NetApp Director Sells $716,800 in Stock (NTAP)
NetApp (NASDAQ:NTAP) Director George T. Shaheen unloaded 20,000 shares of the company’s stock in a transaction that occurred on Wednesday, June 25th. The stock was sold at an average price of $35.84, for a total transaction of $716,800.00. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link.
NetApp (NASDAQ:NTAP) traded down 0.84% during mid-day trading on Friday, hitting $35.48. 6,424,158 shares of the company’s stock traded hands. NetApp has a 1-year low of $33.34 and a 1-year high of $45.96. The stock has a 50-day moving average of $35.60 and a 200-day moving average of $38.3. The company has a market cap of $11.478 billion and a price-to-earnings ratio of 19.55. NetApp also was the recipient of a large drop in short interest in the month of June. As of June 13th, there was short interest totalling 6,665,731 shares, a drop of 13.0% from the May 30th total of 7,663,574 shares. Based on an average trading volume of 3,586,930 shares, the short-interest ratio is currently 1.9 days. Approximately 2.0% of the shares of the stock are short sold.
NetApp (NASDAQ:NTAP) last posted its quarterly earnings results on Wednesday, May 21st. The company reported $0.84 EPS for the quarter, beating the Thomson Reuters consensus estimate of $0.79 by $0.05. The company had revenue of $1.65 billion for the quarter, compared to the consensus estimate of $1.67 billion. During the same quarter in the prior year, the company posted $0.69 earnings per share. The company’s quarterly revenue was down 3.9% on a year-over-year basis. On average, analysts predict that NetApp will post $2.96 earnings per share for the current fiscal year.
The company also recently announced a quarterly dividend, which is scheduled for Tuesday, July 22nd. Shareholders of record on Thursday, July 10th will be paid a dividend of $0.165 per share. This represents a $0.66 annualized dividend and a dividend yield of 1.86%. The ex-dividend date is Tuesday, July 8th. This is a positive change from NetApp’s previous quarterly dividend of $0.15.
Several analysts have recently commented on the stock. Analysts at Brean Capital raised their price target on shares of NetApp from $39.00 to $42.00 in a research note on Wednesday. They now have a “buy” rating on the stock. Separately, analysts at Piper Jaffray raised their price target on shares of NetApp from $40.00 to $42.00 in a research note on Wednesday. Finally, analysts at Macquarie raised their price target on shares of NetApp from $36.00 to $38.00 in a research note on Wednesday. Two research analysts have rated the stock with a sell rating, seventeen have given a hold rating and eight have issued a buy rating to the company’s stock. The company currently has a consensus rating of “Hold” and a consensus price target of $39.67.
NetApp, Inc (NASDAQ:NTAP) is a provider of storage systems and data management solutions for information technology (IT) infrastructures.