Integrated Advisors Network LLC Sells 23,364 Shares of NetApp, Inc. (NASDAQ:NTAP)

Integrated Advisors Network LLC cut its stake in NetApp, Inc. (NASDAQ:NTAP - Free Report) by 79.5% during the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 6,027 shares of the data storage provider's stock after selling 23,364 shares during the quarter. Integrated Advisors Network LLC's holdings in NetApp were worth $529,000 at the end of the most recent quarter.

Several other hedge funds also recently added to or reduced their stakes in the stock. Savant Capital LLC grew its stake in NetApp by 9.6% in the fourth quarter. Savant Capital LLC now owns 6,987 shares of the data storage provider's stock worth $811,000 after purchasing an additional 614 shares in the last quarter. Avestar Capital LLC grew its stake in NetApp by 27.5% in the fourth quarter. Avestar Capital LLC now owns 3,524 shares of the data storage provider's stock worth $409,000 after purchasing an additional 761 shares in the last quarter. Asset Management One Co. Ltd. grew its stake in NetApp by 7.2% in the fourth quarter. Asset Management One Co. Ltd. now owns 123,651 shares of the data storage provider's stock worth $14,462,000 after purchasing an additional 8,322 shares in the last quarter. Banque Pictet & Cie SA acquired a new position in NetApp in the fourth quarter worth about $4,329,000. Finally, AustralianSuper Pty Ltd boosted its stake in NetApp by 27.4% in the fourth quarter. AustralianSuper Pty Ltd now owns 639,518 shares of the data storage provider's stock valued at $74,235,000 after acquiring an additional 137,430 shares during the period. 92.17% of the stock is owned by hedge funds and other institutional investors.

Insiders Place Their Bets

In other NetApp news, CEO George Kurian sold 8,500 shares of the stock in a transaction on Monday, April 21st. The shares were sold at an average price of $81.83, for a total value of $695,555.00. Following the completion of the sale, the chief executive officer now owns 249,765 shares in the company, valued at $20,438,269.95. This trade represents a 3.29% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, CAO Lorenzo Daniel De sold 302 shares of the firm's stock in a transaction dated Tuesday, June 3rd. The stock was sold at an average price of $98.77, for a total transaction of $29,828.54. Following the sale, the chief accounting officer now owns 455 shares of the company's stock, valued at approximately $44,940.35. This represents a 39.89% decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders have sold 28,498 shares of company stock worth $2,500,978. Company insiders own 0.47% of the company's stock.

NetApp Price Performance

NASDAQ NTAP traded down $2.45 on Friday, reaching $100.49. The company's stock had a trading volume of 3,515,887 shares, compared to its average volume of 1,937,269. The business has a 50-day moving average price of $93.75 and a 200 day moving average price of $105.63. NetApp, Inc. has a 52 week low of $71.84 and a 52 week high of $135.45. The firm has a market cap of $20.13 billion, a PE ratio of 18.47, a price-to-earnings-growth ratio of 2.45 and a beta of 1.42. The company has a current ratio of 0.91, a quick ratio of 0.84 and a debt-to-equity ratio of 1.39.

NetApp (NASDAQ:NTAP - Get Free Report) last announced its quarterly earnings data on Thursday, May 29th. The data storage provider reported $1.93 earnings per share for the quarter, beating the consensus estimate of $1.90 by $0.03. NetApp had a net margin of 17.78% and a return on equity of 123.63%. The business had revenue of $1.73 billion for the quarter, compared to analyst estimates of $1.72 billion. During the same period in the prior year, the business posted $1.80 earnings per share. NetApp's revenue was up 3.8% compared to the same quarter last year. Sell-side analysts expect that NetApp, Inc. will post 5.89 EPS for the current year.

NetApp Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Wednesday, July 23rd. Shareholders of record on Thursday, July 3rd will be issued a $0.52 dividend. The ex-dividend date is Thursday, July 3rd. This represents a $2.08 annualized dividend and a yield of 2.07%. NetApp's dividend payout ratio (DPR) is presently 36.62%.

Analyst Ratings Changes

NTAP has been the topic of a number of recent analyst reports. Citigroup lifted their price target on NetApp from $105.00 to $110.00 and gave the company a "neutral" rating in a report on Monday, June 2nd. Morgan Stanley reissued a "cautious" rating on shares of NetApp in a report on Tuesday, May 20th. JPMorgan Chase & Co. dropped their target price on NetApp from $120.00 to $115.00 and set an "overweight" rating on the stock in a report on Friday, May 30th. Loop Capital lowered 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. Finally, Evercore ISI lowered their price objective on shares of NetApp from $120.00 to $100.00 and set an "in-line" rating on the stock in a research report on Monday, April 28th. One equities research analyst has rated the stock with a sell rating, ten have issued a hold rating and six have given a buy rating to the company. According to data from MarketBeat, the company currently has a consensus rating of "Hold" and an average target price 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.