Range Financial Group LLC Lowers Stock Position in NetApp, Inc. (NASDAQ:NTAP)

Range Financial Group LLC lessened its holdings in NetApp, Inc. (NASDAQ:NTAP - Free Report) by 39.2% in the 1st quarter, according to its most recent filing with the SEC. The firm owned 4,290 shares of the data storage provider's stock after selling 2,764 shares during the period. Range Financial Group LLC's holdings in NetApp were worth $377,000 at the end of the most recent quarter.

Several other hedge funds have also recently modified their holdings of the business. Wedge Capital Management L L P NC lifted its position in shares of NetApp by 5.2% in the 1st quarter. Wedge Capital Management L L P NC now owns 575,127 shares of the data storage provider's stock worth $50,519,000 after purchasing an additional 28,485 shares during the period. Park Avenue Securities LLC lifted its position in shares of NetApp by 46.5% in the 1st quarter. Park Avenue Securities LLC now owns 19,286 shares of the data storage provider's stock worth $1,694,000 after purchasing an additional 6,118 shares during the period. KMG Fiduciary Partners LLC lifted its position in shares of NetApp by 10.8% in the 1st quarter. KMG Fiduciary Partners LLC now owns 21,468 shares of the data storage provider's stock worth $1,886,000 after purchasing an additional 2,100 shares during the period. Bank of New Hampshire lifted its position in shares of NetApp by 1.8% in the 1st quarter. Bank of New Hampshire now owns 15,000 shares of the data storage provider's stock worth $1,318,000 after purchasing an additional 266 shares during the period. Finally, Wedmont Private Capital lifted its position in shares of NetApp by 16.0% in the 1st quarter. Wedmont Private Capital now owns 4,361 shares of the data storage provider's stock worth $360,000 after purchasing an additional 603 shares during the period. Hedge funds and other institutional investors own 92.17% of the company's stock.

NetApp Trading Up 1.6%

NASDAQ:NTAP opened at $106.25 on Monday. NetApp, Inc. has a 12 month low of $71.84 and a 12 month high of $135.45. The firm has a fifty day simple moving average of $91.54 and a 200-day simple moving average of $106.29. The company has a current ratio of 0.91, a quick ratio of 0.84 and a debt-to-equity ratio of 1.39. The company has a market capitalization of $21.61 billion, a P/E ratio of 19.53, a PEG ratio of 2.45 and a beta of 1.42.

NetApp (NASDAQ:NTAP - Get Free Report) last posted its quarterly earnings data on Thursday, May 29th. The data storage provider reported $1.93 EPS for the quarter, topping the consensus estimate of $1.90 by $0.03. NetApp had a net margin of 17.78% and a return on equity of 123.63%. The business had revenue of $1.73 billion during the quarter, compared to the consensus estimate of $1.72 billion. During the same period in the previous year, the firm posted $1.80 earnings per share. The business's revenue for the quarter was up 3.8% compared to the same quarter last year. On average, equities research analysts anticipate that NetApp, Inc. will post 5.89 earnings per share for the current year.

NetApp Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, July 23rd. Investors of record on Thursday, July 3rd will be issued a dividend of $0.52 per share. The ex-dividend date is Thursday, July 3rd. This represents a $2.08 annualized dividend and a dividend yield of 1.96%. NetApp's dividend payout ratio (DPR) is presently 36.62%.

Insider Buying and Selling

In related news, CEO George Kurian sold 8,500 shares of the firm's stock in a transaction 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 sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, Director Anders Gustafsson bought 2,800 shares of NetApp stock in a transaction that occurred on Thursday, March 27th. The shares were acquired at an average cost of $91.00 per share, with a total value of $254,800.00. Following the acquisition, the director now owns 6,348 shares of the company's stock, valued at $577,668. The trade was a 78.92% increase in their ownership of the stock. The disclosure for this purchase can be found here. Insiders sold a total of 28,498 shares of company stock valued at $2,500,978 over the last 90 days. Insiders own 0.47% of the company's stock.

Analyst Upgrades and Downgrades

Several brokerages have recently weighed in on NTAP. 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 research report on Friday, February 28th. Citigroup increased their target price on shares of NetApp from $105.00 to $110.00 and gave the company a "neutral" rating in a research report on Monday, June 2nd. Wedbush reissued a "neutral" rating and set a $110.00 target price on shares of NetApp in a research report on Friday, May 30th. Morgan Stanley reissued a "cautious" rating on shares of NetApp in a research report on Tuesday, May 20th. Finally, Wells Fargo & Company decreased their target price on shares of NetApp from $115.00 to $100.00 and set an "equal weight" rating for the company in a research report on Friday, May 30th. One research analyst has rated the stock with a sell rating, ten have issued a hold rating and six have given a buy rating to the stock. According to data from MarketBeat, NetApp has an average rating of "Hold" and an average target price of $117.79.

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.

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