NetApp, Inc. (NASDAQ:NTAP) Plans Quarterly Dividend of $0.50

Posted by on Jun 1st, 2022

NetApp, Inc. (NASDAQ:NTAP – Get Rating) declared a quarterly dividend on Wednesday, June 1st, RTT News reports. Investors of record on Friday, July 8th will be paid a dividend of 0.50 per share by the data storage provider on Wednesday, July 27th. This represents a $2.00 annualized dividend and a dividend yield of 2.76%.

Shares of NTAP traded up $0.56 on Wednesday, hitting $72.51. The company’s stock had a trading volume of 2,714,804 shares, compared to its average volume of 1,968,731. The company has a quick ratio of 1.51, a current ratio of 1.55 and a debt-to-equity ratio of 2.70. The firm’s fifty day moving average price is $76.02 and its 200-day moving average price is $83.88. NetApp has a fifty-two week low of $64.58 and a fifty-two week high of $96.82. The firm has a market capitalization of $16.14 billion, a price-to-earnings ratio of 16.28, a P/E/G ratio of 1.86 and a beta of 1.24.

In related news, President Cesar Cernuda sold 14,000 shares of the stock in a transaction on Tuesday, March 15th. The stock was sold at an average price of $80.79, for a total value of $1,131,060.00. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, CEO George Kurian sold 4,250 shares of the stock in a transaction on Monday, March 21st. The shares were sold at an average price of $89.86, for a total value of $381,905.00. The disclosure for this sale can be found here. In the last 90 days, insiders sold 26,750 shares of company stock worth $2,124,859. 0.28% of the stock is owned by company insiders.

Hedge funds have recently bought and sold shares of the business. Penserra Capital Management LLC increased its position in NetApp by 24.4% during the 4th quarter. Penserra Capital Management LLC now owns 1,000 shares of the data storage provider’s stock worth $91,000 after buying an additional 196 shares during the period. Covestor Ltd increased its position in NetApp by 94.4% during the 1st quarter. Covestor Ltd now owns 1,936 shares of the data storage provider’s stock worth $161,000 after buying an additional 940 shares during the period. Forum Financial Management LP bought a new position in NetApp during the 4th quarter worth $217,000. Beacon Pointe Advisors LLC increased its position in NetApp by 8.0% during the 1st quarter. Beacon Pointe Advisors LLC now owns 3,009 shares of the data storage provider’s stock worth $250,000 after buying an additional 222 shares during the period. Finally, Industrial Alliance Investment Management Inc. increased its position in shares of NetApp by 19.5% in the first quarter. Industrial Alliance Investment Management Inc. now owns 3,356 shares of the data storage provider’s stock worth $279,000 after purchasing an additional 548 shares during the period. Hedge funds and other institutional investors own 91.91% of the company’s stock.

Several brokerages recently issued reports on NTAP. William Blair reiterated an “outperform” rating on shares of NetApp in a research report on Wednesday, March 23rd. Cowen decreased their price objective on NetApp to $85.00 in a research report on Friday, May 27th. JPMorgan Chase & Co. reduced their price target on NetApp from $110.00 to $100.00 in a research report on Wednesday, May 25th. StockNews.com downgraded NetApp from a “buy” rating to a “hold” rating in a research report on Friday, May 27th. Finally, Wedbush reaffirmed a “neutral” rating and set a $85.00 price target on shares of NetApp in a research report on Wednesday, March 23rd. One research analyst has rated the stock with a sell rating, nine have issued a hold rating and twelve have given a buy rating to the company. According to MarketBeat, the stock currently has an average rating of “Buy” and a consensus target price of $98.63.

NetApp Company Profile (Get Rating)

NetApp, Inc provides software, systems, and cloud services to manage and share data on-premises, and private and public clouds worldwide. The company offers cloud storage services, including NetApp Cloud Volumes; cloud control solutions, such as NetApp Cloud Manager and NetApp Virtual Desktop Service; cloud services and analytics comprising NetApp Cloud Insights, NetApp Cloud Sync, NetApp Cloud Compliance, NetApp Cloud Tiering, NetApp SaaS Backup, NetApp Cloud Backup, and NetApp Global File Cache; and Cloud Optimization solutions, such as Spot by NetApp, Spot Cloud Analyzer by NetApp, Spot Eco by NetApp, Spot Ocean by NetApp, Spot Wave by NetApp, Spot Elastigroup by NetApp, and NetApp Virtual Desktop Managed Service.

Further Reading

Dividend History for NetApp (NASDAQ:NTAP)

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