Park Avenue Securities LLC reduced its stake in NetApp, Inc. (NASDAQ:NTAP - Free Report) by 25.0% during the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 14,459 shares of the data storage provider's stock after selling 4,827 shares during the period. Park Avenue Securities LLC's holdings in NetApp were worth $1,541,000 at the end of the most recent reporting period.
A number of other hedge funds and other institutional investors also recently bought and sold shares of NTAP. Vanguard Group Inc. increased its position in shares of NetApp by 2.3% during the first quarter. Vanguard Group Inc. now owns 27,041,930 shares of the data storage provider's stock worth $2,375,363,000 after purchasing an additional 597,956 shares in the last quarter. Ameriprise Financial Inc. increased 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 in the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC increased its position in shares of NetApp by 18.8% during the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 3,546,548 shares of the data storage provider's stock worth $311,529,000 after purchasing an additional 560,218 shares in the last quarter. Invesco Ltd. increased its position in shares of NetApp by 12.3% during the first quarter. Invesco Ltd. now owns 3,507,590 shares of the data storage provider's stock worth $308,107,000 after purchasing an additional 384,362 shares in the last quarter. Finally, Amundi increased its position in shares of NetApp by 11.8% during the first quarter. Amundi now owns 2,179,710 shares of the data storage provider's stock worth $183,209,000 after purchasing an additional 230,793 shares in the last quarter. 92.17% of the stock is currently owned by institutional investors and hedge funds.
Insider Buying and Selling
In other NetApp news, CEO George Kurian sold 8,750 shares of NetApp stock in a transaction that occurred on Wednesday, September 17th. The stock was sold at an average price of $122.91, for a total value of $1,075,462.50. Following the sale, the chief executive officer owned 274,938 shares of the company's stock, valued at approximately $33,792,629.58. The trade was a 3.08% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, EVP Elizabeth M. O'callahan sold 1,000 shares of NetApp stock in a transaction that occurred on Wednesday, September 10th. The shares were sold at an average price of $123.67, for a total value of $123,670.00. Following the completion of the sale, the executive vice president directly owned 23,628 shares in the company, valued at $2,922,074.76. This represents a 4.06% decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 28,750 shares of company stock worth $3,255,778 in the last ninety days. 0.28% of the stock is owned by corporate insiders.
NetApp Price Performance
Shares of NTAP opened at $120.78 on Friday. NetApp, Inc. has a twelve month low of $71.84 and a twelve month high of $135.45. The stock's 50 day moving average is $112.81 and its two-hundred day moving average is $101.54. The firm has a market capitalization of $24.11 billion, a PE ratio of 21.34, a P/E/G ratio of 2.68 and a beta of 1.46. The company has a current ratio of 1.31, a quick ratio of 1.28 and a debt-to-equity ratio of 2.55.
NetApp Dividend Announcement
The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, October 22nd. Shareholders of record on Friday, October 3rd will be issued a $0.52 dividend. This represents a $2.08 dividend on an annualized basis and a yield of 1.7%. The ex-dividend date of this dividend is Friday, October 3rd. NetApp's payout ratio is currently 36.75%.
Wall Street Analysts Forecast Growth
A number of equities analysts recently issued reports on the company. Citigroup raised their price target on NetApp from $110.00 to $115.00 and gave the stock a "neutral" rating in a report on Monday, August 11th. Argus reissued a "buy" rating and set a $130.00 price target on shares of NetApp in a report on Friday, August 29th. Bank of America raised their price target on NetApp from $121.00 to $125.00 and gave the stock a "neutral" rating in a report on Monday, August 25th. Barclays raised their price target on NetApp from $117.00 to $125.00 and gave the stock an "overweight" rating in a report on Thursday, August 28th. Finally, 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 report on Friday, May 30th. Seven research analysts have rated the stock with a Buy rating and ten have issued a Hold rating to the stock. Based on data from MarketBeat.com, the stock currently has an average rating of "Hold" and a consensus price target of $124.07.
View Our Latest Stock Report on NetApp
About NetApp
(
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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