GAMMA Investing LLC Sells 571 Shares of NetApp, Inc. (NASDAQ:NTAP)

GAMMA Investing LLC lessened its holdings in shares of NetApp, Inc. (NASDAQ:NTAP) by 17.4% during the first quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 2,720 shares of the data storage provider’s stock after selling 571 shares during the period. GAMMA Investing LLC’s holdings in NetApp were worth $239,000 at the end of the most recent quarter.

Other hedge funds also recently made changes to their positions in the company. Assetmark Inc. raised its stake in NetApp by 826.9% in the fourth quarter. Assetmark Inc. now owns 241 shares of the data storage provider’s stock valued at $28,000 after purchasing an additional 215 shares in the last quarter. Synergy Investment Management LLC bought a new position in NetApp in the 4th quarter valued at about $32,000. Itau Unibanco Holding S.A. raised its position in shares of NetApp by 929.6% in the 4th quarter. Itau Unibanco Holding S.A. now owns 278 shares of the data storage provider’s stock valued at $32,000 after buying an additional 251 shares in the last quarter. Coppell Advisory Solutions LLC raised its position in shares of NetApp by 50.0% in the 4th quarter. Coppell Advisory Solutions LLC now owns 300 shares of the data storage provider’s stock valued at $35,000 after buying an additional 100 shares in the last quarter. Finally, Park Square Financial Group LLC bought a new stake in shares of NetApp during the 4th quarter worth approximately $36,000. 92.17% of the stock is owned by institutional investors.

Analysts Set New Price Targets

NTAP has been the topic of a number of recent analyst reports. Citigroup lifted their price objective on shares of NetApp from $105.00 to $110.00 and gave the company a “neutral” rating in a research note on Monday, June 2nd. Morgan Stanley reaffirmed a “cautious” rating on shares of NetApp in a report on Tuesday, May 20th. Wells Fargo & Company lowered their price target on NetApp from $115.00 to $100.00 and set an “equal weight” rating for the company in a report on Friday, May 30th. Evercore ISI dropped their price objective on NetApp from $120.00 to $100.00 and set an “in-line” rating for the company in a research report on Monday, April 28th. Finally, Barclays lifted their target price on NetApp from $115.00 to $117.00 and gave the company an “overweight” rating in a research report on Friday, May 30th. One analyst has rated the stock with a sell rating, ten have assigned a hold rating and six have assigned a buy rating to the company’s stock. Based on data from MarketBeat, the company presently has a consensus rating of “Hold” and an average price target of $117.79.

Insider Buying and Selling at NetApp

In related news, CAO Lorenzo Daniel De sold 302 shares of the business’s stock in a transaction on Tuesday, June 3rd. The shares were sold at an average price of $98.77, for a total value of $29,828.54. Following the sale, the chief accounting officer owned 455 shares of the company’s stock, valued at $44,940.35. The trade was a 39.89% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, CEO George Kurian sold 8,500 shares of the stock in a transaction on 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 owned 249,765 shares of the company’s stock, valued at $20,438,269.95. The trade was a 3.29% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 17,302 shares of company stock valued at $1,590,514 in the last ninety days. Insiders own 0.47% of the company’s stock.

NetApp Price Performance

Shares of NTAP opened at $107.48 on Friday. The company has a quick ratio of 1.22, a current ratio of 1.25 and a debt-to-equity ratio of 2.39. The stock has a market cap of $21.53 billion, a PE ratio of 18.92, a PEG ratio of 2.48 and a beta of 1.42. NetApp, Inc. has a 12-month low of $71.84 and a 12-month high of $135.45. The business has a 50-day simple moving average of $99.90 and a two-hundred day simple moving average of $103.83.

NetApp (NASDAQ:NTAP) last released its quarterly earnings results on Thursday, May 29th. The data storage provider reported $1.93 earnings per share for the quarter, topping the consensus estimate of $1.90 by $0.03. NetApp had a return on equity of 126.96% and a net margin of 18.05%. The company had revenue of $1.73 billion for the quarter, compared to analysts’ expectations of $1.72 billion. During the same period in the previous year, the business posted $1.80 earnings per share. The business’s quarterly revenue was up 3.8% compared to the same quarter last year. Analysts anticipate that NetApp, Inc. will post 5.89 earnings per share for the current fiscal year.

NetApp Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Wednesday, July 23rd. Shareholders of record on Thursday, July 3rd will be given a $0.52 dividend. This represents a $2.08 annualized dividend and a yield of 1.94%. The ex-dividend date of this dividend is Thursday, July 3rd. NetApp’s dividend payout ratio (DPR) is currently 36.62%.

NetApp Profile

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.