NetApp, Inc. (NASDAQ:NTAP) Position Lessened by Atria Wealth Solutions Inc.

Atria Wealth Solutions Inc. decreased its stake in NetApp, Inc. (NASDAQ:NTAP) by 14.3% during the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 9,353 shares of the data storage provider’s stock after selling 1,565 shares during the period. Atria Wealth Solutions Inc.’s holdings in NetApp were worth $822,000 at the end of the most recent reporting period.

Several other hedge funds have also made changes to their positions in NTAP. Pacer Advisors Inc. raised its stake in NetApp by 4,687.6% during the 1st quarter. Pacer Advisors Inc. now owns 1,068,694 shares of the data storage provider’s stock valued at $93,874,000 after acquiring an additional 1,046,372 shares in the last quarter. Ameriprise Financial Inc. raised its stake in NetApp by 14.5% during the 4th quarter. Ameriprise Financial Inc. now owns 7,024,456 shares of the data storage provider’s stock valued at $815,402,000 after acquiring an additional 888,671 shares in the last quarter. Clark Capital Management Group Inc. raised its stake in NetApp by 5,858.0% during the 4th quarter. Clark Capital Management Group Inc. now owns 895,435 shares of the data storage provider’s stock valued at $103,942,000 after acquiring an additional 880,406 shares in the last quarter. Northern Trust Corp raised its stake in NetApp by 24.2% during the 4th quarter. Northern Trust Corp now owns 2,824,327 shares of the data storage provider’s stock valued at $327,848,000 after acquiring an additional 550,607 shares in the last quarter. Finally, Federated Hermes Inc. raised its stake in NetApp by 97.7% during the 1st quarter. Federated Hermes Inc. now owns 1,096,236 shares of the data storage provider’s stock valued at $96,293,000 after acquiring an additional 541,837 shares in the last quarter. Institutional investors own 92.17% of the company’s stock.

Insider Buying and Selling

In related news, EVP Elizabeth M. O’callahan sold 1,000 shares of the business’s stock in a transaction dated Thursday, July 10th. The stock was sold at an average price of $106.84, for a total transaction of $106,840.00. Following the completion of the transaction, the executive vice president owned 24,251 shares of the company’s stock, valued at approximately $2,590,976.84. The trade was a 3.96% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CEO George Kurian sold 8,500 shares of the business’s stock in a transaction dated Monday, June 16th. The stock was sold at an average price of $101.78, for a total value of $865,130.00. Following the transaction, the chief executive officer directly owned 296,805 shares of the company’s stock, valued at $30,208,812.90. This represents a 2.78% decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders sold 18,302 shares of company stock valued at $1,920,479. Insiders own 0.28% of the company’s stock.

NetApp Stock Performance

Shares of NASDAQ NTAP opened at $105.88 on Tuesday. The business’s 50-day moving average price is $104.82 and its two-hundred day moving average price is $101.01. The company has a debt-to-equity ratio of 2.39, a current ratio of 1.25 and a quick ratio of 1.22. NetApp, Inc. has a one year low of $71.84 and a one year high of $135.45. The company has a market capitalization of $21.22 billion, a P/E ratio of 18.64, a price-to-earnings-growth ratio of 2.44 and a beta of 1.44.

NetApp (NASDAQ:NTAP) last announced its quarterly earnings results on Thursday, May 29th. The data storage provider reported $1.93 earnings per share for the quarter, topping analysts’ consensus estimates 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 during the quarter, compared to analysts’ expectations of $1.72 billion. During the same quarter in the previous year, the firm earned $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 disclosed a quarterly dividend, which was paid on Wednesday, July 23rd. Investors of record on Thursday, July 3rd were given a dividend of $0.52 per share. This represents a $2.08 annualized dividend and a dividend yield of 2.0%. The ex-dividend date of this dividend was Thursday, July 3rd. NetApp’s payout ratio is currently 36.62%.

Analyst Upgrades and Downgrades

Several brokerages have weighed in on NTAP. UBS Group cut their target price on NetApp from $115.00 to $108.00 and set a “neutral” rating on the stock in a research note on Friday, May 30th. JPMorgan Chase & Co. boosted their price objective on NetApp from $115.00 to $130.00 and gave the stock an “overweight” rating in a research note on Thursday, July 17th. Barclays boosted their price objective on NetApp from $115.00 to $117.00 and gave the stock an “overweight” rating in a research note on Friday, May 30th. Wells Fargo & Company decreased their target price on NetApp from $115.00 to $100.00 and set an “equal weight” rating on the stock in a report on Friday, May 30th. Finally, Morgan Stanley restated a “cautious” rating on shares of NetApp in a report on Tuesday, May 20th. One research analyst has rated the stock with a sell rating, ten have issued a hold rating and six have given a buy rating to the company’s stock. According to MarketBeat, NetApp currently has a consensus rating of “Hold” and an average price target of $119.21.

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.