Wealth Enhancement Advisory Services LLC Sells 2,007 Shares of NetApp, Inc. (NASDAQ:NTAP)

Wealth Enhancement Advisory Services LLC decreased its position in shares of NetApp, Inc. (NASDAQ:NTAP) by 4.0% in the 4th quarter, HoldingsChannel reports. The fund owned 48,754 shares of the data storage provider’s stock after selling 2,007 shares during the period. Wealth Enhancement Advisory Services LLC’s holdings in NetApp were worth $5,659,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also recently modified their holdings of NTAP. Lansforsakringar Fondforvaltning AB publ bought a new stake in NetApp during the fourth quarter worth $7,936,000. AG Asset Advisory LLC bought a new stake in NetApp during the fourth quarter worth $587,000. Park Square Financial Group LLC bought a new stake in NetApp during the fourth quarter worth $36,000. Universal Beteiligungs und Servicegesellschaft mbH bought a new stake in NetApp during the fourth quarter worth $38,040,000. Finally, Azzad Asset Management Inc. ADV grew its holdings in NetApp by 2.9% during the fourth quarter. Azzad Asset Management Inc. ADV now owns 19,907 shares of the data storage provider’s stock worth $2,311,000 after buying an additional 565 shares in the last quarter. Institutional investors own 92.17% of the company’s stock.

Wall Street Analyst Weigh In

Several equities research analysts recently issued reports on NTAP shares. Loop Capital decreased their price target on NetApp from $150.00 to $130.00 and set a “buy” rating for the company in a report on Tuesday, March 4th. Citigroup upped their price target on NetApp from $105.00 to $110.00 and gave the stock a “neutral” rating in a report on Monday. Wells Fargo & Company cut their price objective on NetApp from $115.00 to $100.00 and set an “equal weight” rating on the stock in a research report on Friday. UBS Group cut their price objective on NetApp from $115.00 to $108.00 and set a “neutral” rating on the stock in a research report on Friday. Finally, Morgan Stanley reissued a “cautious” rating on shares of NetApp in a research report on Tuesday, May 20th. One investment analyst has rated the stock with a sell rating, ten have issued a hold rating and seven have issued a buy rating to the company. According to data from MarketBeat, the company presently has a consensus rating of “Hold” and a consensus target price of $119.27.

NetApp Stock Performance

Shares of NTAP opened at $98.77 on Tuesday. The stock’s 50-day simple moving average is $90.31 and its 200 day simple moving average is $106.81. The stock has a market capitalization of $20.09 billion, a price-to-earnings ratio of 18.16, a price-to-earnings-growth ratio of 2.45 and a beta of 1.40. The company has a debt-to-equity ratio of 1.39, a quick ratio of 0.84 and a current ratio of 0.91. NetApp, Inc. has a 52-week low of $71.84 and a 52-week high of $135.45.

NetApp (NASDAQ:NTAP) last announced its earnings results on Thursday, May 29th. The data storage provider reported $1.93 earnings per share for the quarter, topping analysts’ consensus estimates of $1.90 by $0.03. The business had revenue of $1.73 billion for the quarter, compared to analyst estimates of $1.72 billion. NetApp had a return on equity of 123.63% and a net margin of 17.78%. The company’s quarterly revenue was up 3.8% compared to the same quarter last year. During the same period in the prior year, the company earned $1.80 EPS. Research analysts forecast that NetApp, Inc. will post 5.89 EPS for the current fiscal year.

NetApp Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Wednesday, July 23rd. Investors of record on Thursday, July 3rd will be given a dividend of $0.52 per share. The ex-dividend date of this dividend is Thursday, July 3rd. This represents a $2.08 annualized dividend and a yield of 2.11%. NetApp’s payout ratio is 36.62%.

Insiders Place Their Bets

In other news, President Cesar Cernuda sold 19,696 shares of the firm’s stock in a transaction that occurred on Friday, March 28th. The stock was sold at an average price of $90.15, for a total value of $1,775,594.40. Following the completion of the transaction, the president now owns 11,928 shares in the company, valued at $1,075,309.20. This trade represents a 62.28% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, CEO George Kurian sold 8,500 shares of the firm’s stock in a transaction that occurred on Monday, April 21st. The shares were sold at an average price of $81.83, for a total value of $695,555.00. Following the completion of the transaction, the chief executive officer now owns 249,765 shares of the company’s stock, valued at approximately $20,438,269.95. The trade was a 3.29% decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders sold 28,724 shares of company stock worth $2,520,032. 0.47% of the stock is currently owned by company insiders.

NetApp Profile

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.