Illinois Municipal Retirement Fund Sells 16,362 Shares of NetApp, Inc. (NASDAQ:NTAP)

Illinois Municipal Retirement Fund cut its holdings in NetApp, Inc. (NASDAQ:NTAP - Free Report) by 9.1% in the 1st quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 163,874 shares of the data storage provider's stock after selling 16,362 shares during the period. Illinois Municipal Retirement Fund owned approximately 0.08% of NetApp worth $14,395,000 at the end of the most recent reporting period.

Several other hedge funds have also added to or reduced their stakes in the business. Vanguard Group Inc. lifted its stake in NetApp by 1.7% in the fourth quarter. Vanguard Group Inc. now owns 26,443,974 shares of the data storage provider's stock worth $3,069,617,000 after purchasing an additional 429,343 shares during the last quarter. Ameriprise Financial Inc. lifted its stake in NetApp by 14.5% in the fourth 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 last quarter. Invesco Ltd. lifted its stake in NetApp by 20.4% in the fourth quarter. Invesco Ltd. now owns 3,123,228 shares of the data storage provider's stock worth $362,544,000 after purchasing an additional 529,471 shares during the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC increased its position in shares of NetApp by 8.0% in the fourth quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 2,986,330 shares of the data storage provider's stock valued at $346,653,000 after acquiring an additional 220,393 shares during the period. Finally, Beutel Goodman & Co Ltd. increased its position in shares of NetApp by 0.4% in the fourth quarter. Beutel Goodman & Co Ltd. now owns 2,887,795 shares of the data storage provider's stock valued at $335,215,000 after acquiring an additional 12,919 shares during the period. 92.17% of the stock is owned by institutional investors.

Insider Activity

In related news, CEO George Kurian sold 8,500 shares of the firm's stock in a transaction that occurred on Monday, June 16th. The shares were sold at an average price of $101.78, for a total value of $865,130.00. Following the sale, the chief executive officer now owns 296,805 shares in the company, valued at approximately $30,208,812.90. This trade represents a 2.78% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, CAO Lorenzo Daniel De sold 302 shares of the firm's stock in a transaction that occurred on Tuesday, June 3rd. The stock was sold at an average price of $98.77, for a total transaction of $29,828.54. Following the completion of the sale, the chief accounting officer now owns 455 shares in the company, valued at $44,940.35. This represents a 39.89% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 17,302 shares of company stock worth $1,590,514 over the last 90 days. 0.47% of the stock is currently owned by insiders.

NetApp Trading Down 0.4%

NASDAQ:NTAP opened at $104.75 on Friday. The company's 50 day moving average price is $97.61 and its 200-day moving average price is $104.40. NetApp, Inc. has a 52 week low of $71.84 and a 52 week high of $135.45. The company has a quick ratio of 1.22, a current ratio of 1.25 and a debt-to-equity ratio of 2.39. The stock has a market cap of $20.99 billion, a price-to-earnings ratio of 18.44, a PEG ratio of 2.42 and a beta of 1.42.

NetApp (NASDAQ:NTAP - Get Free Report) last posted its quarterly earnings results on Thursday, May 29th. The data storage provider reported $1.93 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 firm had revenue of $1.73 billion for the quarter, compared to analysts' expectations of $1.72 billion. During the same quarter in the prior year, the company posted $1.80 earnings per share. The business's revenue for the quarter was up 3.8% on a year-over-year basis. On average, equities research analysts forecast that NetApp, Inc. will post 5.89 earnings per share for the current fiscal year.

NetApp Announces Dividend

The company also recently declared 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 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 payout ratio is 36.62%.

Wall Street Analysts Forecast Growth

NTAP has been the topic of a number of analyst reports. Loop Capital decreased their price objective 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. Wall Street Zen cut shares of NetApp from a "buy" rating to a "hold" rating in a research report on Friday, February 28th. Barclays boosted their price objective on shares of NetApp from $115.00 to $117.00 and gave the company an "overweight" rating in a research report on Friday, May 30th. Wells Fargo & Company decreased their price objective on shares of NetApp from $115.00 to $100.00 and set an "equal weight" rating on the stock in a research report on Friday, May 30th. Finally, TD Cowen decreased their price objective on shares of NetApp from $160.00 to $130.00 and set a "buy" rating on the stock in a research report on Friday, February 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 data from MarketBeat, NetApp has an average rating of "Hold" and an average price target of $117.79.

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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