NetApp, Inc. (NASDAQ:NTAP) CAO Sells $29,828.54 in Stock

NetApp, Inc. (NASDAQ:NTAP - Get Free Report) CAO Lorenzo Daniel De sold 302 shares of the business's stock in a transaction dated Tuesday, June 3rd. The shares were sold at an average price of $98.77, for a total transaction of $29,828.54. Following the completion of the sale, the chief accounting officer now directly owns 455 shares of the company's stock, valued at approximately $44,940.35. The trade was a 39.89% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this link.

NetApp Stock Performance

Shares of NetApp stock traded up $2.11 during trading hours on Friday, reaching $106.71. The company had a trading volume of 1,236,133 shares, compared to its average volume of 1,919,969. NetApp, Inc. has a one year low of $71.84 and a one year high of $135.45. The business has a fifty day simple moving average of $91.21 and a 200 day simple moving average of $106.66. The company has a debt-to-equity ratio of 1.39, a current ratio of 0.91 and a quick ratio of 0.84. The firm has a market cap of $21.71 billion, a PE ratio of 19.59, a price-to-earnings-growth ratio of 2.45 and a beta of 1.40.

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

NetApp Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Wednesday, July 23rd. Shareholders of record on Thursday, July 3rd will be given a dividend of $0.52 per share. The ex-dividend date of this dividend is Thursday, July 3rd. This represents a $2.08 dividend on an annualized basis and a yield of 1.95%. NetApp's payout ratio is 36.62%.

Institutional Investors Weigh In On NetApp

Several hedge funds have recently added to or reduced their stakes in NTAP. Vanguard Group Inc. grew its position in NetApp by 2.3% during the first quarter. Vanguard Group Inc. now owns 27,041,930 shares of the data storage provider's stock valued at $2,375,363,000 after acquiring an additional 597,956 shares during the last quarter. Ameriprise Financial Inc. raised its position in NetApp by 1.0% in the 1st quarter. Ameriprise Financial Inc. now owns 7,096,679 shares of the data storage provider's stock worth $623,383,000 after purchasing an additional 72,223 shares during the period. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC boosted its position in NetApp by 18.8% during the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 3,546,548 shares of the data storage provider's stock valued at $311,529,000 after buying an additional 560,218 shares during the period. Invesco Ltd. increased its holdings in shares of NetApp by 12.3% in the first quarter. Invesco Ltd. now owns 3,507,590 shares of the data storage provider's stock worth $308,107,000 after buying an additional 384,362 shares during the period. Finally, UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC lifted its stake in shares of NetApp by 8.0% in the 4th quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 2,986,330 shares of the data storage provider's stock valued at $346,653,000 after acquiring an additional 220,393 shares during the last quarter. Institutional investors own 92.17% of the company's stock.

Analysts Set New Price Targets

A number of analysts have issued reports on the stock. Evercore ISI cut their price objective on shares of NetApp from $120.00 to $100.00 and set an "in-line" rating for the company in a report on Monday, April 28th. TD Cowen cut their price target on NetApp from $160.00 to $130.00 and set a "buy" rating for the company in a research note on Friday, February 28th. Loop Capital reduced their price target on NetApp from $150.00 to $130.00 and set a "buy" rating on the stock in a research report on Tuesday, March 4th. Wedbush restated a "neutral" rating and set a $110.00 price objective on shares of NetApp in a research note on Friday, May 30th. Finally, Citigroup upped their target price on NetApp from $105.00 to $110.00 and gave the company a "neutral" rating in a research report on Monday. One equities research analyst has rated the stock with a sell rating, ten have given a hold rating and six have given a buy rating to the company. Based on data from MarketBeat, the company presently has an average rating of "Hold" and an average target price of $117.79.

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.