Kentucky Retirement Systems trimmed its holdings in NetApp, Inc. (NASDAQ:NTAP – Free Report) by 1.9% in the first quarter, Holdings Channel.com reports. The institutional investor owned 13,856 shares of the data storage provider’s stock after selling 270 shares during the quarter. Kentucky Retirement Systems’ holdings in NetApp were worth $1,217,000 at the end of the most recent reporting period.
A number of other hedge funds have also modified their holdings of NTAP. Truist Financial Corp raised its position in shares of NetApp by 10.0% in the fourth quarter. Truist Financial Corp now owns 18,222 shares of the data storage provider’s stock valued at $2,115,000 after buying an additional 1,657 shares during the last quarter. Global Retirement Partners LLC raised its position in shares of NetApp by 261.1% in the fourth quarter. Global Retirement Partners LLC now owns 2,795 shares of the data storage provider’s stock valued at $324,000 after buying an additional 2,021 shares during the last quarter. Wealthspire Advisors LLC raised its position in shares of NetApp by 4.1% in the fourth quarter. Wealthspire Advisors LLC now owns 3,132 shares of the data storage provider’s stock valued at $364,000 after buying an additional 123 shares during the last quarter. Fjarde AP Fonden Fourth Swedish National Pension Fund raised its position in shares of NetApp by 15.5% in the fourth quarter. Fjarde AP Fonden Fourth Swedish National Pension Fund now owns 62,496 shares of the data storage provider’s stock valued at $7,255,000 after buying an additional 8,400 shares during the last quarter. Finally, Y Intercept Hong Kong Ltd acquired a new stake in NetApp during the fourth quarter worth about $386,000. 92.17% of the stock is currently owned by institutional investors and hedge funds.
Insider Activity
In other NetApp news, Director Anders Gustafsson acquired 2,800 shares of the stock in a transaction dated Thursday, March 27th. The stock was acquired at an average price of $91.00 per share, with a total value of $254,800.00. Following the completion of the purchase, the director now owns 6,348 shares in the company, valued at $577,668. This trade represents a 78.92% increase in their position. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, President Cesar Cernuda sold 19,696 shares of NetApp stock in a transaction that occurred on Friday, March 28th. The stock was sold at an average price of $90.15, for a total transaction of $1,775,594.40. Following the completion of the transaction, the president now owns 11,928 shares of the company’s stock, valued at $1,075,309.20. This represents a 62.28% decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders sold 36,998 shares of company stock valued at $3,366,108. 0.47% of the stock is currently owned by company insiders.
NetApp Price Performance
NetApp (NASDAQ:NTAP – Get Free Report) last announced its quarterly earnings results on Thursday, May 29th. The data storage provider reported $1.93 earnings per share for the quarter, beating analysts’ consensus estimates of $1.90 by $0.03. NetApp had a net margin of 18.05% and a return on equity of 126.96%. The business had revenue of $1.73 billion during the quarter, compared to analysts’ expectations of $1.72 billion. During the same period last year, the business earned $1.80 earnings per share. The business’s revenue for the quarter was up 3.8% on a year-over-year basis. As a group, analysts forecast that NetApp, Inc. will post 5.89 EPS for the current year.
NetApp Dividend Announcement
The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, July 23rd. Stockholders of record on Thursday, July 3rd will be paid a $0.52 dividend. This represents a $2.08 annualized dividend and a dividend yield of 1.96%. The ex-dividend date is Thursday, July 3rd. NetApp’s payout ratio is 36.62%.
Analyst Upgrades and Downgrades
Several research firms recently issued reports on NTAP. Barclays raised their price objective on shares of NetApp from $115.00 to $117.00 and gave the stock an “overweight” rating in a research report on Friday, May 30th. Evercore ISI cut their price objective on shares of NetApp from $120.00 to $100.00 and set an “in-line” rating for the company in a research report on Monday, April 28th. Wells Fargo & Company cut their price objective on shares of NetApp from $115.00 to $100.00 and set an “equal weight” rating for the company in a research report on Friday, May 30th. UBS Group cut their price objective on shares of NetApp from $115.00 to $108.00 and set a “neutral” rating for the company in a research report on Friday, May 30th. Finally, Wedbush restated a “neutral” rating and set a $110.00 price objective on shares of NetApp in a research report on Friday, May 30th. One analyst has rated the stock with a sell rating, ten have issued a hold rating and six have assigned a buy rating to the company’s stock. According to MarketBeat.com, the stock has an average rating of “Hold” and an average price target of $117.79.
View Our Latest Stock Report on NTAP
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.
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