. UBS Group reduced their price objective on shares of NetApp from $115.00 to $108.00 and set a "neutral" rating for the company in a research note on Friday, May 30th. Morgan Stanley reiterated a "cautious" rating on shares of NetApp in a research note on Tuesday, May 20th. TD Cowen cut their price objective 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. Citigroup increased their price target on shares of NetApp from $105.00 to $110.00 and gave the stock a "neutral" rating in a report on Monday, June 2nd. Finally, JPMorgan Chase & Co. decreased their price objective on shares of NetApp from $120.00 to $115.00 and set an "overweight" rating on the stock in a report on Friday, May 30th. One investment analyst has rated the stock with a sell rating, ten have issued a hold rating and six have assigned a buy rating to the stock. According to data from MarketBeat, the stock presently has an average rating of "Hold" and an average price target of $117.79.

NetApp 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.