NetApp, Inc. (NASDAQ:NTAP) Shares Sold by Psagot Value Holdings Ltd. Israel

Psagot Value Holdings Ltd. Israel lowered its stake in shares of NetApp, Inc. (NASDAQ:NTAPGet Rating) by 19.2% in the first quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 5,463 shares of the data storage provider’s stock after selling 1,298 shares during the quarter. Psagot Value Holdings Ltd. Israel’s holdings in NetApp were worth $453,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also added to or reduced their stakes in the stock. Invesco Ltd. boosted its position in NetApp by 6.0% during the 1st quarter. Invesco Ltd. now owns 2,068,077 shares of the data storage provider’s stock valued at $171,649,000 after purchasing an additional 117,651 shares during the period. Achmea Investment Management B.V. bought a new stake in NetApp during the 1st quarter valued at $2,200,000. Clark Capital Management Group Inc. raised its stake in NetApp by 2.2% during the 1st quarter. Clark Capital Management Group Inc. now owns 368,103 shares of the data storage provider’s stock valued at $30,553,000 after acquiring an additional 8,027 shares in the last quarter. Hsbc Holdings PLC raised its stake in NetApp by 50.1% during the 1st quarter. Hsbc Holdings PLC now owns 451,616 shares of the data storage provider’s stock valued at $37,765,000 after acquiring an additional 150,723 shares in the last quarter. Finally, Ariel Investments LLC raised its stake in NetApp by 0.6% during the 1st quarter. Ariel Investments LLC now owns 466,259 shares of the data storage provider’s stock valued at $38,699,000 after acquiring an additional 2,881 shares in the last quarter. Institutional investors and hedge funds own 88.45% of the company’s stock.

Analysts Set New Price Targets

NTAP has been the topic of several recent analyst reports. StockNews.com raised NetApp from a “hold” rating to a “buy” rating in a research note on Friday, July 15th. Cowen cut their target price on NetApp to $85.00 in a research note on Friday, May 27th. Raymond James lifted their target price on NetApp from $94.00 to $105.00 in a research note on Thursday, August 25th. OTR Global raised NetApp to a “positive” rating in a research note on Tuesday, July 26th. Finally, Credit Suisse Group assumed coverage on NetApp in a research note on Tuesday, August 16th. They issued an “outperform” rating and a $87.00 price objective on the stock. One analyst has rated the stock with a sell rating, six have issued a hold rating and twelve have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus target price of $92.00.

Insider Activity

In other news, President Cesar Cernuda sold 18,000 shares of NetApp stock in a transaction on Wednesday, June 15th. The stock was sold at an average price of $64.68, for a total transaction of $1,164,240.00. Following the transaction, the president now owns 61,075 shares in the company, valued at $3,950,331. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. In other NetApp news, CEO George Kurian sold 2,125 shares of the business’s stock in a transaction dated Wednesday, July 20th. The stock was sold at an average price of $70.00, for a total value of $148,750.00. Following the transaction, the chief executive officer now owns 165,700 shares in the company, valued at $11,599,000. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, President Cesar Cernuda sold 18,000 shares of the business’s stock in a transaction dated Wednesday, June 15th. The shares were sold at an average price of $64.68, for a total value of $1,164,240.00. Following the completion of the transaction, the president now owns 61,075 shares in the company, valued at approximately $3,950,331. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 24,375 shares of company stock worth $1,598,633. 0.26% of the stock is owned by corporate insiders.

NetApp Stock Up 1.5 %

Shares of NetApp stock opened at $72.45 on Friday. The stock’s fifty day moving average is $70.57 and its 200-day moving average is $73.55. The firm has a market capitalization of $15.75 billion, a PE ratio of 17.33, a price-to-earnings-growth ratio of 1.85 and a beta of 1.19. The company has a quick ratio of 1.31, a current ratio of 1.38 and a debt-to-equity ratio of 3.63. NetApp, Inc. has a 12-month low of $61.26 and a 12-month high of $96.82.

NetApp (NASDAQ:NTAPGet Rating) last announced its earnings results on Wednesday, August 24th. The data storage provider reported $1.20 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.10 by $0.10. The company had revenue of $1.59 billion for the quarter, compared to analyst estimates of $1.55 billion. NetApp had a return on equity of 128.71% and a net margin of 14.71%. NetApp’s revenue for the quarter was up 9.2% compared to the same quarter last year. During the same period in the previous year, the firm earned $0.99 earnings per share. Equities analysts anticipate that NetApp, Inc. will post 4.45 earnings per share for the current year.

NetApp Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Wednesday, October 26th. Stockholders of record on Friday, October 7th will be issued a dividend of $0.50 per share. The ex-dividend date is Thursday, October 6th. This represents a $2.00 dividend on an annualized basis and a dividend yield of 2.76%. NetApp’s dividend payout ratio is 47.85%.

About NetApp

(Get Rating)

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, NetApp ElementOS software, and NetApp SANtricity software; and storage infrastructure solutions, including NetApp All-Flash FAS series, NetApp Fabric Attached Storage, NetApp FlexPod, NetApp E/EF series, NetApp StorageGRID, and NetApp SolidFire.

Further Reading

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Institutional Ownership by Quarter for NetApp (NASDAQ:NTAP)

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