Kingsview Wealth Management LLC Sells 17,800 Shares of NetApp, Inc. (NASDAQ:NTAP)

Kingsview Wealth Management LLC lowered its stake in shares of NetApp, Inc. (NASDAQ:NTAP - Free Report) by 73.7% in the first quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 6,341 shares of the data storage provider's stock after selling 17,800 shares during the quarter. Kingsview Wealth Management LLC's holdings in NetApp were worth $557,000 at the end of the most recent quarter.

A number of other large investors have also recently added to or reduced their stakes in NTAP. Itau Unibanco Holding S.A. lifted its holdings in shares of NetApp by 929.6% during the fourth quarter. Itau Unibanco Holding S.A. now owns 278 shares of the data storage provider's stock worth $32,000 after buying an additional 251 shares during the last quarter. Coppell Advisory Solutions LLC lifted its holdings in shares of NetApp by 50.0% during the fourth quarter. Coppell Advisory Solutions LLC now owns 300 shares of the data storage provider's stock worth $35,000 after buying an additional 100 shares during the last quarter. Park Square Financial Group LLC acquired a new position in shares of NetApp during the fourth quarter worth approximately $36,000. Olde Wealth Management LLC acquired a new position in shares of NetApp during the first quarter worth approximately $29,000. Finally, Millstone Evans Group LLC acquired a new position in shares of NetApp during the fourth quarter worth approximately $59,000. Institutional investors own 92.17% of the company's stock.

NetApp Stock Down 0.5%

Shares of NASDAQ NTAP traded down $0.58 during mid-day trading on Thursday, reaching $105.30. 553,509 shares of the company's stock were exchanged, compared to its average volume of 2,099,060. The firm has a market capitalization of $21.10 billion, a price-to-earnings ratio of 18.56, a PEG ratio of 2.42 and a beta of 1.42. The company has a current ratio of 1.25, a quick ratio of 1.22 and a debt-to-equity ratio of 2.39. The business has a fifty day simple moving average of $103.58 and a 200 day simple moving average of $102.70. NetApp, Inc. has a twelve month low of $71.84 and a twelve month high of $135.45.

NetApp (NASDAQ:NTAP - Get Free Report) last announced its 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 return on equity of 126.96% and a net margin of 18.05%. The business had revenue of $1.73 billion for the quarter, compared to analyst estimates of $1.72 billion. During the same quarter last year, the firm earned $1.80 EPS. NetApp's revenue for the quarter was up 3.8% compared to the same quarter last year. As a group, equities analysts expect that NetApp, Inc. will post 5.89 EPS for the current fiscal year.

NetApp Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Wednesday, July 23rd. Shareholders of record on Thursday, July 3rd were paid a $0.52 dividend. The ex-dividend date was Thursday, July 3rd. This represents a $2.08 dividend on an annualized basis and a yield of 1.98%. NetApp's dividend payout ratio is 36.62%.

Insider Buying and Selling at NetApp

In other NetApp news, EVP Elizabeth M. O'callahan sold 1,000 shares of the firm's stock in a transaction that occurred on Thursday, July 10th. The stock was sold at an average price of $106.84, for a total value of $106,840.00. Following the completion of the transaction, the executive vice president directly owned 24,251 shares in the company, valued at $2,590,976.84. This trade represents a 3.96% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, CAO Lorenzo Daniel De sold 302 shares of the firm's stock in a transaction that occurred 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 completion of the transaction, the chief accounting officer owned 455 shares of the company's stock, valued at approximately $44,940.35. This represents a 39.89% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 18,302 shares of company stock worth $1,920,479 over the last ninety days. 0.47% of the stock is currently owned by corporate insiders.

Wall Street Analyst Weigh In

NTAP has been the subject of a number of research analyst reports. Evercore ISI cut their price target on NetApp from $120.00 to $100.00 and set an "in-line" rating for the company in a report on Monday, April 28th. Citigroup upped their target price on NetApp from $105.00 to $110.00 and gave the company a "neutral" rating in a research note on Monday, June 2nd. JPMorgan Chase & Co. upped their target price on NetApp from $115.00 to $130.00 and gave the company an "overweight" rating in a research note on Thursday, July 17th. Morgan Stanley restated a "cautious" rating on shares of NetApp in a research note on Tuesday, May 20th. Finally, Barclays upped their target price on NetApp from $115.00 to $117.00 and gave the company an "overweight" rating in a research note on Friday, May 30th. One investment analyst has rated the stock with a sell rating, ten have assigned a hold rating and six have given a buy rating to the company's stock. According to MarketBeat.com, NetApp presently has an average rating of "Hold" and a consensus target price of $118.86.

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.