Paradiem LLC Sells 6,406 Shares of NetApp, Inc. (NASDAQ:NTAP)

Paradiem LLC lowered its holdings in NetApp, Inc. (NASDAQ:NTAP - Free Report) by 6.5% in the first quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm owned 92,620 shares of the data storage provider's stock after selling 6,406 shares during the period. NetApp makes up about 2.2% of Paradiem LLC's portfolio, making the stock its 23rd largest holding. Paradiem LLC's holdings in NetApp were worth $8,136,000 as of its most recent SEC filing.

Other hedge funds also recently made changes to their positions in the company. Assetmark Inc. grew its position in NetApp by 826.9% during the fourth quarter. Assetmark Inc. now owns 241 shares of the data storage provider's stock worth $28,000 after buying an additional 215 shares in the last quarter. Synergy Investment Management LLC bought a new stake in NetApp during the fourth quarter worth about $32,000. Itau Unibanco Holding S.A. grew its stake in NetApp by 929.6% during the fourth quarter. Itau Unibanco Holding S.A. now owns 278 shares of the data storage provider's stock worth $32,000 after buying an additional 251 shares in the last quarter. Coppell Advisory Solutions LLC increased its holdings in NetApp by 50.0% in the 4th quarter. Coppell Advisory Solutions LLC now owns 300 shares of the data storage provider's stock valued at $35,000 after buying an additional 100 shares during the period. Finally, Park Square Financial Group LLC bought a new position in NetApp in the 4th quarter valued at about $36,000. 92.17% of the stock is owned by institutional investors.

NetApp Stock Performance

Shares of NASDAQ:NTAP traded up $1.58 during mid-day trading on Monday, reaching $104.27. The company had a trading volume of 2,344,615 shares, compared to its average volume of 1,929,404. NetApp, Inc. has a one year low of $71.84 and a one year high of $135.45. 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's 50-day moving average price is $95.79 and its 200-day moving average price is $104.73. The firm has a market cap of $20.89 billion, a price-to-earnings ratio of 18.36, a PEG ratio of 2.35 and a beta of 1.42.

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, 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 126.96% and a net margin of 18.05%. The business's revenue was up 3.8% on a year-over-year basis. During the same period in the previous year, the company posted $1.80 earnings per share. As a group, equities research analysts anticipate that NetApp, Inc. will post 5.89 EPS for the current fiscal year.

NetApp Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, July 23rd. Shareholders of record on Thursday, July 3rd will be given a dividend of $0.52 per share. The ex-dividend date of this dividend is Thursday, July 3rd. This represents a $2.08 dividend on an annualized basis and a yield of 1.99%. NetApp's dividend payout ratio is presently 36.62%.

Analysts Set New Price Targets

A number of equities research analysts have weighed in on the company. Wedbush reaffirmed a "neutral" rating and issued a $110.00 target price on shares of NetApp in a report on Friday, May 30th. Morgan Stanley reaffirmed a "cautious" rating on shares of NetApp in a research note on Tuesday, May 20th. JPMorgan Chase & Co. lowered their target price on NetApp from $120.00 to $115.00 and set an "overweight" rating for the company in a research note on Friday, May 30th. TD Cowen lowered their price target on shares of NetApp from $160.00 to $130.00 and set a "buy" rating for the company in a report on Friday, February 28th. Finally, Barclays boosted their price objective on shares of NetApp from $115.00 to $117.00 and gave the stock an "overweight" rating in a research note on Friday, May 30th. One investment analyst has rated the stock with a sell rating, ten have assigned a hold rating and six have given a buy rating to the stock. According to MarketBeat.com, the company has a consensus rating of "Hold" and an average price target of $117.79.

Insiders Place Their Bets

In other news, President Cesar Cernuda sold 19,696 shares of the company's stock in a transaction dated Friday, March 28th. The stock was sold at an average price of $90.15, for a total transaction of $1,775,594.40. Following the sale, 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 ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at this link. Also, CEO George Kurian sold 8,500 shares of the firm's stock in a transaction that occurred on Monday, April 21st. The shares were sold at an average price of $81.83, for a total transaction of $695,555.00. Following the completion of the transaction, the chief executive officer now owns 249,765 shares of the company's stock, valued at $20,438,269.95. This trade represents a 3.29% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 36,998 shares of company stock worth $3,366,108 over the last quarter. 0.47% of the stock is currently owned by company insiders.

About NetApp

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.