Insider Selling: NetApp (NASDAQ:NTAP) CEO Sells 8,750 Shares of Stock

Key Points

• NetApp CEO George Kurian sold 8,750 shares at an average price of $122.91, amounting to $1,075,462.50, which decreased his ownership by 3.08%.
• The company announced a quarterly dividend of $0.52 per share, with a dividend yield of 1.7%, set to be paid on October 22nd.
• NetApp's stock price recently traded at $125.16 and has a market cap of approximately $24.98 billion, with analysts rating the stock mostly as a "Hold" with a consensus target price of $124.07.

NetApp, Inc. (NASDAQ:NTAP - Get Free Report) CEO George Kurian sold 8,750 shares of the firm's stock in a transaction dated Wednesday, September 17th. The shares were sold at an average price of $122.91, for a total transaction of $1,075,462.50. Following the completion of the sale, the chief executive officer owned 274,938 shares of the company's stock, valued at $33,792,629.58. This trade represents a 3.08% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink.

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

• On Monday, August 18th, George Kurian sold 8,500 shares of NetApp stock. The shares were sold at an average price of $108.85, for a total transaction of $925,225.00.
• On Monday, July 21st, George Kurian sold 8,500 shares of NetApp stock. The shares were sold at an average price of $108.08, for a total transaction of $918,680.00.

NetApp Stock Performance

NASDAQ:NTAP traded down $1.20 during mid-day trading on Friday, hitting $125.16. The stock had a trading volume of 7,250,396 shares, compared to its average volume of 2,088,119. The company's 50 day simple moving average is $110.97 and its 200 day simple moving average is $100.50. The company has a debt-to-equity ratio of 2.55, a quick ratio of 1.28 and a current ratio of 1.31. The stock has a market cap of $24.98 billion, a price-to-earnings ratio of 22.11, a PEG ratio of 2.69 and a beta of 1.46. NetApp, Inc. has a twelve month low of $71.84 and a twelve month high of $135.45.

NetApp Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Wednesday, October 22nd. Stockholders of record on Friday, October 3rd will be paid a dividend of $0.52 per share. This represents a $2.08 dividend on an annualized basis and a dividend yield of 1.7%. The ex-dividend date is Friday, October 3rd. NetApp's dividend payout ratio (DPR) is currently 36.75%.

Wall Street Analyst Weigh In

NTAP has been the subject of a number of research reports. JPMorgan Chase & Co. raised their target price on shares of NetApp from $115.00 to $130.00 and gave the stock an "overweight" rating in a research note on Thursday, July 17th. Morgan Stanley set a $117.00 target price on shares of NetApp in a research note on Thursday, August 28th. Northland Securities raised their price target on shares of NetApp from $119.00 to $120.00 and gave the stock a "market perform" rating in a research report on Thursday, August 28th. Wedbush reaffirmed a "neutral" rating and set a $150.00 price target on shares of NetApp in a research report on Thursday, August 28th. Finally, Bank of America raised their price target on shares of NetApp from $121.00 to $125.00 and gave the stock a "neutral" rating in a research report on Monday, August 25th. Seven investment analysts have rated the stock with a Buy rating and ten have assigned a Hold rating to the company. Based on data from MarketBeat, the company has a consensus rating of "Hold" and a consensus target price of $124.07.

Institutional Trading of NetApp

Several institutional investors and hedge funds have recently modified their holdings of NTAP. Parkside Financial Bank & Trust raised its position in NetApp by 19.2% in the second quarter. Parkside Financial Bank & Trust now owns 647 shares of the data storage provider's stock valued at $69,000 after purchasing an additional 104 shares during the last quarter. Horizon Investments LLC raised its position in NetApp by 3.8% in the first quarter. Horizon Investments LLC now owns 2,919 shares of the data storage provider's stock valued at $255,000 after purchasing an additional 107 shares during the last quarter. MassMutual Private Wealth & Trust FSB raised its position in NetApp by 11.0% in the second quarter. MassMutual Private Wealth & Trust FSB now owns 1,083 shares of the data storage provider's stock valued at $115,000 after purchasing an additional 107 shares during the last quarter. Main Management ETF Advisors LLC raised its position in NetApp by 1.7% in the second quarter. Main Management ETF Advisors LLC now owns 7,330 shares of the data storage provider's stock valued at $781,000 after purchasing an additional 120 shares during the last quarter. Finally, Migdal Insurance & Financial Holdings Ltd. raised its position in NetApp by 54.9% in the first quarter. Migdal Insurance & Financial Holdings Ltd. now owns 350 shares of the data storage provider's stock valued at $31,000 after purchasing an additional 124 shares during the last quarter. 92.17% of the stock is currently owned by institutional investors.

NetApp Company Profile

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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