NetApp, Inc. (NASDAQ:NTAP) Shares Sold by Foundry Partners LLC

Foundry Partners LLC reduced its stake in shares of NetApp, Inc. (NASDAQ:NTAP) by 0.5% during the 3rd quarter, according to its most recent filing with the SEC. The firm owned 109,278 shares of the data storage provider’s stock after selling 529 shares during the period. Foundry Partners LLC owned approximately 0.05% of NetApp worth $13,497,000 at the end of the most recent quarter.

A number of other institutional investors have also modified their holdings of NTAP. Hollencrest Capital Management purchased a new position in shares of NetApp during the 2nd quarter valued at approximately $26,000. Northwest Investment Counselors LLC acquired a new stake in NetApp in the 3rd quarter worth about $27,000. New Covenant Trust Company N.A. acquired a new stake in NetApp in the 1st quarter worth about $28,000. Redwood Wealth Management Group LLC purchased a new stake in NetApp during the 2nd quarter worth approximately $32,000. Finally, Crewe Advisors LLC acquired a new position in shares of NetApp during the first quarter valued at approximately $35,000. Hedge funds and other institutional investors own 92.17% of the company’s stock.

Analyst Upgrades and Downgrades

Several brokerages recently commented on NTAP. JPMorgan Chase & Co. boosted their price target on NetApp from $146.00 to $147.00 and gave the stock a “neutral” rating in a research report on Thursday, August 29th. UBS Group increased their price objective on shares of NetApp from $121.00 to $134.00 and gave the company a “neutral” rating in a report on Thursday, August 29th. Barclays boosted their target price on NetApp from $116.00 to $119.00 and gave the stock an “equal weight” rating in a report on Thursday, August 29th. Bank of America lifted their price objective on NetApp from $105.00 to $110.00 and gave the stock an “underperform” rating in a research report on Thursday, August 29th. Finally, Citigroup raised their target price on NetApp from $120.00 to $130.00 and gave the stock a “neutral” rating in a research note on Thursday, August 15th. One equities research analyst has rated the stock with a sell rating, eleven have given a hold rating and six have given a buy rating to the company’s stock. Based on data from MarketBeat, NetApp currently has a consensus rating of “Hold” and an average target price of $129.06.

Insider Activity

In related news, CAO Lorenzo Daniel De sold 326 shares of the firm’s stock in a transaction dated Monday, November 18th. The shares were sold at an average price of $117.44, for a total value of $38,285.44. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Thomas Michael Nevens sold 3,333 shares of the stock in a transaction that occurred on Monday, November 18th. The stock was sold at an average price of $119.23, for a total value of $397,393.59. Following the transaction, the director now directly owns 9,277 shares of the company’s stock, valued at approximately $1,106,096.71. This trade represents a 26.43 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders sold 23,049 shares of company stock valued at $2,807,851. Insiders own 0.47% of the company’s stock.

NetApp Stock Performance

Shares of NetApp stock opened at $123.45 on Thursday. The business has a 50-day simple moving average of $121.56 and a 200-day simple moving average of $122.36. The company has a debt-to-equity ratio of 1.34, a quick ratio of 0.91 and a current ratio of 0.96. NetApp, Inc. has a one year low of $77.30 and a one year high of $135.01. The company has a market cap of $25.28 billion, a PE ratio of 24.11, a P/E/G ratio of 3.13 and a beta of 1.24.

NetApp (NASDAQ:NTAP) last announced its quarterly earnings data on Wednesday, August 28th. The data storage provider reported $1.56 EPS for the quarter, beating analysts’ consensus estimates of $1.45 by $0.11. The company had revenue of $1.54 billion for the quarter, compared to the consensus estimate of $1.53 billion. NetApp had a net margin of 17.01% and a return on equity of 121.41%. The company’s quarterly revenue was up 7.6% compared to the same quarter last year. During the same period in the prior year, the firm posted $0.84 EPS. On average, equities research analysts forecast that NetApp, Inc. will post 5.71 EPS for the current fiscal year.

NetApp Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Wednesday, October 23rd. Investors of record on Friday, October 4th were given a $0.52 dividend. This represents a $2.08 dividend on an annualized basis and a dividend yield of 1.68%. The ex-dividend date was Friday, October 4th. NetApp’s dividend payout ratio (DPR) is 40.63%.

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.