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Commerce Bank Sells 21,257 Shares of NetApp, Inc. (NASDAQ:NTAP)

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Key Points

  • Commerce Bank has reduced its stake in NetApp, Inc. by 30.7%, currently holding 47,894 shares valued at approximately $4.2 million.
  • Analysts have various ratings and target prices for NetApp, with a consensus average rating of "Hold" and an average price target of $118.86.
  • NetApp recently declared a quarterly dividend of $0.52 per share, translating to an annual yield of 2.1%.
  • Want stock alerts on NetApp? Get 5 Weeks of MarketBeat All Access for $5. Get My Stock Alerts.

Commerce Bank trimmed its position in NetApp, Inc. (NASDAQ:NTAP - Free Report) by 30.7% in the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 47,894 shares of the data storage provider's stock after selling 21,257 shares during the quarter. Commerce Bank's holdings in NetApp were worth $4,207,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors and hedge funds have also modified their holdings of NTAP. Ameriprise Financial Inc. increased its stake in shares of NetApp by 14.5% in the fourth quarter. Ameriprise Financial Inc. now owns 7,024,456 shares of the data storage provider's stock valued at $815,402,000 after buying an additional 888,671 shares in the last quarter. Invesco Ltd. lifted its holdings in shares of NetApp by 20.4% during the 4th quarter. Invesco Ltd. now owns 3,123,228 shares of the data storage provider's stock valued at $362,544,000 after purchasing an additional 529,471 shares in the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC lifted its holdings in shares of NetApp by 8.0% during the 4th 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 purchasing an additional 220,393 shares in the last quarter. Northern Trust Corp lifted its holdings in shares of NetApp by 24.2% during the 4th quarter. Northern Trust Corp now owns 2,824,327 shares of the data storage provider's stock valued at $327,848,000 after purchasing an additional 550,607 shares in the last quarter. Finally, Allianz Asset Management GmbH raised its position in NetApp by 11.7% in the 1st quarter. Allianz Asset Management GmbH now owns 2,014,237 shares of the data storage provider's stock valued at $176,931,000 after buying an additional 210,207 shares during the last quarter. 92.17% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity

In related news, EVP Elizabeth M. O'callahan sold 1,000 shares of the company's stock in a transaction dated Thursday, July 10th. The stock was sold at an average price of $106.84, for a total transaction of $106,840.00. Following the sale, the executive vice president owned 24,251 shares in the company, valued at $2,590,976.84. This represents a 3.96% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, CAO Lorenzo Daniel De sold 302 shares of the company's stock in a transaction dated Tuesday, June 3rd. The shares were sold at an average price of $98.77, for a total value of $29,828.54. Following the sale, the chief accounting officer owned 455 shares in the company, valued at approximately $44,940.35. The trade was a 39.89% decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders sold 18,302 shares of company stock valued at $1,920,479. Company insiders own 0.28% of the company's stock.

NetApp Price Performance

NTAP traded up $1.32 on Wednesday, reaching $103.33. The stock had a trading volume of 1,630,367 shares, compared to its average volume of 1,471,609. NetApp, Inc. has a fifty-two week low of $71.84 and a fifty-two week high of $135.45. The firm has a 50-day moving average of $104.36 and a 200-day moving average of $101.73. 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 company has a market capitalization of $20.70 billion, a price-to-earnings ratio of 18.19, a price-to-earnings-growth ratio of 2.35 and a beta of 1.44.

NetApp (NASDAQ:NTAP - Get Free Report) last issued its earnings results on Thursday, May 29th. The data storage provider reported $1.93 earnings per share (EPS) for the quarter, topping 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 during the quarter, compared to analysts' expectations of $1.72 billion. During the same quarter in the prior year, the firm earned $1.80 EPS. The business's revenue for the quarter was up 3.8% compared to the same quarter last year. As a group, sell-side analysts anticipate that NetApp, Inc. will post 5.89 EPS for the current year.

NetApp Dividend Announcement

The business also recently declared 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 of this dividend was Thursday, July 3rd. This represents a $2.08 annualized dividend and a dividend yield of 2.0%. NetApp's dividend payout ratio is presently 36.62%.

Wall Street Analysts Forecast Growth

Several research firms have weighed in on NTAP. Barclays boosted their price target on NetApp from $115.00 to $117.00 and gave the stock an "overweight" rating in a research report on Friday, May 30th. Wedbush reaffirmed a "neutral" rating and set a $110.00 price target on shares of NetApp in a research report on Friday, May 30th. Wells Fargo & Company lowered their price target on NetApp from $115.00 to $100.00 and set an "equal weight" rating on the stock in a research report on Friday, May 30th. Morgan Stanley reissued a "cautious" rating on shares of NetApp in a report on Tuesday, May 20th. Finally, JPMorgan Chase & Co. boosted their target price on NetApp from $115.00 to $130.00 and gave the stock an "overweight" rating in a report on Thursday, July 17th. One investment analyst has rated the stock with a sell rating, ten have given a hold rating and six have issued a buy rating to the stock. Based on data from MarketBeat.com, the company presently has a consensus rating of "Hold" and a consensus target price of $118.86.

Check Out Our Latest Report on NetApp

NetApp Profile

(Free Report)

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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Institutional Ownership by Quarter for NetApp (NASDAQ:NTAP)

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