Chevy Chase Trust Holdings LLC Has $9.37 Million Holdings in NetApp, Inc. (NASDAQ:NTAP)

Chevy Chase Trust Holdings LLC cut its holdings in NetApp, Inc. (NASDAQ:NTAP) by 0.8% during the 1st quarter, according to its most recent disclosure with the SEC. The institutional investor owned 106,625 shares of the data storage provider’s stock after selling 835 shares during the period. Chevy Chase Trust Holdings LLC’s holdings in NetApp were worth $9,366,000 as of its most recent filing with the SEC.

Other institutional investors and hedge funds have also modified their holdings of the company. Assetmark Inc. boosted its position in shares of NetApp by 826.9% during the 4th quarter. Assetmark Inc. now owns 241 shares of the data storage provider’s stock worth $28,000 after acquiring an additional 215 shares in the last quarter. Synergy Investment Management LLC acquired a new stake in NetApp during the 4th quarter worth approximately $32,000. Itau Unibanco Holding S.A. boosted its position in NetApp by 929.6% during the 4th quarter. Itau Unibanco Holding S.A. now owns 278 shares of the data storage provider’s stock worth $32,000 after buying an additional 251 shares during the period. Coppell Advisory Solutions LLC boosted its position in NetApp by 50.0% during the 4th quarter. Coppell Advisory Solutions LLC now owns 300 shares of the data storage provider’s stock worth $35,000 after buying an additional 100 shares during the period. Finally, Park Square Financial Group LLC acquired a new stake in NetApp during the 4th quarter worth approximately $36,000. 92.17% of the stock is currently owned by institutional investors and hedge funds.

Insider Buying and Selling

In related news, CAO Lorenzo Daniel De sold 302 shares of the business’s stock in a transaction dated Tuesday, June 3rd. The stock was sold at an average price of $98.77, for a total value of $29,828.54. Following the sale, the chief accounting officer now directly owns 455 shares in the company, valued at approximately $44,940.35. The trade was a 39.89% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, CEO George Kurian sold 8,500 shares of the business’s stock in a transaction dated 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 sale, the chief executive officer now owns 249,765 shares in the company, valued at $20,438,269.95. This represents a 3.29% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 17,302 shares of company stock valued at $1,590,514. 0.47% of the stock is owned by insiders.

Wall Street Analysts Forecast Growth

Several research analysts have issued reports on NTAP shares. Wall Street Zen lowered shares of NetApp from a “buy” rating to a “hold” rating in a report on Friday, February 28th. Loop Capital decreased their price target on shares of NetApp from $150.00 to $130.00 and set a “buy” rating for the company in a research note on Tuesday, March 4th. UBS Group decreased their price target on shares of NetApp from $115.00 to $108.00 and set a “neutral” rating for the company in a research note on Friday, May 30th. TD Cowen reduced their target price on shares of NetApp from $160.00 to $130.00 and set a “buy” rating for the company in a research note on Friday, February 28th. Finally, Wedbush reiterated a “neutral” rating and issued a $110.00 target price on shares of NetApp in a research note on Friday, May 30th. One research analyst has rated the stock with a sell rating, ten have assigned a hold rating and six have issued a buy rating to the stock. According to data from MarketBeat.com, the stock has an average rating of “Hold” and an average price target of $117.79.

NetApp Price Performance

Shares of NASDAQ:NTAP opened at $104.75 on Friday. The company’s 50-day moving average is $97.61 and its 200 day moving average is $104.40. The company has a debt-to-equity ratio of 2.39, a quick ratio of 1.22 and a current ratio of 1.25. The company has a market capitalization of $20.99 billion, a P/E ratio of 18.44, a price-to-earnings-growth ratio of 2.42 and a beta of 1.42. NetApp, Inc. has a fifty-two week low of $71.84 and a fifty-two week high of $135.45.

NetApp (NASDAQ:NTAP) last issued its quarterly 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 company had revenue of $1.73 billion for the quarter, compared to the consensus estimate of $1.72 billion. NetApp had a net margin of 18.05% and a return on equity of 126.96%. The firm’s quarterly revenue was up 3.8% on a year-over-year basis. During the same period in the previous year, the firm earned $1.80 EPS. On average, equities research analysts forecast that NetApp, Inc. will post 5.89 earnings per share for the current year.

NetApp Announces Dividend

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 issued a $0.52 dividend. This represents a $2.08 dividend on an annualized basis and a dividend yield of 1.99%. The ex-dividend date of this dividend is Thursday, July 3rd. NetApp’s dividend payout ratio (DPR) is currently 36.62%.

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.