Raymond James Financial Services Advisors Inc. Has $2.37 Million Stake in NetApp, Inc. (NASDAQ:NTAP)

Raymond James Financial Services Advisors Inc. lowered its stake in NetApp, Inc. (NASDAQ:NTAP – Get Rating) by 12.3% in the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 39,516 shares of the data storage provider’s stock after selling 5,554 shares during the period. Raymond James Financial Services Advisors Inc.’s holdings in NetApp were worth $2,373,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also modified their holdings of NTAP. Ten Capital Wealth Advisors LLC acquired a new position in NetApp in the 3rd quarter worth $27,000. Romano Brothers AND Company acquired a new position in shares of NetApp during the 4th quarter worth approximately $57,000. Ameliora Wealth Management Ltd. acquired a new stake in shares of NetApp during the 3rd quarter worth approximately $73,000. Global Wealth Strategies & Associates acquired a new stake in shares of NetApp during the 4th quarter worth approximately $72,000. Finally, Quadrant Capital Group LLC boosted its position in shares of NetApp by 12.6% during the 3rd quarter. Quadrant Capital Group LLC now owns 1,321 shares of the data storage provider’s stock worth $82,000 after acquiring an additional 148 shares in the last quarter. Institutional investors and hedge funds own 87.92% of the company’s stock.

NetApp Stock Performance

NASDAQ NTAP opened at $66.46 on Wednesday. The company’s 50 day moving average is $63.76 and its 200-day moving average is $65.08. NetApp, Inc. has a 12-month low of $58.08 and a 12-month high of $79.09. The company has a quick ratio of 1.29, a current ratio of 1.34 and a debt-to-equity ratio of 2.17. The firm has a market cap of $14.22 billion, a P/E ratio of 11.44, a price-to-earnings-growth ratio of 1.70 and a beta of 1.20.

NetApp (NASDAQ:NTAP – Get Rating) last released its quarterly earnings results on Wednesday, February 22nd. The data storage provider reported $1.37 EPS for the quarter, topping analysts’ consensus estimates of $1.31 by $0.06. NetApp had a net margin of 19.93% and a return on equity of 103.19%. The business had revenue of $1.53 billion during the quarter, compared to analysts’ expectations of $1.61 billion. During the same quarter in the previous year, the company earned $1.20 EPS. The business’s quarterly revenue was down 5.5% compared to the same quarter last year. Sell-side analysts predict that NetApp, Inc. will post 4.28 earnings per share for the current year.

Insider Activity

In related news, CEO George Kurian sold 2,250 shares of the company’s stock in a transaction on Tuesday, April 4th. The shares were sold at an average price of $64.27, for a total transaction of $144,607.50. Following the completion of the sale, the chief executive officer now directly owns 144,920 shares in the company, valued at approximately $9,314,008.40. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. In other NetApp news, CEO George Kurian sold 2,250 shares of the company’s stock in a transaction on Tuesday, April 4th. The shares were sold at an average price of $64.27, for a total value of $144,607.50. Following the completion of the transaction, the chief executive officer now directly owns 144,920 shares in the company, valued at approximately $9,314,008.40. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, President Cesar Cernuda sold 18,000 shares of the company’s stock in a transaction on Wednesday, March 15th. The stock was sold at an average price of $60.09, for a total transaction of $1,081,620.00. Following the completion of the transaction, the president now owns 44,829 shares of the company’s stock, valued at $2,693,774.61. The disclosure for this sale can be found here. In the last 90 days, insiders sold 29,250 shares of company stock valued at $1,806,885. Corporate insiders own 0.26% of the company’s stock.

Analyst Ratings Changes

Several analysts recently issued reports on the stock. Raymond James reduced their price target on shares of NetApp from $75.00 to $72.00 and set an “outperform” rating on the stock in a research report on Tuesday, April 11th. JPMorgan Chase & Co. dropped their price target on shares of NetApp from $75.00 to $73.00 and set a “neutral” rating for the company in a research note on Thursday, February 23rd. Stifel Nicolaus raised shares of NetApp from a “hold” rating to a “buy” rating and set a $75.00 price target for the company in a research note on Monday, April 10th. Barclays dropped their price target on shares of NetApp from $71.00 to $67.00 and set an “equal weight” rating for the company in a research note on Thursday, February 23rd. Finally, Loop Capital dropped their price target on shares of NetApp from $67.00 to $65.00 and set a “hold” rating for the company in a research note on Monday, February 27th. Three research analysts have rated the stock with a sell rating, eleven have given a hold rating and nine have assigned a buy rating to the company’s stock. According to MarketBeat, the company presently has an average rating of “Hold” and a consensus price target of $74.24.

About NetApp

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NetApp, Inc provides software, systems, and services to manage and share data on-premises, and private and public clouds worldwide. The company offers cloud data services, including NetApp Cloud Volumes Service for AWS, NetApp Cloud Volumes ONTAP, NetApp Cloud Sync, NetApp Cloud Secure, NetApp Cloud Tiering, NetApp SaaS Backup, NetApp Kubernetes Service, and NetApp Cloud Insights.