Mutual of America Capital Management LLC Sells 3,435 Shares of NetApp, Inc. (NASDAQ:NTAP)

Key Points

• Mutual of America Capital Management LLC reduced its stake in NetApp, Inc. by 8.4% in the first quarter, resulting in ownership of 37,546 shares valued at approximately $3.3 million.
• Recent earnings reported a 3.8% increase in revenue year-over-year, with NetApp posting an EPS of $1.93, exceeding expectations.
• NetApp declared a $0.52 quarterly dividend with a yield of 2.0%, reflecting a 36.62% payout ratio.

Mutual of America Capital Management LLC lowered its position in NetApp, Inc. (NASDAQ:NTAP - Free Report) by 8.4% in the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 37,546 shares of the data storage provider's stock after selling 3,435 shares during the quarter. Mutual of America Capital Management LLC's holdings in NetApp were worth $3,298,000 at the end of the most recent reporting period.

A number of other large investors have also recently added to or reduced their stakes in the company. Ameriprise Financial Inc. increased its position in NetApp by 14.5% during the fourth quarter. Ameriprise Financial Inc. now owns 7,024,456 shares of the data storage provider's stock worth $815,402,000 after acquiring an additional 888,671 shares during the period. Clark Capital Management Group Inc. increased its position in NetApp by 5,858.0% during the fourth quarter. Clark Capital Management Group Inc. now owns 895,435 shares of the data storage provider's stock worth $103,942,000 after acquiring an additional 880,406 shares during the period. Northern Trust Corp increased its position in NetApp by 24.2% during the fourth quarter. Northern Trust Corp now owns 2,824,327 shares of the data storage provider's stock worth $327,848,000 after acquiring an additional 550,607 shares during the period. Boston Trust Walden Corp increased its position in NetApp by 707.8% during the first quarter. Boston Trust Walden Corp now owns 498,520 shares of the data storage provider's stock worth $43,790,000 after acquiring an additional 436,805 shares during the period. Finally, Universal Beteiligungs und Servicegesellschaft mbH bought a new position in NetApp during the fourth quarter worth about $38,040,000. Institutional investors and hedge funds own 92.17% of the company's stock.

Analysts Set New Price Targets

A number of equities analysts recently commented on the stock. Wells Fargo & Company lowered their price target 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. JPMorgan Chase & Co. raised their price target on shares of NetApp from $115.00 to $130.00 and gave the stock an "overweight" rating in a research report on Thursday, July 17th. Evercore ISI reduced 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 note on Monday, April 28th. UBS Group reduced 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, Morgan Stanley reiterated a "cautious" rating on shares of NetApp in a research note on Tuesday, May 20th. One research 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. Based on data from MarketBeat, the company has an average rating of "Hold" and an average price target of $119.21.

NetApp Trading Up 1.5%

NASDAQ:NTAP traded up $1.60 during mid-day trading on Wednesday, hitting $109.38. 915,680 shares of the company's stock were exchanged, compared to its average volume of 2,029,847. The company has a 50 day simple moving average of $104.90 and a 200-day simple moving average of $101.05. The company has a current ratio of 1.25, a quick ratio of 1.22 and a debt-to-equity ratio of 2.39. NetApp, Inc. has a fifty-two week low of $71.84 and a fifty-two week high of $135.45. The firm has a market capitalization of $21.92 billion, a P/E ratio of 19.26, a PEG ratio of 2.44 and a beta of 1.44.

NetApp (NASDAQ:NTAP - Get Free Report) last released its quarterly earnings results on Thursday, May 29th. The data storage provider reported $1.93 earnings per share (EPS) for the quarter, topping the consensus estimate 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 during the quarter, compared to analyst estimates of $1.72 billion. During the same quarter last year, the business earned $1.80 EPS. The company's revenue was up 3.8% compared to the same quarter last year. As a group, research analysts expect that NetApp, Inc. will post 5.89 earnings per share for the current year.

NetApp Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Wednesday, July 23rd. Stockholders 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 annualized dividend and a dividend yield of 1.9%. NetApp's payout ratio is currently 36.62%.

Insider Activity

In other NetApp news, CEO George Kurian sold 8,500 shares of the business's stock in a transaction on Monday, July 21st. The shares were sold at an average price of $108.08, for a total transaction of $918,680.00. Following the completion of the sale, the chief executive officer owned 288,305 shares in the company, valued at approximately $31,160,004.40. The trade was a 2.86% decrease in their position. 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 business's stock in a transaction on Tuesday, June 3rd. The shares were sold at an average price of $98.77, for a total transaction of $29,828.54. Following the sale, the chief accounting officer owned 455 shares of the company's stock, valued at $44,940.35. This trade represents a 39.89% decrease in their position. The disclosure for this sale can be found here. Insiders sold 19,302 shares of company stock worth $2,026,379 in the last quarter. 0.28% of the stock is owned by corporate insiders.

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.