Hemenway Trust Co LLC Has $1.52 Million Holdings in NetApp, Inc. (NASDAQ:NTAP)

Hemenway Trust Co LLC lowered its holdings in NetApp, Inc. (NASDAQ:NTAP - Free Report) by 14.8% during the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 17,250 shares of the data storage provider's stock after selling 3,000 shares during the period. Hemenway Trust Co LLC's holdings in NetApp were worth $1,515,000 at the end of the most recent reporting period.

Several other hedge funds also recently made changes to their positions in NTAP. Montag A & Associates Inc. increased its position in shares of NetApp by 47.0% in the fourth quarter. Montag A & Associates Inc. now owns 735 shares of the data storage provider's stock worth $85,000 after acquiring an additional 235 shares in the last quarter. Principal Securities Inc. increased its position in shares of NetApp by 111.8% in the fourth quarter. Principal Securities Inc. now owns 16,799 shares of the data storage provider's stock worth $1,950,000 after acquiring an additional 8,869 shares in the last quarter. Allworth Financial LP increased its position in shares of NetApp by 611.3% in the fourth quarter. Allworth Financial LP now owns 9,105 shares of the data storage provider's stock worth $1,148,000 after acquiring an additional 7,825 shares in the last quarter. Csenge Advisory Group increased its position in shares of NetApp by 168.1% in the fourth quarter. Csenge Advisory Group now owns 6,856 shares of the data storage provider's stock worth $796,000 after acquiring an additional 4,299 shares in the last quarter. Finally, Principal Financial Group Inc. increased its position in shares of NetApp by 4.2% in the fourth quarter. Principal Financial Group Inc. now owns 294,309 shares of the data storage provider's stock worth $34,163,000 after acquiring an additional 11,842 shares in the last quarter. Institutional investors and hedge funds own 92.17% of the company's stock.

Analysts Set New Price Targets

NTAP has been the topic of several analyst reports. UBS Group dropped their target price on shares of NetApp from $115.00 to $108.00 and set a "neutral" rating on the stock in a research report on Friday, May 30th. Barclays boosted their price objective on shares of NetApp from $115.00 to $117.00 and gave the company an "overweight" rating in a research report on Friday, May 30th. JPMorgan Chase & Co. lowered their price objective on shares of NetApp from $120.00 to $115.00 and set an "overweight" rating on the stock in a research report on Friday, May 30th. TD Cowen lowered their price objective on shares of NetApp from $160.00 to $130.00 and set a "buy" rating on the stock in a research report on Friday, February 28th. 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 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. According to data from MarketBeat, the company presently has a consensus rating of "Hold" and an average price target of $117.79.

Insider Activity at NetApp

In related news, President Cesar Cernuda sold 19,696 shares of the company's stock in a transaction on Friday, March 28th. The shares were sold at an average price of $90.15, for a total transaction of $1,775,594.40. Following the completion of the transaction, the president now directly owns 11,928 shares in the company, valued at $1,075,309.20. This represents a 62.28% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, CEO George Kurian sold 8,500 shares of the company's stock in a transaction on Monday, June 16th. The shares were sold at an average price of $101.78, for a total transaction of $865,130.00. Following the transaction, the chief executive officer now owns 296,805 shares of the company's stock, valued at approximately $30,208,812.90. The trade was a 2.78% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 36,998 shares of company stock worth $3,366,108 in the last ninety days. 0.47% of the stock is currently owned by insiders.

NetApp Stock Down 0.4%

NASDAQ NTAP traded down $0.45 during trading on Thursday, reaching $102.75. The company's stock had a trading volume of 1,859,648 shares, compared to its average volume of 1,935,873. 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 stock has a market capitalization of $20.59 billion, a PE ratio of 18.09, a PEG ratio of 2.36 and a beta of 1.42. The business has a 50-day moving average price of $94.98 and a 200-day moving average price of $105.35. NetApp, Inc. has a 1-year low of $71.84 and a 1-year high of $135.45.

NetApp (NASDAQ:NTAP - Get Free Report) last issued its quarterly earnings data on Thursday, May 29th. The data storage provider reported $1.93 earnings per share for the quarter, topping 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 business had revenue of $1.73 billion during the quarter, compared to analysts' expectations of $1.72 billion. During the same period in the previous year, the company earned $1.80 earnings per share. NetApp's revenue for the quarter was up 3.8% on a year-over-year basis. On average, research analysts forecast that NetApp, Inc. will post 5.89 earnings per share for the current fiscal year.

NetApp Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Wednesday, July 23rd. Investors of record on Thursday, July 3rd will be given a dividend of $0.52 per share. This represents a $2.08 dividend on an annualized basis and a yield of 2.02%. The ex-dividend date of this dividend is Thursday, July 3rd. NetApp's dividend payout ratio (DPR) is currently 36.62%.

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.