Corebridge Financial Inc. Cuts Stock Position in NetApp, Inc. $NTAP

Key Points

• Corebridge Financial Inc. has reduced its holdings in NetApp, Inc. by 5.8%, now owning approximately $9.5 million worth of shares after selling 6,619 shares in the first quarter.
• NetApp recently reported earnings per share of $1.93 for the last quarter, exceeding analysts' expectations of $1.90 and showing a 3.8% increase in revenue year-over-year.
• The company declared a quarterly dividend of $0.52 per share, which will be paid on October 22nd, resulting in an annualized dividend yield of 1.9%.

Corebridge Financial Inc. cut its stake in NetApp, Inc. (NASDAQ:NTAP - Free Report) by 5.8% in the first quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 108,096 shares of the data storage provider's stock after selling 6,619 shares during the quarter. Corebridge Financial Inc. owned about 0.05% of NetApp worth $9,495,000 as of its most recent SEC filing.

A number of other institutional investors also recently bought and sold shares of the stock. Kayne Anderson Rudnick Investment Management LLC lifted its position in NetApp by 472.2% in the first quarter. Kayne Anderson Rudnick Investment Management LLC now owns 4,074 shares of the data storage provider's stock worth $358,000 after buying an additional 3,362 shares during the last quarter. Comerica Bank lifted its position in shares of NetApp by 0.7% during the first quarter. Comerica Bank now owns 84,976 shares of the data storage provider's stock worth $7,464,000 after purchasing an additional 578 shares during the last quarter. SVB Wealth LLC bought a new stake in shares of NetApp during the first quarter worth $169,000. Smartleaf Asset Management LLC lifted its position in shares of NetApp by 119.1% during the first quarter. Smartleaf Asset Management LLC now owns 2,077 shares of the data storage provider's stock worth $184,000 after purchasing an additional 1,129 shares during the last quarter. Finally, Ameriprise Financial Inc. lifted its position in shares of NetApp by 1.0% during the first quarter. Ameriprise Financial Inc. now owns 7,096,679 shares of the data storage provider's stock worth $623,383,000 after purchasing an additional 72,223 shares during the last quarter. 92.17% of the stock is currently owned by institutional investors.

Insider Buying and Selling at NetApp

In other NetApp news, CEO George Kurian sold 8,500 shares of NetApp stock in a transaction dated Monday, June 16th. The stock was sold at an average price of $101.78, for a total value of $865,130.00. Following the transaction, the chief executive officer owned 296,805 shares in the company, valued at $30,208,812.90. The trade was a 2.78% decrease in their ownership of the stock. The transaction 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 NetApp 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 completion of the transaction, the chief accounting officer owned 455 shares in the company, 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 have sold 27,802 shares of company stock worth $2,951,604 over the last quarter. Insiders own 0.28% of the company's stock.

NetApp Stock Down 3.8%

Shares of NetApp stock traded down $4.43 during trading on Friday, hitting $112.79. 2,552,025 shares of the stock traded hands, compared to its average volume of 1,902,549. The firm has a market cap of $22.51 billion, a P/E ratio of 19.93, a price-to-earnings-growth ratio of 2.77 and a beta of 1.44. The company has a current ratio of 1.31, a quick ratio of 1.22 and a debt-to-equity ratio of 2.55. NetApp, Inc. has a 52-week low of $71.84 and a 52-week high of $135.45. The stock's fifty day simple moving average is $106.77 and its 200 day simple moving average is $100.07.

NetApp (NASDAQ:NTAP - Get Free Report) last announced its quarterly earnings results on Thursday, May 29th. The data storage provider reported $1.93 EPS for the quarter, beating the consensus estimate of $1.90 by $0.03. The firm had revenue of $1.73 billion for the quarter, compared to analyst estimates of $1.72 billion. NetApp had a return on equity of 123.24% and a net margin of 17.77%.The business's revenue for the quarter was up 3.8% on a year-over-year basis. During the same quarter last year, the firm posted $1.80 earnings per share. On average, equities analysts predict that NetApp, Inc. will post 5.89 earnings per share for the current fiscal year.

NetApp Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Wednesday, October 22nd. Shareholders of record on Friday, October 3rd will be paid a $0.52 dividend. This represents a $2.08 annualized dividend and a yield of 1.8%. The ex-dividend date is Friday, October 3rd. NetApp's payout ratio is 36.75%.

Analyst Upgrades and Downgrades

Several analysts have recently weighed in on the company. Morgan Stanley set a $117.00 target price on NetApp in a research report on Thursday. Bank of America lifted their target price on NetApp from $121.00 to $125.00 and gave the stock a "neutral" rating in a research report on Monday, August 25th. Wedbush reiterated a "neutral" rating and set a $150.00 target price on shares of NetApp in a research report on Thursday. Argus reiterated a "buy" rating and set a $130.00 target price on shares of NetApp in a research report on Friday. Finally, Citigroup lifted their target price on NetApp from $110.00 to $115.00 and gave the stock a "neutral" rating in a research report on Monday, August 11th. Seven equities research analysts have rated the stock with a Buy rating and ten have assigned a Hold rating to the company. According to data from MarketBeat.com, the stock presently has a consensus rating of "Hold" and an average target price of $124.07.

NetApp Company 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.