Insider Selling: NetApp Inc. (NTAP) Director Sells 20,000 Shares of Stock

NetApp Inc. (NASDAQ:NTAP) Director Thomas Michael Nevens sold 20,000 shares of NetApp stock in a transaction on Tuesday, January 2nd. The shares were sold at an average price of $55.67, for a total value of $1,113,400.00. Following the transaction, the director now directly owns 17,000 shares of the company’s stock, valued at $946,390. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website.

Shares of NetApp Inc. (NASDAQ NTAP) traded up $0.74 on Thursday, hitting $57.81. The company had a trading volume of 2,711,268 shares, compared to its average volume of 2,168,067. The company has a debt-to-equity ratio of 0.55, a current ratio of 1.67 and a quick ratio of 1.64. NetApp Inc. has a 1-year low of $35.08 and a 1-year high of $58.99. The firm has a market cap of $14,825.62, a price-to-earnings ratio of 24.81, a PEG ratio of 1.80 and a beta of 1.29.

NetApp (NASDAQ:NTAP) last issued its quarterly earnings data on Wednesday, November 15th. The data storage provider reported $0.81 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $0.69 by $0.12. NetApp had a return on equity of 26.77% and a net margin of 11.49%. The business had revenue of $1.42 billion during the quarter, compared to analyst estimates of $1.38 billion. During the same period in the previous year, the firm earned $0.60 EPS. NetApp’s quarterly revenue was up 6.1% compared to the same quarter last year. research analysts anticipate that NetApp Inc. will post 2.72 EPS for the current fiscal year.

The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, January 24th. Investors of record on Friday, January 5th will be given a $0.20 dividend. The ex-dividend date is Thursday, January 4th. This represents a $0.80 annualized dividend and a dividend yield of 1.38%. NetApp’s dividend payout ratio is presently 34.33%.

A number of research analysts have issued reports on NTAP shares. Deutsche Bank lifted their price objective on NetApp from $27.00 to $37.00 and gave the company a “sell” rating in a report on Thursday, November 16th. Royal Bank of Canada lifted their price target on NetApp from $45.00 to $50.00 and gave the company a “sector perform” rating in a report on Monday, November 13th. Morgan Stanley reaffirmed an “underweight” rating on shares of NetApp in a report on Saturday, September 23rd. BMO Capital Markets raised NetApp from a “market perform” rating to an “outperform” rating and lifted their price target for the company from $43.00 to $62.00 in a report on Thursday, November 16th. Finally, Barclays raised NetApp from an “underweight” rating to an “overweight” rating and lifted their price target for the company from $38.00 to $52.00 in a report on Thursday, November 9th. Two analysts have rated the stock with a sell rating, nineteen have issued a hold rating and fourteen have issued a buy rating to the stock. The stock has an average rating of “Hold” and an average price target of $50.15.

Several institutional investors and hedge funds have recently modified their holdings of the stock. Parametric Portfolio Associates LLC lifted its stake in NetApp by 5.7% in the 3rd quarter. Parametric Portfolio Associates LLC now owns 939,925 shares of the data storage provider’s stock valued at $41,131,000 after acquiring an additional 50,739 shares in the last quarter. Visionary Asset Management Inc. bought a new stake in NetApp in the 3rd quarter valued at approximately $200,000. Belpointe Asset Management LLC bought a new stake in NetApp in the 3rd quarter valued at approximately $471,000. IFM Investors Pty Ltd bought a new stake in NetApp in the 3rd quarter valued at approximately $423,000. Finally, Afam Capital Inc. lifted its stake in NetApp by 139.2% in the 3rd quarter. Afam Capital Inc. now owns 19,009 shares of the data storage provider’s stock valued at $832,000 after acquiring an additional 11,063 shares in the last quarter. Institutional investors and hedge funds own 94.71% of the company’s stock.

COPYRIGHT VIOLATION WARNING: This article was posted by American Banking News and is the property of of American Banking News. If you are reading this article on another domain, it was stolen and republished in violation of U.S. & international copyright and trademark laws. The original version of this article can be accessed at https://www.americanbankingnews.com/2018/01/04/insider-selling-netapp-inc-ntap-director-sells-20000-shares-of-stock.html.

About NetApp

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.

Insider Buying and Selling by Quarter for NetApp (NASDAQ:NTAP)

Receive News & Ratings for NetApp Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for NetApp and related companies with MarketBeat.com's FREE daily email newsletter.

Leave a Reply