NetApp Inc. (NTAP) Director Sells $813,364.80 in Stock
NetApp Inc. (NASDAQ:NTAP) Director Robert T. Wall sold 22,944 shares of the stock in a transaction on Tuesday, September 27th. The stock was sold at an average price of $35.45, for a total transaction of $813,364.80. Following the completion of the sale, the director now directly owns 36,048 shares of the company’s stock, valued at $1,277,901.60. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link.
NetApp Inc. (NASDAQ:NTAP) opened at 34.85 on Wednesday. The stock has a market cap of $9.71 billion, a P/E ratio of 31.37 and a beta of 1.58. NetApp Inc. has a 12 month low of $20.66 and a 12 month high of $36.10. The stock has a 50 day moving average of $34.68 and a 200-day moving average of $27.62.
NetApp (NASDAQ:NTAP) last announced its quarterly earnings data on Wednesday, August 17th. The data storage provider reported $0.46 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $0.36 by $0.10. NetApp had a net margin of 5.87% and a return on equity of 15.82%. The firm earned $1.29 billion during the quarter, compared to analyst estimates of $1.26 billion. During the same quarter in the prior year, the firm posted $0.29 earnings per share. NetApp’s quarterly revenue was down 3.1% on a year-over-year basis. On average, equities analysts forecast that NetApp Inc. will post $2.36 EPS for the current fiscal year.
The business also recently announced a quarterly dividend, which will be paid on Wednesday, October 26th. Shareholders of record on Friday, October 7th will be given a $0.19 dividend. The ex-dividend date is Wednesday, October 5th. This represents a $0.76 dividend on an annualized basis and a yield of 2.18%. NetApp’s payout ratio is currently 68.47%.
Hedge funds and other institutional investors have recently bought and sold shares of the stock. Sirios Capital Management L P bought a new position in NetApp during the second quarter worth approximately $61,213,000. Primecap Management Co. CA boosted its position in NetApp by 3.7% in the first quarter. Primecap Management Co. CA now owns 43,514,951 shares of the data storage provider’s stock worth $1,187,523,000 after buying an additional 1,562,403 shares during the last quarter. BlackRock Institutional Trust Company N.A. boosted its position in NetApp by 14.8% in the second quarter. BlackRock Institutional Trust Company N.A. now owns 9,225,320 shares of the data storage provider’s stock worth $226,851,000 after buying an additional 1,189,529 shares during the last quarter. Dodge & Cox boosted its position in NetApp by 3.4% in the first quarter. Dodge & Cox now owns 36,034,991 shares of the data storage provider’s stock worth $983,395,000 after buying an additional 1,184,500 shares during the last quarter. Finally, Los Angeles Capital Management & Equity Research Inc. boosted its position in NetApp by 2,289.5% in the second quarter. Los Angeles Capital Management & Equity Research Inc. now owns 974,669 shares of the data storage provider’s stock worth $23,967,000 after buying an additional 933,879 shares during the last quarter. 89.54% of the stock is currently owned by institutional investors.
A number of analysts have recently issued reports on the stock. Piper Jaffray Cos. increased their price objective on shares of NetApp from $26.00 to $31.00 and gave the stock a “neutral” rating in a research note on Thursday, August 18th. RBC Capital Markets increased their price objective on shares of NetApp to $32.00 in a research note on Thursday, August 18th. Summit Redstone increased their price objective on shares of NetApp from $20.00 to $30.00 and gave the stock a “sell” rating in a research note on Thursday, August 18th. Zacks Investment Research raised shares of NetApp from a “sell” rating to a “hold” rating and set a $40.00 target price for the company in a research note on Friday, August 19th. Finally, Drexel Hamilton reaffirmed a “hold” rating on shares of NetApp in a research note on Wednesday, August 17th. Ten equities research analysts have rated the stock with a sell rating, twenty-four have issued a hold rating and six have assigned a buy rating to the company’s stock. The stock currently has a consensus rating of “Hold” and an average target price of $30.16.
NetApp, Inc (NetApp) provides software, systems and services to manage and store customer data. The Company enables enterprises, service providers, governmental organizations, and partners to envision, deploy and evolve their information technology (IT) environments. The Company offers a portfolio of products and services that satisfy a range of customer workloads across different data types and deployment models.
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