NetApp, Inc. (NASDAQ:NTAP) CEO Sells $1,011,840.00 in Stock

NetApp, Inc. (NASDAQ:NTAP) CEO George Kurian sold 8,500 shares of the company’s stock in a transaction on Tuesday, February 18th. The shares were sold at an average price of $119.04, for a total transaction of $1,011,840.00. Following the sale, the chief executive officer now owns 266,765 shares of the company’s stock, valued at $31,755,705.60. The trade was a 3.09 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through the SEC website.

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

• On Tuesday, January 21st, George Kurian sold 8,500 shares of NetApp stock. The shares were sold at an average price of $123.03, for a total transaction of $1,045,755.00.
• 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.

NetApp Price Performance

Shares of NASDAQ NTAP opened at $124.55 on Friday. The firm has a market cap of $25.32 billion, a PE ratio of 22.90, a PEG ratio of 2.96 and a beta of 1.23. The company has a current ratio of 0.91, a quick ratio of 0.84 and a debt-to-equity ratio of 1.39. NetApp, Inc. has a 1-year low of $83.80 and a 1-year high of $135.45. The company has a fifty day moving average price of $120.05 and a 200 day moving average price of $121.84.

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

Hedge Funds Weigh In On NetApp

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Creative Planning boosted its stake in shares of NetApp by 8.7% during the 3rd quarter. Creative Planning now owns 26,001 shares of the data storage provider’s stock worth $3,211,000 after buying an additional 2,073 shares during the last quarter. Blue Trust Inc. boosted its stake in shares of NetApp by 139.9% during the 3rd quarter. Blue Trust Inc. now owns 3,004 shares of the data storage provider’s stock worth $387,000 after buying an additional 1,752 shares during the last quarter. Raymond James & Associates boosted its stake in shares of NetApp by 3.1% during the 3rd quarter. Raymond James & Associates now owns 360,394 shares of the data storage provider’s stock worth $44,512,000 after buying an additional 10,731 shares during the last quarter. OLD National Bancorp IN boosted its stake in shares of NetApp by 3.5% during the 3rd quarter. OLD National Bancorp IN now owns 3,492 shares of the data storage provider’s stock worth $431,000 after buying an additional 118 shares during the last quarter. Finally, Allspring Global Investments Holdings LLC boosted its stake in shares of NetApp by 279.1% during the 3rd quarter. Allspring Global Investments Holdings LLC now owns 57,470 shares of the data storage provider’s stock worth $7,098,000 after buying an additional 42,312 shares during the last quarter. 92.17% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

Several brokerages have commented on NTAP. Stifel Nicolaus upped their target price on shares of NetApp from $140.00 to $145.00 and gave the company a “buy” rating in a research report on Friday, November 22nd. Oppenheimer began coverage on shares of NetApp in a research report on Wednesday, November 13th. They set a “market perform” rating for the company. TD Cowen upped their target price on shares of NetApp from $145.00 to $160.00 and gave the company a “buy” rating in a research report on Friday, November 22nd. Citigroup boosted their price target on shares of NetApp from $130.00 to $135.00 and gave the company a “neutral” rating in a report on Friday, November 22nd. Finally, Wells Fargo & Company decreased their price target on shares of NetApp from $140.00 to $130.00 and set an “equal weight” rating for the company in a report on Thursday. Eleven investment analysts have rated the stock with a hold rating and six have given a buy rating to the company’s stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Hold” and an average price target of $137.33.

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.