NetApp, Inc. (NASDAQ:NTAP) President Cesar Cernuda Sells 18,000 Shares of Stock

NetApp, Inc. (NASDAQ:NTAPGet Rating) President Cesar Cernuda sold 18,000 shares of the stock in a transaction on Thursday, September 15th. The stock was sold at an average price of $69.82, for a total transaction of $1,256,760.00. Following the sale, the president now owns 78,463 shares of the company’s stock, valued at approximately $5,478,286.66. The sale was disclosed in a filing with the SEC, which is available through the SEC website.

NetApp Price Performance

NTAP stock opened at $67.61 on Tuesday. NetApp, Inc. has a 1 year low of $61.26 and a 1 year high of $96.82. The company has a debt-to-equity ratio of 3.63, a quick ratio of 1.31 and a current ratio of 1.38. The stock’s 50 day moving average price is $71.22 and its 200 day moving average price is $73.19. The firm has a market cap of $14.70 billion, a P/E ratio of 16.17, a PEG ratio of 1.76 and a beta of 1.19.

NetApp (NASDAQ:NTAPGet Rating) last posted its earnings results on Wednesday, August 24th. The data storage provider reported $1.20 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.10 by $0.10. NetApp had a return on equity of 128.71% and a net margin of 14.71%. The firm had revenue of $1.59 billion for the quarter, compared to analyst estimates of $1.55 billion. During the same quarter in the prior year, the company earned $0.99 EPS. NetApp’s revenue was up 9.2% on a year-over-year basis. On average, sell-side analysts expect that NetApp, Inc. will post 4.45 earnings per share for the current fiscal year.

NetApp Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Wednesday, October 26th. Shareholders of record on Friday, October 7th will be paid a dividend of $0.50 per share. This represents a $2.00 dividend on an annualized basis and a dividend yield of 2.96%. The ex-dividend date of this dividend is Thursday, October 6th. NetApp’s dividend payout ratio is presently 47.85%.

Wall Street Analysts Forecast Growth

A number of analysts recently weighed in on the stock. The Goldman Sachs Group increased their price target on shares of NetApp from $60.00 to $68.00 and gave the stock a “sell” rating in a research note on Thursday, August 25th. Wells Fargo & Company decreased their price target on shares of NetApp from $90.00 to $85.00 and set an “equal weight” rating for the company in a research note on Thursday, June 2nd. JPMorgan Chase & Co. raised their target price on shares of NetApp from $85.00 to $90.00 and gave the stock an “overweight” rating in a research note on Monday, August 29th. Northland Securities reduced their target price on shares of NetApp from $124.00 to $101.00 in a research note on Thursday, June 2nd. Finally, Cowen reduced their target price on shares of NetApp to $85.00 in a research note on Friday, May 27th. One equities research analyst has rated the stock with a sell rating, eight have issued a hold rating and ten have issued a buy rating to the stock. Based on data from MarketBeat, NetApp presently has a consensus rating of “Hold” and an average price target of $89.22.

Institutional Inflows and Outflows

A number of large investors have recently made changes to their positions in the business. Vanguard Group Inc. lifted its stake in shares of NetApp by 1.2% during the 1st quarter. Vanguard Group Inc. now owns 25,823,258 shares of the data storage provider’s stock worth $2,143,331,000 after purchasing an additional 294,399 shares during the period. State Street Corp lifted its stake in shares of NetApp by 4.2% during the 4th quarter. State Street Corp now owns 10,051,825 shares of the data storage provider’s stock worth $924,667,000 after purchasing an additional 407,285 shares during the period. Wellington Management Group LLP lifted its stake in shares of NetApp by 70.3% during the 1st quarter. Wellington Management Group LLP now owns 8,329,363 shares of the data storage provider’s stock worth $691,339,000 after purchasing an additional 3,439,053 shares during the period. Geode Capital Management LLC raised its position in shares of NetApp by 1.4% in the 4th quarter. Geode Capital Management LLC now owns 4,656,425 shares of the data storage provider’s stock worth $427,514,000 after buying an additional 62,115 shares during the period. Finally, Boston Partners raised its position in shares of NetApp by 14.5% in the 1st quarter. Boston Partners now owns 4,027,043 shares of the data storage provider’s stock worth $333,978,000 after buying an additional 510,307 shares during the period. Hedge funds and other institutional investors own 88.45% of the company’s stock.

About NetApp

(Get Rating)

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, NetApp ElementOS software, and NetApp SANtricity software; and storage infrastructure solutions, including NetApp All-Flash FAS series, NetApp Fabric Attached Storage, NetApp FlexPod, NetApp E/EF series, NetApp StorageGRID, and NetApp SolidFire.

Further Reading

Insider Buying and Selling by Quarter for NetApp (NASDAQ:NTAP)

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