Allspring Global Investments Holdings LLC Sells 1,379 Shares of NetApp, Inc. (NASDAQ:NTAP)

Allspring Global Investments Holdings LLC lowered its stake in shares of NetApp, Inc. (NASDAQ:NTAP) by 10.1% during the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 12,302 shares of the data storage provider’s stock after selling 1,379 shares during the quarter. Allspring Global Investments Holdings LLC’s holdings in NetApp were worth $1,085,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also bought and sold shares of the company. UMB Bank n.a. increased its position in NetApp by 82.9% during the fourth quarter. UMB Bank n.a. now owns 331 shares of the data storage provider’s stock worth $29,000 after acquiring an additional 150 shares during the period. Larson Financial Group LLC bought a new position in NetApp during the third quarter worth $27,000. Planned Solutions Inc. bought a new position in NetApp during the fourth quarter worth $34,000. First Pacific Financial bought a new position in NetApp during the third quarter worth $29,000. Finally, Huntington National Bank increased its position in NetApp by 40.4% during the third quarter. Huntington National Bank now owns 490 shares of the data storage provider’s stock worth $37,000 after acquiring an additional 141 shares during the period. Institutional investors own 92.17% of the company’s stock.

Insider Buying and Selling

In related news, CEO George Kurian sold 8,500 shares of the stock in a transaction that occurred on Monday, April 15th. The stock was sold at an average price of $103.16, for a total transaction of $876,860.00. Following the completion of the sale, the chief executive officer now directly owns 252,702 shares of the company’s stock, valued at approximately $26,068,738.32. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. In related news, CEO George Kurian sold 8,500 shares of the stock in a transaction that occurred on Monday, April 15th. The stock was sold at an average price of $103.16, for a total transaction of $876,860.00. Following the completion of the sale, the chief executive officer now directly owns 252,702 shares of the company’s stock, valued at approximately $26,068,738.32. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, EVP Elizabeth M. O’callahan sold 871 shares of the stock in a transaction that occurred on Wednesday, April 10th. The stock was sold at an average price of $103.02, for a total value of $89,730.42. Following the sale, the executive vice president now directly owns 9,601 shares of the company’s stock, valued at $989,095.02. The disclosure for this sale can be found here. In the last three months, insiders sold 40,371 shares of company stock valued at $4,139,505. 0.37% of the stock is owned by corporate insiders.

NetApp Stock Performance

Shares of NASDAQ:NTAP opened at $99.42 on Wednesday. The stock has a market capitalization of $20.52 billion, a P/E ratio of 22.60, a P/E/G ratio of 2.16 and a beta of 1.28. NetApp, Inc. has a 1-year low of $60.92 and a 1-year high of $112.48. The company has a current ratio of 1.15, a quick ratio of 1.11 and a debt-to-equity ratio of 2.00. The business has a 50-day moving average price of $99.38 and a two-hundred day moving average price of $88.94.

NetApp (NASDAQ:NTAP) last announced its quarterly earnings data on Thursday, February 29th. The data storage provider reported $1.94 earnings per share for the quarter, topping the consensus estimate of $1.69 by $0.25. The firm had revenue of $1.61 billion during the quarter, compared to analysts’ expectations of $1.59 billion. NetApp had a return on equity of 109.49% and a net margin of 15.21%. The company’s quarterly revenue was up 5.2% compared to the same quarter last year. During the same period in the previous year, the business posted $1.02 EPS. Equities analysts predict that NetApp, Inc. will post 5.16 earnings per share for the current year.

NetApp Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Wednesday, April 24th. Stockholders of record on Friday, April 5th will be paid a $0.50 dividend. The ex-dividend date of this dividend is Thursday, April 4th. This represents a $2.00 dividend on an annualized basis and a dividend yield of 2.01%. NetApp’s dividend payout ratio (DPR) is presently 45.45%.

Analyst Ratings Changes

A number of equities research analysts have weighed in on NTAP shares. Evercore ISI lifted their price target on shares of NetApp from $95.00 to $105.00 and gave the stock an “in-line” rating in a research note on Friday, March 1st. Wedbush lifted their price target on shares of NetApp from $85.00 to $100.00 and gave the stock a “neutral” rating in a research note on Friday, March 1st. Argus upgraded shares of NetApp from a “hold” rating to a “buy” rating and set a $130.00 price target on the stock in a research note on Monday, March 4th. Citigroup lifted their price target on shares of NetApp from $90.00 to $110.00 and gave the stock a “neutral” rating in a research note on Tuesday, March 5th. Finally, Barclays lifted their price target on shares of NetApp from $80.00 to $100.00 and gave the stock an “equal weight” rating in a research note on Friday, March 1st. One equities research analyst has rated the stock with a sell rating, ten have given a hold rating and six have issued a buy rating to the company. Based on data from MarketBeat, the company presently has a consensus rating of “Hold” and an average price target of $100.60.

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.