CHURCHILL MANAGEMENT Corp Reduces Stake in NetApp, Inc. (NASDAQ:NTAP)

CHURCHILL MANAGEMENT Corp trimmed its stake in NetApp, Inc. (NASDAQ:NTAPFree Report) by 38.8% during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 49,579 shares of the data storage provider’s stock after selling 31,429 shares during the quarter. CHURCHILL MANAGEMENT Corp’s holdings in NetApp were worth $4,371,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in the stock. Larson Financial Group LLC purchased a new stake in shares of NetApp during the 3rd quarter valued at approximately $27,000. First Pacific Financial purchased a new stake in shares of NetApp during the 3rd quarter valued at approximately $29,000. Sunbelt Securities Inc. purchased a new stake in shares of NetApp during the 1st quarter valued at approximately $28,000. Huntington National Bank lifted its stake in shares of NetApp by 40.4% during the 3rd quarter. Huntington National Bank now owns 490 shares of the data storage provider’s stock valued at $37,000 after buying an additional 141 shares in the last quarter. Finally, Headinvest LLC purchased a new stake in shares of NetApp during the 3rd quarter valued at approximately $38,000. 92.17% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

NTAP has been the topic of a number of recent research reports. Evercore ISI upped their price target on shares of NetApp from $95.00 to $105.00 and gave the company an “in-line” rating in a research note on Friday, March 1st. Wedbush raised their price target on shares of NetApp from $85.00 to $100.00 and gave the company a “neutral” rating in a report on Friday, March 1st. Argus raised shares of NetApp from a “hold” rating to a “buy” rating and set a $130.00 price target for the company in a report on Monday, March 4th. StockNews.com cut shares of NetApp from a “strong-buy” rating to a “buy” rating in a research report on Thursday, March 7th. Finally, Raymond James restated a “market perform” rating on shares of NetApp in a research report on Tuesday, January 16th. Two analysts have 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, NetApp has a consensus rating of “Hold” and an average price target of $97.94.

View Our Latest Analysis on NTAP

Insider Buying and Selling

In related news, CEO George Kurian sold 8,500 shares of the business’s stock in a transaction dated Tuesday, March 19th. The shares were sold at an average price of $101.44, for a total transaction of $862,240.00. Following the sale, the chief executive officer now owns 261,202 shares of the company’s stock, valued at $26,496,330.88. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. In other news, CFO Michael J. Berry sold 7,500 shares of the company’s stock in a transaction that occurred on Tuesday, January 9th. The shares were sold at an average price of $85.82, for a total value of $643,650.00. Following the transaction, the chief financial officer now owns 165,422 shares in the company, valued at $14,196,516.04. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, CEO George Kurian sold 8,500 shares of the company’s stock in a transaction that occurred on Tuesday, March 19th. The stock was sold at an average price of $101.44, for a total transaction of $862,240.00. Following the completion of the transaction, the chief executive officer now owns 261,202 shares in the company, valued at approximately $26,496,330.88. The disclosure for this sale can be found here. Insiders have sold 24,371 shares of company stock valued at $2,351,656 over the last quarter. Corporate insiders own 0.37% of the company’s stock.

NetApp Trading Down 0.3 %

Shares of NTAP opened at $104.73 on Monday. NetApp, Inc. has a 1-year low of $59.81 and a 1-year high of $112.48. The company has a current ratio of 1.15, a quick ratio of 1.11 and a debt-to-equity ratio of 2.00. The firm’s 50-day moving average price is $92.63 and its 200-day moving average price is $84.80. The firm has a market capitalization of $21.61 billion, a price-to-earnings ratio of 23.80, a PEG ratio of 2.31 and a beta of 1.27.

NetApp (NASDAQ:NTAPGet Free Report) last posted its quarterly earnings data on Thursday, February 29th. The data storage provider reported $1.94 EPS for the quarter, topping the consensus estimate of $1.69 by $0.25. NetApp had a net margin of 15.21% and a return on equity of 109.49%. The business had revenue of $1.61 billion for the quarter, compared to analyst estimates of $1.59 billion. During the same quarter in the previous year, the firm posted $1.02 earnings per share. NetApp’s quarterly revenue was up 5.2% on a year-over-year basis. Sell-side analysts anticipate that NetApp, Inc. will post 5.16 EPS for the current year.

NetApp Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, April 24th. Investors of record on Friday, April 5th will be paid a dividend of $0.50 per share. This represents a $2.00 annualized dividend and a yield of 1.91%. The ex-dividend date is Thursday, April 4th. NetApp’s payout ratio is currently 45.45%.

NetApp Profile

(Free Report)

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.

See Also

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Institutional Ownership by Quarter for NetApp (NASDAQ:NTAP)

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