NetApp, Inc. (NASDAQ:NTAP) CEO George Kurian Sells 8,500 Shares

NetApp, Inc. (NASDAQ:NTAP) CEO George Kurian sold 8,500 shares of the business’s stock in a transaction dated Monday, November 18th. The shares were sold at an average price of $118.00, for a total transaction of $1,003,000.00. Following the transaction, the chief executive officer now owns 288,282 shares in the company, valued at $34,017,276. This represents a 2.86 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link.

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

• On Monday, October 21st, George Kurian sold 8,500 shares of NetApp stock. The shares were sold at an average price of $126.11, for a total value of $1,071,935.00.

NetApp Stock Up 2.4 %

NetApp stock opened at $122.20 on Wednesday. The firm has a market cap of $25.02 billion, a price-to-earnings ratio of 23.87, a PEG ratio of 3.01 and a beta of 1.24. The company has a current ratio of 0.96, a quick ratio of 0.91 and a debt-to-equity ratio of 1.34. NetApp, Inc. has a 12 month low of $77.08 and a 12 month high of $135.01. The stock has a fifty day simple moving average of $121.41 and a two-hundred day simple moving average of $122.35.

NetApp (NASDAQ:NTAP) last released its quarterly earnings data on Wednesday, August 28th. The data storage provider reported $1.56 EPS for the quarter, topping the consensus estimate of $1.45 by $0.11. The company had revenue of $1.54 billion during the quarter, compared to the consensus estimate of $1.53 billion. NetApp had a return on equity of 121.41% and a net margin of 17.01%. NetApp’s revenue for the quarter was up 7.6% on a year-over-year basis. During the same period last year, the company earned $0.84 EPS. Equities analysts predict that NetApp, Inc. will post 5.71 EPS for the current fiscal year.

NetApp Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Wednesday, October 23rd. Investors of record on Friday, October 4th were given a dividend of $0.52 per share. The ex-dividend date was Friday, October 4th. This represents a $2.08 dividend on an annualized basis and a yield of 1.70%. NetApp’s dividend payout ratio (DPR) is 40.63%.

Analysts Set New Price Targets

Several brokerages have recently issued reports on NTAP. Loop Capital raised NetApp from a “hold” rating to a “buy” rating and increased their target price for the stock from $121.00 to $150.00 in a research report on Tuesday, September 3rd. Oppenheimer assumed coverage on NetApp in a report on Wednesday, November 13th. They issued a “market perform” rating for the company. JPMorgan Chase & Co. boosted their target price on shares of NetApp from $146.00 to $147.00 and gave the company a “neutral” rating in a report on Thursday, August 29th. Barclays increased their price target on shares of NetApp from $116.00 to $119.00 and gave the stock an “equal weight” rating in a research note on Thursday, August 29th. Finally, Citigroup boosted their price objective on shares of NetApp from $120.00 to $130.00 and gave the stock a “neutral” rating in a research note on Thursday, August 15th. One research analyst has rated the stock with a sell rating, eleven have given a hold rating and six have issued a buy rating to the company. According to data from MarketBeat.com, NetApp has a consensus rating of “Hold” and an average price target of $129.06.

Institutional Investors Weigh In On NetApp

Institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Hollencrest Capital Management bought a new position in shares of NetApp during the 2nd quarter valued at $26,000. Northwest Investment Counselors LLC purchased a new stake in NetApp during the third quarter valued at $27,000. New Covenant Trust Company N.A. purchased a new stake in NetApp during the first quarter valued at $28,000. Redwood Wealth Management Group LLC bought a new position in NetApp in the second quarter valued at about $32,000. Finally, Crewe Advisors LLC purchased a new position in NetApp in the first quarter worth about $35,000. Hedge funds and other institutional investors 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.