NetApp, Inc. (NTAP) Director Sells $1,480,020.00 in Stock
NetApp, Inc. (NASDAQ:NTAP) Director Richard P. Wallace sold 34,000 shares of NetApp stock in a transaction dated Friday, September 29th. The stock was sold at an average price of $43.53, for a total value of $1,480,020.00. Following the sale, the director now directly owns 24,132 shares of the company’s stock, valued at approximately $1,050,465.96. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website.
Shares of NetApp, Inc. (NTAP) traded up 0.89% on Tuesday, hitting $44.39. 2,906,575 shares of the stock traded hands. NetApp, Inc. has a 12 month low of $30.36 and a 12 month high of $45.24. The firm’s 50 day moving average is $40.55 and its 200-day moving average is $40.68. The company has a market cap of $11.97 billion, a PE ratio of 21.43 and a beta of 1.26.
NetApp (NASDAQ:NTAP) last announced its earnings results on Wednesday, August 16th. The data storage provider reported $0.62 earnings per share for the quarter, beating the consensus estimate of $0.55 by $0.07. The firm had revenue of $1.33 billion during the quarter, compared to the consensus estimate of $1.32 billion. NetApp had a net margin of 10.47% and a return on equity of 24.13%. The firm’s revenue for the quarter was up 2.4% on a year-over-year basis. During the same quarter in the previous year, the company posted $0.46 EPS. Equities analysts predict that NetApp, Inc. will post $3.13 earnings per share for the current year.
The company also recently declared a quarterly dividend, which will be paid on Wednesday, October 25th. Shareholders of record on Friday, October 6th will be paid a dividend of $0.20 per share. The ex-dividend date of this dividend is Thursday, October 5th. This represents a $0.80 annualized dividend and a dividend yield of 1.80%. NetApp’s dividend payout ratio is currently 38.65%.
Several large investors have recently bought and sold shares of the company. Vanguard Group Inc. lifted its stake in shares of NetApp by 1.8% during the second quarter. Vanguard Group Inc. now owns 27,214,474 shares of the data storage provider’s stock valued at $1,089,939,000 after buying an additional 481,365 shares during the period. BlackRock Inc. boosted its position in NetApp by 7.5% during the second quarter. BlackRock Inc. now owns 21,648,037 shares of the data storage provider’s stock worth $867,006,000 after acquiring an additional 1,517,967 shares during the last quarter. Renaissance Technologies LLC boosted its position in NetApp by 781.1% during the second quarter. Renaissance Technologies LLC now owns 3,339,574 shares of the data storage provider’s stock worth $133,750,000 after acquiring an additional 2,960,542 shares during the last quarter. FMR LLC boosted its position in NetApp by 89.2% during the second quarter. FMR LLC now owns 3,044,302 shares of the data storage provider’s stock worth $121,924,000 after acquiring an additional 1,435,588 shares during the last quarter. Finally, Geode Capital Management LLC boosted its position in NetApp by 5.7% during the first quarter. Geode Capital Management LLC now owns 3,042,360 shares of the data storage provider’s stock worth $127,165,000 after acquiring an additional 164,120 shares during the last quarter. 92.08% of the stock is owned by institutional investors and hedge funds.
A number of equities research analysts recently commented on NTAP shares. BidaskClub upgraded NetApp from a “hold” rating to a “buy” rating in a research report on Wednesday, July 19th. DA Davidson reissued a “buy” rating and set a $51.00 price target on shares of NetApp in a research report on Monday. Credit Suisse Group raised their price target on shares of NetApp from $37.00 to $40.00 and gave the stock a “neutral” rating in a research report on Wednesday, August 9th. Morgan Stanley restated an “underweight” rating on shares of NetApp in a research note on Saturday, September 23rd. Finally, Drexel Hamilton restated a “buy” rating and set a $62.00 price objective on shares of NetApp in a research note on Monday, September 25th. Two analysts have rated the stock with a sell rating, twenty have assigned a hold rating and thirteen have issued a buy rating to the company’s stock. NetApp has an average rating of “Hold” and a consensus target price of $44.85.
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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