NetApp, Inc. (NASDAQ:NTAP) CEO Sells $1,045,755.00 in Stock

NetApp, Inc. (NASDAQ:NTAP) CEO George Kurian sold 8,500 shares of the business’s stock in a transaction on Tuesday, January 21st. The stock was sold at an average price of $123.03, for a total transaction of $1,045,755.00. Following the completion of the transaction, the chief executive officer now directly owns 271,282 shares in the company, valued at $33,375,824.46. This trade represents a 3.04 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at this link.

George Kurian also recently made the following trade(s):

• On Monday, December 16th, George Kurian sold 8,500 shares of NetApp stock. The shares were sold at an average price of $124.29, for a total transaction of $1,056,465.00.
• On Monday, November 18th, George Kurian sold 8,500 shares of NetApp stock. The stock was sold at an average price of $118.00, for a total value of $1,003,000.00.

NetApp Price Performance

Shares of NASDAQ NTAP traded up $0.25 during midday trading on Thursday, hitting $126.30. The company had a trading volume of 1,088,172 shares, compared to its average volume of 1,364,984. NetApp, Inc. has a twelve month low of $83.80 and a twelve month high of $135.45. The company has a quick ratio of 0.84, a current ratio of 0.91 and a debt-to-equity ratio of 1.39. The business has a 50-day simple moving average of $121.07 and a two-hundred day simple moving average of $122.69. The firm has a market capitalization of $25.68 billion, a price-to-earnings ratio of 23.22, a price-to-earnings-growth ratio of 2.93 and a beta of 1.23.

NetApp (NASDAQ:NTAP) last posted its earnings results on Thursday, November 21st. The data storage provider reported $1.87 EPS for the quarter, topping analysts’ consensus estimates of $1.78 by $0.09. The business had revenue of $1.66 billion for the quarter, compared to analysts’ expectations of $1.65 billion. NetApp had a net margin of 17.78% and a return on equity of 123.63%. The business’s revenue for the quarter was up 6.1% compared to the same quarter last year. During the same period in the previous year, the company posted $1.23 earnings per share. Equities research analysts anticipate that NetApp, Inc. will post 5.89 earnings per share for the current year.

NetApp Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Wednesday, January 22nd. Stockholders of record on Friday, January 3rd were paid a dividend of $0.52 per share. The ex-dividend date was Friday, January 3rd. This represents a $2.08 annualized dividend and a dividend yield of 1.65%. NetApp’s dividend payout ratio is presently 38.24%.

Analyst Ratings Changes

Several analysts have recently issued reports on NTAP shares. Oppenheimer began coverage on shares of NetApp in a research report on Wednesday, November 13th. They set a “market perform” rating on the stock. Morgan Stanley raised their price objective on shares of NetApp from $132.00 to $146.00 and gave the stock an “equal weight” rating in a research note on Tuesday, December 17th. Bank of America upped their target price on NetApp from $115.00 to $121.00 and gave the company an “underperform” rating in a research note on Friday, November 22nd. TD Cowen raised their price target on NetApp from $145.00 to $160.00 and gave the stock a “buy” rating in a research note on Friday, November 22nd. Finally, JPMorgan Chase & Co. upgraded NetApp from a “neutral” rating to an “overweight” rating and set a $160.00 price objective for the company in a report on Monday, December 16th. One research analyst has rated the stock with a sell rating, ten have issued a hold rating and six have given a buy rating to the company’s stock. Based on data from MarketBeat, NetApp has a consensus rating of “Hold” and a consensus target price of $139.20.

Institutional Inflows and Outflows

Several institutional investors have recently modified their holdings of NTAP. State Street Corp grew its stake in NetApp by 2.0% during the 3rd quarter. State Street Corp now owns 10,261,170 shares of the data storage provider’s stock valued at $1,267,357,000 after purchasing an additional 199,384 shares in the last quarter. Geode Capital Management LLC boosted its stake in shares of NetApp by 8.2% during the 3rd quarter. Geode Capital Management LLC now owns 5,985,673 shares of the data storage provider’s stock valued at $738,280,000 after buying an additional 453,324 shares during the last quarter. Legal & General Group Plc grew its position in shares of NetApp by 3.5% during the second quarter. Legal & General Group Plc now owns 2,405,363 shares of the data storage provider’s stock worth $309,811,000 after buying an additional 82,378 shares in the last quarter. AQR Capital Management LLC increased its stake in shares of NetApp by 59.6% in the second quarter. AQR Capital Management LLC now owns 1,643,146 shares of the data storage provider’s stock worth $211,637,000 after buying an additional 613,583 shares during the last quarter. Finally, Robeco Institutional Asset Management B.V. grew its holdings in NetApp by 9.2% during the 4th quarter. Robeco Institutional Asset Management B.V. now owns 1,346,212 shares of the data storage provider’s stock worth $156,268,000 after acquiring an additional 113,360 shares in the last quarter. Institutional investors and hedge funds own 92.17% of the company’s stock.

About NetApp

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.