NetApp (NASDAQ:NTAP) CEO George Kurian Sells 40,000 Shares of Stock

Key Points

• CEO George Kurian sold 40,000 NetApp shares at an average price of $191.42, generating approximately $7.66 million. His remaining stake fell 11.16% to 318,537 shares.
• NetApp reported quarterly EPS of $2.58, beating estimates by $0.46, while revenue rose 29.9% year over year to $2.02 billion.
• The company declared a quarterly dividend of $0.52 per share, equivalent to an annualized $2.08 dividend and a 1.1% yield. Analysts’ consensus rating remains Hold, with an average price target of $193.86.

NetApp, Inc. (NASDAQ:NTAP - Get Free Report) CEO George Kurian sold 40,000 shares of the business's stock in a transaction that occurred on Monday, September 14th. The stock was sold at an average price of $191.42, for a total value of $7,656,800.00. Following the sale, the chief executive officer owned 318,537 shares of the company's stock, valued at $60,974,352.54. The trade was a 11.16% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website.

NetApp Price Performance

NASDAQ NTAP traded up $1.56 during mid-day trading on Wednesday, hitting $191.49. The stock had a trading volume of 1,917,895 shares, compared to its average volume of 2,695,069. The firm's 50 day moving average is $183.07 and its 200 day moving average is $145.44. The company has a debt-to-equity ratio of 1.30, a current ratio of 1.24 and a quick ratio of 1.16. The stock has a market capitalization of $37.61 billion, a price-to-earnings ratio of 27.01, a PEG ratio of 2.03 and a beta of 1.44. NetApp, Inc. has a twelve month low of $93.69 and a twelve month high of $209.06.

NetApp (NASDAQ:NTAP - Get Free Report) last announced its earnings results on Wednesday, September 2nd. The data storage provider reported $2.58 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.12 by $0.46. NetApp had a net margin of 19.18% and a return on equity of 119.13%. The company had revenue of $2.02 billion for the quarter, compared to analysts' expectations of $1.84 billion. During the same quarter in the previous year, the company posted $1.15 EPS. The firm's quarterly revenue was up 29.9% on a year-over-year basis. NetApp has set its FY 2027 guidance at 9.730-10.030 EPS and its Q2 2027 guidance at 2.540-2.640 EPS. Equities research analysts forecast that NetApp, Inc. will post 8.32 earnings per share for the current fiscal year.

NetApp Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Wednesday, October 28th. Investors of record on Friday, October 9th will be given a dividend of $0.52 per share. The ex-dividend date is Friday, October 9th. This represents a $2.08 dividend on an annualized basis and a yield of 1.1%. NetApp's payout ratio is presently 29.34%.

Wall Street Analyst Weigh In

NTAP has been the subject of a number of recent research reports. UBS Group increased their price objective on shares of NetApp from $160.00 to $171.00 and gave the company a "neutral" rating in a report on Thursday, September 3rd. Bank of America boosted their target price on NetApp from $180.00 to $206.00 and gave the stock a "neutral" rating in a report on Monday, August 31st. The Goldman Sachs Group reaffirmed a "buy" rating and issued a $210.00 price target on shares of NetApp in a report on Thursday, September 3rd. JPMorgan Chase & Co. lifted their price objective on NetApp from $110.00 to $150.00 and gave the stock a "neutral" rating in a research report on Friday, May 29th. Finally, Weiss Ratings reissued a "buy (b-)" rating on shares of NetApp in a research note on Friday, September 4th. One equities research analyst has rated the stock with a Strong Buy rating, six have given a Buy rating and ten have assigned a Hold rating to the company. According to data from MarketBeat, NetApp presently has a consensus rating of "Hold" and a consensus price target of $193.86.

Hedge Funds Weigh In On NetApp

Several institutional investors and hedge funds have recently bought and sold shares of NTAP. West Financial Advisors LLC acquired a new position in NetApp during the second quarter worth approximately $37,000. Roble Belko & Company Inc purchased a new stake in NetApp in the first quarter valued at approximately $31,000. Elyxium Wealth LLC acquired a new stake in shares of NetApp in the fourth quarter valued at approximately $35,000. Bell Investment Advisors Inc acquired a new stake in shares of NetApp in the second quarter valued at approximately $55,000. Finally, Compass Financial Management LLC purchased a new position in shares of NetApp during the second quarter worth approximately $70,000. 92.17% of the stock is currently owned by institutional investors and hedge funds.

NetApp Company Profile

NetApp, Inc NASDAQ: NTAP is a data infrastructure and cloud storage company that helps organizations manage, protect and access data across on-premises environments, private clouds and public clouds. Its offerings are designed to support enterprise workloads such as databases, business applications, artificial intelligence and virtualized computing.

The company's portfolio includes all-flash and hybrid storage systems, cloud storage services, data management software and infrastructure-as-a-service solutions.

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