NetApp, Inc. (NASDAQ:NTAP) Shares Sold by Moran Wealth Management LLC

Moran Wealth Management LLC lowered its stake in shares of NetApp, Inc. (NASDAQ:NTAP - Free Report) by 1.8% during the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 203,345 shares of the data storage provider's stock after selling 3,644 shares during the quarter. Moran Wealth Management LLC owned approximately 0.10% of NetApp worth $17,862,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors have also modified their holdings of the stock. Assetmark Inc. raised its stake in NetApp by 826.9% during the 4th quarter. Assetmark Inc. now owns 241 shares of the data storage provider's stock worth $28,000 after acquiring an additional 215 shares in the last quarter. Synergy Investment Management LLC purchased a new position in shares of NetApp during the fourth quarter worth about $32,000. Itau Unibanco Holding S.A. increased its position 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 purchasing an additional 251 shares in the last quarter. Coppell Advisory Solutions LLC lifted its holdings in shares of NetApp by 50.0% in the 4th quarter. Coppell Advisory Solutions LLC now owns 300 shares of the data storage provider's stock valued at $35,000 after purchasing an additional 100 shares during the last quarter. Finally, Park Square Financial Group LLC acquired a new stake in shares of NetApp in the 4th quarter valued at about $36,000. Hedge funds and other institutional investors own 92.17% of the company's stock.

NetApp Trading Up 0.6%

NASDAQ NTAP traded up $0.63 during trading hours on Friday, hitting $105.38. 1,246,081 shares of the company's stock were exchanged, compared to its average volume of 1,925,829. The business's 50 day moving average is $97.61 and its 200-day moving average is $104.40. The company has a debt-to-equity ratio of 2.39, a quick ratio of 1.22 and a current ratio of 1.25. NetApp, Inc. has a 12-month low of $71.84 and a 12-month high of $135.45. The firm has a market capitalization of $21.11 billion, a P/E ratio of 18.53, a price-to-earnings-growth ratio of 2.42 and a beta of 1.42.

NetApp (NASDAQ:NTAP - Get Free Report) last posted its quarterly earnings data 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 company had revenue of $1.73 billion during the quarter, compared to the consensus estimate of $1.72 billion. During the same quarter in the prior year, the company posted $1.80 EPS. The company's quarterly revenue was up 3.8% compared to the same quarter last year. As a group, analysts anticipate 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 will be paid on Wednesday, July 23rd. Shareholders of record on Thursday, July 3rd will be paid a dividend of $0.52 per share. This represents a $2.08 dividend on an annualized basis and a yield of 1.97%. The ex-dividend date of this dividend is Thursday, July 3rd. NetApp's dividend payout ratio is currently 36.62%.

Insider Buying and Selling at NetApp

In other news, CAO Lorenzo Daniel De sold 302 shares of the business'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 completion of the sale, the chief accounting officer now owns 455 shares in the company, valued at approximately $44,940.35. The trade was a 39.89% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, CEO George Kurian sold 8,500 shares of the stock in a transaction that occurred on Monday, April 21st. The stock was sold at an average price of $81.83, for a total transaction of $695,555.00. Following the sale, the chief executive officer now directly owns 249,765 shares of the company's stock, valued at approximately $20,438,269.95. This trade represents a 3.29% 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 in the last quarter. 0.47% of the stock is owned by insiders.

Wall Street Analysts Forecast Growth

NTAP has been the topic of several research analyst reports. Wedbush reaffirmed a "neutral" rating and set a $110.00 price target on shares of NetApp in a research report on Friday, May 30th. Citigroup lifted their target price on shares of NetApp from $105.00 to $110.00 and gave the company a "neutral" rating in a report on Monday, June 2nd. Wall Street Zen cut shares of NetApp from a "buy" rating to a "hold" rating in a research note on Friday, February 28th. UBS Group dropped their price objective on shares of NetApp from $115.00 to $108.00 and set a "neutral" rating on the stock in a research note on Friday, May 30th. Finally, TD Cowen decreased their target price on shares of NetApp from $160.00 to $130.00 and set a "buy" rating for the company in a research note on Friday, February 28th. One equities research analyst has rated the stock with a sell rating, ten have given a hold rating and six have issued a buy rating to the company. Based on data from MarketBeat, the company has a consensus rating of "Hold" and a consensus 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.