Miracle Mile Advisors LLC Sells 2,988 Shares of NetApp, Inc. (NASDAQ:NTAP)

Miracle Mile Advisors LLC lessened its position in NetApp, Inc. (NASDAQ:NTAPFree Report) by 56.1% during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 2,335 shares of the data storage provider’s stock after selling 2,988 shares during the quarter. Miracle Mile Advisors LLC’s holdings in NetApp were worth $206,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other institutional investors and hedge funds have also recently modified their holdings of NTAP. Private Advisor Group LLC grew its stake in shares of NetApp by 66.3% during the first quarter. Private Advisor Group LLC now owns 7,740 shares of the data storage provider’s stock valued at $643,000 after buying an additional 3,086 shares during the last quarter. Commonwealth of Pennsylvania Public School Empls Retrmt SYS grew its stake in shares of NetApp by 6.0% during the first quarter. Commonwealth of Pennsylvania Public School Empls Retrmt SYS now owns 29,741 shares of the data storage provider’s stock valued at $2,469,000 after buying an additional 1,672 shares during the last quarter. Sei Investments Co. grew its stake in shares of NetApp by 0.8% during the first quarter. Sei Investments Co. now owns 139,507 shares of the data storage provider’s stock valued at $11,563,000 after buying an additional 1,086 shares during the last quarter. Aviva PLC grew its stake in shares of NetApp by 41.0% during the first quarter. Aviva PLC now owns 98,770 shares of the data storage provider’s stock valued at $8,198,000 after buying an additional 28,705 shares during the last quarter. Finally, Prudential PLC bought a new position in shares of NetApp during the first quarter valued at about $465,000. 92.17% of the stock is owned by institutional investors.

NetApp Price Performance

NTAP stock opened at $106.48 on Thursday. The firm has a 50 day moving average price of $95.14 and a 200-day moving average price of $86.10. NetApp, Inc. has a 52-week low of $60.92 and a 52-week high of $112.48. The firm has a market capitalization of $21.98 billion, a price-to-earnings ratio of 24.20, a PEG ratio of 2.32 and a beta of 1.28. The company has a debt-to-equity ratio of 2.00, a quick ratio of 1.11 and a current ratio of 1.15.

NetApp (NASDAQ:NTAPGet Free Report) last released its earnings results on Thursday, February 29th. The data storage provider reported $1.94 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.69 by $0.25. NetApp had a net margin of 15.21% and a return on equity of 109.49%. The firm had revenue of $1.61 billion during the quarter, compared to analyst estimates of $1.59 billion. During the same period last year, the business earned $1.02 earnings per share. The business’s revenue was up 5.2% on a year-over-year basis. Equities research analysts forecast that NetApp, Inc. will post 5.16 EPS for the current fiscal year.

NetApp Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Wednesday, April 24th. Investors of record on Friday, April 5th will be given a dividend of $0.50 per share. This represents a $2.00 annualized dividend and a dividend yield of 1.88%. The ex-dividend date of this dividend is Thursday, April 4th. NetApp’s dividend payout ratio (DPR) is currently 45.45%.

Insider Activity at NetApp

In related news, EVP Elizabeth M. O’callahan sold 871 shares of the firm’s stock in a transaction that occurred on Wednesday, January 10th. The shares were sold at an average price of $86.27, for a total transaction of $75,141.17. Following the completion of the sale, the executive vice president now owns 10,856 shares of the company’s stock, valued at $936,547.12. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. In related news, EVP Elizabeth M. O’callahan sold 871 shares of the firm’s stock in a transaction that occurred on Wednesday, January 10th. The shares were sold at an average price of $86.27, for a total transaction of $75,141.17. Following the completion of the sale, the executive vice president now owns 10,856 shares of the company’s stock, valued at $936,547.12. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CFO Michael J. Berry sold 7,500 shares of the firm’s stock in a transaction that occurred on Tuesday, March 12th. The shares were sold at an average price of $102.75, for a total transaction of $770,625.00. Following the sale, the chief financial officer now directly owns 152,409 shares of the company’s stock, valued at approximately $15,660,024.75. The disclosure for this sale can be found here. Insiders sold 24,371 shares of company stock valued at $2,351,656 over the last 90 days. Corporate insiders own 0.37% of the company’s stock.

Wall Street Analyst Weigh In

A number of research firms have recently weighed in on NTAP. Argus upgraded shares of NetApp from a “hold” rating to a “buy” rating and set a $130.00 target price for the company in a report on Monday, March 4th. Evercore ISI increased their target price on shares of NetApp from $95.00 to $105.00 and gave the stock an “in-line” rating in a report on Friday, March 1st. StockNews.com lowered shares of NetApp from a “strong-buy” rating to a “buy” rating in a report on Thursday, March 7th. Wedbush increased their target price on shares of NetApp from $85.00 to $100.00 and gave the stock a “neutral” rating in a report on Friday, March 1st. Finally, Barclays increased their target price on shares of NetApp from $80.00 to $100.00 and gave the stock an “equal weight” rating in a report on Friday, March 1st. Two investment analysts have rated the stock with a sell rating, ten have assigned a hold rating and six have assigned a buy rating to the stock. According to data from MarketBeat, the stock presently has a consensus rating of “Hold” and an average target price of $97.94.

Check Out Our Latest Analysis on NTAP

NetApp Profile

(Free Report)

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.

Further Reading

Institutional Ownership by Quarter for NetApp (NASDAQ:NTAP)

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