NetApp, Inc. (NASDAQ:NTAP - Get Free Report) President Cesar Cernuda sold 19,696 shares of the company's stock in a transaction that occurred on Friday, March 28th. The shares were sold at an average price of $90.15, for a total value of $1,775,594.40. Following the transaction, the president now directly owns 11,928 shares in the company, valued at approximately $1,075,309.20. This represents a 62.28 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available at this link.
NetApp Stock Down 9.8 %
NASDAQ:NTAP traded down $8.88 during midday trading on Thursday, reaching $81.61. 3,332,630 shares of the stock traded hands, compared to its average volume of 1,867,238. The stock has a market capitalization of $16.60 billion, a PE ratio of 15.00, a price-to-earnings-growth ratio of 2.45 and a beta of 1.31. NetApp, Inc. has a 12-month low of $81.56 and a 12-month high of $135.45. The company has a debt-to-equity ratio of 1.39, a quick ratio of 0.84 and a current ratio of 0.91. The business has a 50-day moving average of $106.84 and a two-hundred day moving average of $116.43.
NetApp Announces Dividend
The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, April 23rd. Stockholders of record on Friday, April 4th will be issued a dividend of $0.52 per share. The ex-dividend date is Friday, April 4th. This represents a $2.08 annualized dividend and a dividend yield of 2.55%. NetApp's dividend payout ratio is presently 38.52%.
Analysts Set New Price Targets
A number of analysts have recently issued reports on the stock. Wells Fargo & Company lowered their target price on shares of NetApp from $130.00 to $115.00 and set an "equal weight" rating for the company in a research note on Friday, February 28th. Susquehanna downgraded shares of NetApp from a "positive" rating to a "neutral" rating and dropped their target price for the stock from $155.00 to $130.00 in a research note on Monday, February 10th. Keefe, Bruyette & Woods raised shares of NetApp to an "outperform" rating in a research report on Wednesday, February 19th. Wedbush reiterated a "neutral" rating and issued a $110.00 price target (down previously from $120.00) on shares of NetApp in a report on Friday, February 28th. Finally, Bank of America upgraded NetApp from an "underperform" rating to a "neutral" rating and raised their price objective for the stock from $121.00 to $128.00 in a report on Wednesday, February 19th. Twelve analysts have rated the stock with a hold rating and six have given a buy rating to the company's stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of "Hold" and an average price target of $129.07.
Get Our Latest Analysis on NTAP
Institutional Inflows and Outflows
Several institutional investors and hedge funds have recently added to or reduced their stakes in NTAP. Migdal Insurance & Financial Holdings Ltd. acquired a new stake in NetApp in the fourth quarter worth about $26,000. Assetmark Inc. boosted its stake in NetApp by 826.9% in the 4th quarter. Assetmark Inc. now owns 241 shares of the data storage provider's stock worth $28,000 after purchasing an additional 215 shares in the last quarter. Synergy Investment Management LLC purchased a new stake in NetApp during the 4th quarter worth approximately $32,000. Itau Unibanco Holding S.A. increased its stake in NetApp by 929.6% during the 4th quarter. Itau Unibanco Holding S.A. now owns 278 shares of the data storage provider's stock valued at $32,000 after purchasing an additional 251 shares in the last quarter. Finally, Golden State Wealth Management LLC acquired a new stake in shares of NetApp during the fourth quarter worth $35,000. 92.17% of the stock is currently owned by hedge funds and other institutional investors.
About NetApp
(
Get Free Report)
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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