George Kurian Sells 8,500 Shares of NetApp, Inc. (NASDAQ:NTAP) Stock

NetApp, Inc. (NASDAQ:NTAP - Get Free Report) CEO George Kurian sold 8,500 shares of the business's stock in a transaction that occurred on Tuesday, February 18th. The stock was sold at an average price of $119.04, for a total value of $1,011,840.00. Following the sale, the chief executive officer now directly owns 266,765 shares of the company's stock, valued at $31,755,705.60. This represents a 3.09 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at the SEC website.

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

• On Tuesday, January 21st, George Kurian sold 8,500 shares of NetApp stock. The shares were sold at an average price of $123.03, for a total value of $1,045,755.00.
• On Monday, December 16th, George Kurian sold 8,500 shares of NetApp stock. The shares were sold at an average price of $124.29, for a total value of $1,056,465.00.

NetApp Price Performance

Shares of NTAP stock traded down $0.08 on Friday, reaching $124.47. The company's stock had a trading volume of 2,975,285 shares, compared to its average volume of 1,430,411. The company has a quick ratio of 0.84, a current ratio of 0.91 and a debt-to-equity ratio of 1.39. NetApp, Inc. has a 12-month low of $85.28 and a 12-month high of $135.45. The company has a market capitalization of $25.31 billion, a P/E ratio of 22.88, a PEG ratio of 2.96 and a beta of 1.23. The stock's 50 day simple moving average is $120.07 and its 200-day simple moving average is $121.86.

NetApp (NASDAQ:NTAP - Get Free Report) last issued its quarterly earnings data on Thursday, November 21st. The data storage provider reported $1.87 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $1.78 by $0.09. NetApp had a return on equity of 123.63% and a net margin of 17.78%. The company had revenue of $1.66 billion for the quarter, compared to the consensus estimate of $1.65 billion. During the same quarter last year, the business posted $1.23 earnings per share. The firm's revenue was up 6.1% compared to the same quarter last year. As a group, equities analysts predict that NetApp, Inc. will post 5.89 earnings per share for the current fiscal year.

Institutional Investors Weigh In On NetApp

A number of large investors have recently added to or reduced their stakes in NTAP. Migdal Insurance & Financial Holdings Ltd. purchased a new stake in NetApp during the fourth quarter valued at about $26,000. Northwest Investment Counselors LLC purchased a new stake in NetApp during the third quarter valued at about $27,000. Assetmark Inc. raised its position in NetApp by 826.9% during the fourth quarter. Assetmark Inc. now owns 241 shares of the data storage provider's stock valued at $28,000 after purchasing an additional 215 shares in the last quarter. Synergy Investment Management LLC purchased a new stake in NetApp during the fourth quarter valued at about $32,000. Finally, Itau Unibanco Holding S.A. raised its position in NetApp by 929.6% during the fourth 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. Hedge funds and other institutional investors own 92.17% of the company's stock.

Analyst Ratings Changes

Several equities analysts have recently issued reports on NTAP shares. Barclays upped their target price on NetApp from $119.00 to $132.00 and gave the company an "equal weight" rating in a report on Friday, November 22nd. JPMorgan Chase & Co. raised NetApp from a "neutral" rating to an "overweight" rating and set a $160.00 target price for the company in a report on Monday, December 16th. TD Cowen increased their price objective on NetApp from $145.00 to $160.00 and gave the company a "buy" rating in a report on Friday, November 22nd. Morgan Stanley increased their price objective on NetApp from $132.00 to $146.00 and gave the company an "equal weight" rating in a report on Tuesday, December 17th. Finally, Bank of America raised NetApp from an "underperform" rating to a "neutral" rating and increased their price objective for the company from $121.00 to $128.00 in a report on Wednesday. Eleven equities research analysts have rated the stock with a hold rating and six have assigned a buy rating to the company's stock. According to data from MarketBeat, the stock currently has an average rating of "Hold" and a consensus price target of $137.33.

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.