Ameriprise Financial Inc. Has $651.69 Million Stock Position in NetApp, Inc. (NASDAQ:NTAP)

Ameriprise Financial Inc. lowered its position in NetApp, Inc. (NASDAQ:NTAP - Free Report) by 3.7% during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 5,059,727 shares of the data storage provider's stock after selling 194,998 shares during the quarter. Ameriprise Financial Inc. owned 2.46% of NetApp worth $651,693,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds also recently made changes to their positions in the business. Hollencrest Capital Management bought a new position in NetApp during the 2nd quarter worth $26,000. Redwood Wealth Management Group LLC acquired a new position in shares of NetApp during the second quarter valued at $32,000. J.Safra Asset Management Corp grew its position in shares of NetApp by 706.3% during the first quarter. J.Safra Asset Management Corp now owns 258 shares of the data storage provider's stock worth $27,000 after acquiring an additional 226 shares during the last quarter. Rise Advisors LLC acquired a new stake in shares of NetApp in the 1st quarter worth about $27,000. Finally, New Covenant Trust Company N.A. bought a new stake in NetApp in the 1st quarter valued at about $28,000. 92.17% of the stock is currently owned by hedge funds and other institutional investors.

Insider Buying and Selling at NetApp

In other news, EVP Elizabeth M. O'callahan sold 452 shares of the firm's stock in a transaction on Wednesday, July 10th. The shares were sold at an average price of $133.07, for a total transaction of $60,147.64. Following the transaction, the executive vice president now owns 11,886 shares in the company, valued at approximately $1,581,670.02. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In other NetApp news, EVP Elizabeth M. O'callahan sold 452 shares of NetApp stock in a transaction that occurred on Wednesday, July 10th. The stock was sold at an average price of $133.07, for a total value of $60,147.64. Following the transaction, the executive vice president now directly owns 11,886 shares of the company's stock, valued at approximately $1,581,670.02. The sale was disclosed in a document filed with the SEC, which is accessible through this link. Also, CAO Lorenzo Daniel De sold 1,685 shares of the stock in a transaction that occurred on Tuesday, September 24th. The shares were sold at an average price of $123.60, for a total value of $208,266.00. The disclosure for this sale can be found here. In the last quarter, insiders have sold 10,637 shares of company stock worth $1,376,474. 0.37% of the stock is currently owned by company insiders.

NetApp Stock Down 0.8 %

Shares of NTAP traded down $1.03 during mid-day trading on Friday, reaching $123.42. The company's stock had a trading volume of 20,876 shares, compared to its average volume of 1,889,599. The company has a market cap of $25.40 billion, a price-to-earnings ratio of 26.82, a price-to-earnings-growth ratio of 4.61 and a beta of 1.23. The business has a fifty day moving average of $123.27 and a 200 day moving average of $117.10. The company has a quick ratio of 0.91, a current ratio of 0.96 and a debt-to-equity ratio of 1.34. NetApp, Inc. has a 1 year low of $70.82 and a 1 year high of $135.01.

NetApp (NASDAQ:NTAP - Get Free Report) last announced its quarterly earnings data on Wednesday, August 28th. The data storage provider reported $1.56 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.45 by $0.11. NetApp had a return on equity of 121.41% and a net margin of 17.01%. The firm had revenue of $1.54 billion during the quarter, compared to the consensus estimate of $1.53 billion. During the same period in the prior year, the business earned $0.84 EPS. The business's revenue for the quarter was up 7.6% on a year-over-year basis. As a group, analysts forecast that NetApp, Inc. will post 5.71 earnings per share for the current fiscal year.

NetApp declared that its board has initiated a stock repurchase program on Thursday, May 30th that authorizes the company to buyback $1.00 billion in shares. This buyback authorization authorizes the data storage provider to repurchase up to 4% of its stock through open market purchases. Stock buyback programs are usually a sign that the company's board of directors believes its stock is undervalued.

NetApp Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, October 23rd. Investors of record on Friday, October 4th will be given a dividend of $0.52 per share. This represents a $2.08 dividend on an annualized basis and a yield of 1.69%. The ex-dividend date of this dividend is Friday, October 4th. NetApp's payout ratio is presently 44.83%.

Wall Street Analyst Weigh In

A number of brokerages have issued reports on NTAP. Barclays boosted their price target on NetApp from $116.00 to $119.00 and gave the stock an "equal weight" rating in a research report on Thursday, August 29th. Evercore ISI upped their target price on NetApp from $120.00 to $130.00 and gave the stock an "in-line" rating in a research report on Monday, August 12th. Morgan Stanley upped their price objective on NetApp from $106.00 to $127.00 and gave the company an "equal weight" rating in a report on Wednesday, June 12th. TD Cowen lifted their target price on NetApp from $135.00 to $145.00 and gave the stock a "buy" rating in a report on Wednesday, June 12th. Finally, JPMorgan Chase & Co. upped their price target on shares of NetApp from $146.00 to $147.00 and gave the company a "neutral" rating in a report on Thursday, August 29th. One analyst has rated the stock with a sell rating, ten have given a hold rating and six have assigned a buy rating to the stock. According to MarketBeat.com, the company currently has an average rating of "Hold" and a consensus target price of $129.06.

About NetApp

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.