State of Alaska Department of Revenue Has $3.08 Million Stock Position in NetApp, Inc. (NASDAQ:NTAP)

State of Alaska Department of Revenue increased its stake in shares of NetApp, Inc. (NASDAQ:NTAP - Free Report) by 28.9% in the first quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 35,029 shares of the data storage provider's stock after purchasing an additional 7,850 shares during the period. State of Alaska Department of Revenue's holdings in NetApp were worth $3,076,000 as of its most recent SEC filing.

Other institutional investors have also made changes to their positions in the company. Assetmark Inc. grew its stake in shares of 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 purchasing an additional 215 shares during the period. Synergy Investment Management LLC acquired a new stake in shares of NetApp during the fourth quarter worth $32,000. Itau Unibanco Holding S.A. grew its stake in shares of 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 purchasing an additional 251 shares during the period. Coppell Advisory Solutions LLC grew its stake in shares of NetApp by 50.0% during the fourth quarter. Coppell Advisory Solutions LLC now owns 300 shares of the data storage provider's stock worth $35,000 after purchasing an additional 100 shares during the period. Finally, Park Square Financial Group LLC acquired a new stake in shares of NetApp during the fourth quarter worth $36,000. 92.17% of the stock is owned by institutional investors and hedge funds.

NetApp Stock Performance

Shares of NetApp stock opened at $102.69 on Friday. The firm has a market cap of $20.58 billion, a price-to-earnings ratio of 18.08, a price-to-earnings-growth ratio of 2.35 and a beta of 1.42. The stock's 50-day moving average is $95.79 and its 200-day moving average is $104.89. NetApp, Inc. has a one year low of $71.84 and a one year high of $135.45. The company has a debt-to-equity ratio of 2.39, a current ratio of 1.25 and a quick ratio of 1.22.

NetApp (NASDAQ:NTAP - Get Free Report) last issued its quarterly earnings results on Thursday, May 29th. The data storage provider reported $1.93 EPS for the quarter, beating analysts' consensus estimates of $1.90 by $0.03. The company 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 company's quarterly revenue was up 3.8% compared to the same quarter last year. During the same period in the previous year, the company posted $1.80 earnings per share. Equities analysts predict 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 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 yield of 2.03%. NetApp's payout ratio is presently 36.62%.

Wall Street Analysts Forecast Growth

A number of equities research analysts recently commented on the company. Citigroup lifted their price objective on NetApp from $105.00 to $110.00 and gave the stock a "neutral" rating in a research note on Monday, June 2nd. Wells Fargo & Company decreased their target price on NetApp from $115.00 to $100.00 and set an "equal weight" rating for the company in a research note on Friday, May 30th. Wedbush reissued a "neutral" rating and issued a $110.00 target price on shares of NetApp in a research note on Friday, May 30th. Wall Street Zen cut NetApp from a "buy" rating to a "hold" rating in a research note on Friday, February 28th. Finally, Barclays boosted their target price on NetApp from $115.00 to $117.00 and gave the company an "overweight" rating in a research note on Friday, May 30th. One investment analyst has rated the stock with a sell rating, ten have given a hold rating and six have assigned a buy rating to the stock. Based on data from MarketBeat, NetApp currently has a consensus rating of "Hold" and an average price target of $117.79.

Insider Buying and Selling

In related news, CEO George Kurian sold 8,500 shares of the company's stock in a transaction dated Monday, June 16th. The stock was sold at an average price of $101.78, for a total transaction of $865,130.00. Following the sale, the chief executive officer now owns 296,805 shares in the company, valued at approximately $30,208,812.90. This represents a 2.78% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, Director Anders Gustafsson bought 2,800 shares of the company's stock in a transaction that occurred on Thursday, March 27th. The shares were bought at an average price of $91.00 per share, for a total transaction of $254,800.00. Following the acquisition, the director now directly owns 6,348 shares of the company's stock, valued at $577,668. This represents a 78.92% increase in their position. The disclosure for this purchase can be found here. Over the last quarter, insiders have sold 36,998 shares of company stock worth $3,366,108. Corporate insiders own 0.47% of the company's stock.

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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