NetApp (NASDAQ:NTAP) CEO Sells $2,100,400.00 in Stock

Key Points

• CEO George Kurian sold 10,000 NetApp shares at an average price of $210.04, generating $2.1 million; he retained 208,537 shares after the transaction. This follows more than $28 million in additional sales since September 14.
• NetApp shares traded at $223.77, near their 12-month high of $231.90, with a market capitalization of approximately $43.95 billion. The company recently reported quarterly EPS of $2.58 and revenue of $2.02 billion, both above analyst expectations.
• NetApp declared a quarterly dividend of $0.52 per share, equivalent to an annualized yield of about 0.9%. Analysts maintain a “Moderate Buy” consensus rating, with an average price target of $199.20.

NetApp, Inc. (NASDAQ:NTAP - Get Free Report) CEO George Kurian sold 10,000 shares of the stock in a transaction on Thursday, October 1st. The shares were sold at an average price of $210.04, for a total transaction of $2,100,400.00. Following the completion of the sale, the chief executive officer directly owned 208,537 shares of the company's stock, valued at approximately $43,801,111.48. This trade represents a 4.58% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink.

George Kurian also recently made the following trade(s):

• On Tuesday, September 29th, George Kurian sold 50,000 shares of NetApp stock. The stock was sold at an average price of $209.95, for a total value of $10,497,500.00.
• On Thursday, September 24th, George Kurian sold 37,000 shares of NetApp stock. The shares were sold at an average price of $199.95, for a total value of $7,398,150.00.
• On Monday, September 21st, George Kurian sold 13,000 shares of NetApp stock. The stock was sold at an average price of $200.01, for a total value of $2,600,130.00.
• On Monday, September 14th, George Kurian sold 40,000 shares of NetApp stock. The stock was sold at an average price of $191.42, for a total value of $7,656,800.00.

NetApp Stock Performance

Shares of NTAP traded down $2.50 on Monday, reaching $223.77. 3,356,941 shares of the stock traded hands, compared to its average volume of 2,698,764. The stock's 50-day moving average price is $192.69 and its 200-day moving average price is $154.90. 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 firm has a market cap of $43.95 billion, a price-to-earnings ratio of 31.56, a P/E/G ratio of 2.43 and a beta of 1.46. NetApp, Inc. has a 12 month low of $93.69 and a 12 month high of $231.90.

NetApp (NASDAQ:NTAP - Get Free Report) last issued its earnings results on Wednesday, September 2nd. The data storage provider reported $2.58 EPS for the quarter, topping the consensus estimate of $2.12 by $0.46. The firm had revenue of $2.02 billion during the quarter, compared to analysts' expectations of $1.84 billion. NetApp had a return on equity of 119.13% and a net margin of 19.18%.NetApp's quarterly revenue was up 29.9% compared to the same quarter last year. During the same period last year, the business earned $1.15 earnings per share. 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 analysts forecast that NetApp, Inc. will post 8.32 EPS for the current fiscal year.

NetApp Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, October 28th. Investors of record on Friday, October 9th will be paid a $0.52 dividend. The ex-dividend date of this dividend is Friday, October 9th. This represents a $2.08 dividend on an annualized basis and a yield of 0.9%. NetApp's payout ratio is presently 29.34%.

Wall Street Analyst Weigh In

A number of research analysts have commented on the stock. Wall Street Zen upgraded shares of NetApp from a "buy" rating to a "strong-buy" rating in a research note on Saturday, September 5th. TD Cowen reiterated a "buy" rating and issued a $200.00 price objective on shares of NetApp in a research note on Thursday, September 3rd. UBS Group increased their target price on NetApp from $160.00 to $171.00 and gave the stock a "neutral" rating in a report on Thursday, September 3rd. Citigroup cut their target price on NetApp from $209.00 to $190.00 and set a "neutral" rating for the company in a research report on Thursday, September 3rd. Finally, Bank of America upped their price target on NetApp from $200.00 to $220.00 and gave the company a "neutral" rating in a research report on Wednesday, September 30th. One investment analyst has rated the stock with a Strong Buy rating, seven have assigned a Buy rating and ten have issued a Hold rating to the stock. According to data from MarketBeat, NetApp has an average rating of "Moderate Buy" and a consensus target price of $199.20.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently modified their holdings of the business. West Financial Advisors LLC bought a new stake in shares of NetApp during the second quarter valued at approximately $37,000. Roble Belko & Company Inc bought a new position in NetApp in the 1st quarter worth approximately $31,000. Bell Investment Advisors Inc acquired a new position in NetApp during the 2nd quarter worth $55,000. Compass Financial Management LLC acquired a new position in NetApp during the 2nd quarter worth $70,000. Finally, Hilltop National Bank bought a new position in NetApp in the 2nd quarter valued at $72,000. 92.17% of the stock is owned by institutional investors and hedge funds.

NetApp Company Profile

NetApp, Inc develops intelligent data infrastructure and data management solutions for enterprises, service providers, and government organizations. The company helps customers store, manage, protect, and access data across on-premises environments, private clouds, public clouds, and hybrid multicloud infrastructures.

Its portfolio includes enterprise storage systems, all-flash arrays, cloud-connected storage, object storage, and data management software. NetApp's offerings include the ONTAP data management operating system, AFF and ASA storage systems, StorageGRID object storage, and BlueXP, a platform designed to help customers manage data and storage resources across multiple environments.

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