State of Alaska Department of Revenue Decreases Holdings in NetApp, Inc. (NASDAQ:NTAP)

State of Alaska Department of Revenue trimmed its holdings in shares of NetApp, Inc. (NASDAQ:NTAPGet Rating) by 6.5% in the second quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 111,346 shares of the data storage provider’s stock after selling 7,797 shares during the period. State of Alaska Department of Revenue owned 0.05% of NetApp worth $7,263,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other institutional investors also recently bought and sold shares of the business. Cyrus J. Lawrence LLC acquired a new position in NetApp in the 1st quarter valued at about $28,000. CENTRAL TRUST Co increased its position in NetApp by 43.0% during the 1st quarter. CENTRAL TRUST Co now owns 552 shares of the data storage provider’s stock worth $46,000 after purchasing an additional 166 shares during the period. Kempen Capital Management N.V. acquired a new position in NetApp during the 1st quarter worth approximately $48,000. Allworth Financial LP increased its position in NetApp by 26.9% during the 1st quarter. Allworth Financial LP now owns 623 shares of the data storage provider’s stock worth $52,000 after purchasing an additional 132 shares during the period. Finally, Evoke Wealth LLC grew its holdings in shares of NetApp by 3,438.9% in the 1st quarter. Evoke Wealth LLC now owns 637 shares of the data storage provider’s stock worth $53,000 after acquiring an additional 619 shares during the period. 88.45% of the stock is owned by hedge funds and other institutional investors.

Insider Activity at NetApp

In related news, President Cesar Cernuda sold 18,000 shares of NetApp stock in a transaction on Thursday, September 15th. The shares were sold at an average price of $69.82, for a total value of $1,256,760.00. Following the completion of the sale, the president now owns 78,463 shares of the company’s stock, valued at approximately $5,478,286.66. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. In other NetApp news, CEO George Kurian sold 2,125 shares of the business’s stock in a transaction on Monday, July 25th. The shares were sold at an average price of $69.38, for a total transaction of $147,432.50. Following the completion of the transaction, the chief executive officer now owns 163,575 shares of the company’s stock, valued at approximately $11,348,833.50. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, President Cesar Cernuda sold 18,000 shares of the business’s 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 transaction, the president now directly owns 78,463 shares of the company’s stock, valued at approximately $5,478,286.66. The disclosure for this sale can be found here. In the last 90 days, insiders sold 22,250 shares of company stock valued at $1,552,943. Insiders own 0.26% of the company’s stock.

NetApp Trading Down 1.6 %

NASDAQ NTAP opened at $67.61 on Tuesday. NetApp, Inc. has a twelve month low of $61.26 and a twelve month 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 has a market cap of $14.70 billion, a price-to-earnings ratio of 16.17, a PEG ratio of 1.76 and a beta of 1.19. The firm’s 50 day moving average price is $71.22 and its two-hundred day moving average price is $73.19.

NetApp (NASDAQ:NTAPGet Rating) last issued 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. The company had revenue of $1.59 billion during the quarter, compared to analyst estimates of $1.55 billion. NetApp had a net margin of 14.71% and a return on equity of 128.71%. The company’s revenue for the quarter was up 9.2% on a year-over-year basis. During the same quarter last year, the business posted $0.99 EPS. Equities analysts anticipate that NetApp, Inc. will post 4.45 EPS for the current year.

NetApp Dividend Announcement

The business also recently announced 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 is Thursday, October 6th. NetApp’s dividend payout ratio (DPR) is currently 47.85%.

Wall Street Analysts Forecast Growth

A number of research firms recently issued reports on NTAP. Cowen reduced their target price on NetApp to $85.00 in a research note on Friday, May 27th. Northland Securities lowered their price target on NetApp from $124.00 to $101.00 in a report on Thursday, June 2nd. Morgan Stanley lowered their price target on NetApp from $91.00 to $88.00 and set an “equal weight” rating for the company in a report on Thursday, June 2nd. Wedbush lowered their price target on NetApp from $85.00 to $80.00 and set a “neutral” rating for the company in a report on Thursday, June 2nd. Finally, Barclays raised their target price on NetApp from $88.00 to $95.00 and gave the company an “overweight” rating in a research note on Thursday, August 25th. One investment analyst has rated the stock with a sell rating, eight have assigned a hold rating and ten have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, the stock has an average rating of “Hold” and a consensus price target of $89.22.

NetApp Company Profile

(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.

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Institutional Ownership by Quarter for NetApp (NASDAQ:NTAP)

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