Insider Selling: NetApp, Inc. (NASDAQ:NTAP) President Sells $1,775,594.40 in Stock

NetApp, Inc. (NASDAQ:NTAP) President Cesar Cernuda sold 19,696 shares of the stock in a transaction 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 sale, the president now directly 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 sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink.

NetApp Stock Up 1.9 %

NTAP opened at $89.49 on Wednesday. The stock’s fifty day simple moving average is $108.45 and its 200 day simple moving average is $116.86. NetApp, Inc. has a 1-year low of $86.40 and a 1-year high of $135.45. The stock has a market cap of $18.20 billion, a PE ratio of 16.45, a price-to-earnings-growth ratio of 2.45 and a beta of 1.24. The company has a current ratio of 0.91, a quick ratio of 0.84 and a debt-to-equity ratio of 1.39.

NetApp Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, April 23rd. Stockholders of record on Friday, April 4th will be given a $0.52 dividend. This represents a $2.08 annualized dividend and a dividend yield of 2.32%. The ex-dividend date of this dividend is Friday, April 4th. NetApp’s payout ratio is presently 38.52%.

Institutional Trading of NetApp

Hedge funds and other institutional investors have recently modified their holdings of the stock. FMR LLC boosted its holdings in shares of NetApp by 2.1% during the third quarter. FMR LLC now owns 267,785 shares of the data storage provider’s stock worth $33,074,000 after acquiring an additional 5,636 shares during the period. Townsquare Capital LLC lifted its holdings in NetApp by 66.5% during the 3rd quarter. Townsquare Capital LLC now owns 5,989 shares of the data storage provider’s stock worth $740,000 after purchasing an additional 2,392 shares during the last quarter. Freedom Investment Management Inc. bought a new stake in NetApp in the 3rd quarter valued at $205,000. Public Sector Pension Investment Board grew its holdings in NetApp by 12.7% in the 3rd quarter. Public Sector Pension Investment Board now owns 8,897 shares of the data storage provider’s stock valued at $1,099,000 after buying an additional 1,000 shares in the last quarter. Finally, Rockefeller Capital Management L.P. increased its position in NetApp by 124.2% during the 3rd quarter. Rockefeller Capital Management L.P. now owns 42,064 shares of the data storage provider’s stock worth $5,194,000 after buying an additional 23,305 shares during the period. Institutional investors own 92.17% of the company’s stock.

Analyst Upgrades and Downgrades

Several research firms have issued reports on NTAP. Wedbush reissued a “neutral” rating and issued a $110.00 price target (down previously from $120.00) on shares of NetApp in a research note on Friday, February 28th. Barclays dropped their target price on NetApp from $132.00 to $115.00 and set an “equal weight” rating on the stock in a research report on Friday, February 28th. JPMorgan Chase & Co. reduced their price target on NetApp from $160.00 to $153.00 and set an “overweight” rating for the company in a research report on Friday, February 28th. TD Cowen lowered their price objective on shares of NetApp from $160.00 to $130.00 and set a “buy” rating on the stock in a report on Friday, February 28th. Finally, Wells Fargo & Company reduced their target price on shares of NetApp from $130.00 to $115.00 and set an “equal weight” rating for the company in a report on Friday, February 28th. Twelve equities research analysts have rated the stock with a hold rating and six have assigned a buy rating to the company. According to MarketBeat, the company currently has an average rating of “Hold” and a consensus target price of $129.07.

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.