George Kurian Sells 8,500 Shares of NetApp, Inc. (NASDAQ:NTAP) Stock

NetApp, Inc. (NASDAQ:NTAP) CEO George Kurian sold 8,500 shares of the stock in a transaction on Monday, November 18th. The stock was sold at an average price of $118.00, for a total value of $1,003,000.00. Following the sale, the chief executive officer now owns 288,282 shares in the company, valued at approximately $34,017,276. This represents a 2.86 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link.

George Kurian also recently made the following trade(s):

• On Monday, October 21st, George Kurian sold 8,500 shares of NetApp stock. The stock was sold at an average price of $126.11, for a total value of $1,071,935.00.

NetApp Trading Up 1.0 %

NASDAQ NTAP opened at $123.45 on Thursday. The stock’s 50-day simple moving average is $121.56 and its two-hundred day simple moving average is $122.36. NetApp, Inc. has a twelve month low of $77.30 and a twelve month high of $135.01. The company has a quick ratio of 0.91, a current ratio of 0.96 and a debt-to-equity ratio of 1.34. The company has a market capitalization of $25.28 billion, a price-to-earnings ratio of 24.11, a PEG ratio of 3.01 and a beta of 1.24.

NetApp (NASDAQ:NTAP) last announced its quarterly earnings data on Wednesday, August 28th. The data storage provider reported $1.56 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.45 by $0.11. NetApp had a return on equity of 121.41% and a net margin of 17.01%. The firm had revenue of $1.54 billion for the quarter, compared to analysts’ expectations of $1.53 billion. During the same period last year, the firm earned $0.84 earnings per share. The company’s revenue for the quarter was up 7.6% compared to the same quarter last year. Research analysts forecast that NetApp, Inc. will post 5.71 EPS for the current fiscal year.

NetApp Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Wednesday, October 23rd. Stockholders of record on Friday, October 4th were paid a dividend of $0.52 per share. The ex-dividend date was Friday, October 4th. This represents a $2.08 dividend on an annualized basis and a dividend yield of 1.68%. NetApp’s dividend payout ratio (DPR) is currently 40.63%.

Wall Street Analyst Weigh In

Several equities research analysts have issued reports on the company. Bank of America increased their target price on NetApp from $105.00 to $110.00 and gave the stock an “underperform” rating in a research report on Thursday, August 29th. Susquehanna reiterated a “positive” rating and issued a $155.00 price objective on shares of NetApp in a research report on Monday, August 26th. Evercore ISI increased their price objective on NetApp from $120.00 to $130.00 and gave the stock an “in-line” rating in a research report on Monday, August 12th. JPMorgan Chase & Co. increased their price objective on NetApp from $146.00 to $147.00 and gave the stock a “neutral” rating in a research report on Thursday, August 29th. Finally, Citigroup increased their price objective on NetApp from $120.00 to $130.00 and gave the stock a “neutral” rating in a research report on Thursday, August 15th. One equities research analyst has rated the stock with a sell rating, eleven have issued a hold rating and six have issued a buy rating to the company’s stock. According to data from MarketBeat.com, NetApp presently has a consensus rating of “Hold” and an average price target of $129.06.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently modified their holdings of the stock. Unigestion Holding SA grew its stake in shares of NetApp by 926.1% during the third quarter. Unigestion Holding SA now owns 283,674 shares of the data storage provider’s stock valued at $35,022,000 after buying an additional 256,028 shares during the last quarter. TCW Group Inc. grew its stake in shares of NetApp by 14.9% during the third quarter. TCW Group Inc. now owns 502,438 shares of the data storage provider’s stock valued at $62,056,000 after buying an additional 65,223 shares during the last quarter. Fortem Financial Group LLC grew its stake in shares of NetApp by 11.2% in the third quarter. Fortem Financial Group LLC now owns 9,306 shares of the data storage provider’s stock worth $1,149,000 after purchasing an additional 934 shares during the last quarter. Chiron Investment Management LLC grew its stake in shares of NetApp by 93.2% in the third quarter. Chiron Investment Management LLC now owns 11,106 shares of the data storage provider’s stock worth $1,372,000 after purchasing an additional 5,357 shares during the last quarter. Finally, Coldstream Capital Management Inc. grew its stake in shares of NetApp by 5.7% in the third quarter. Coldstream Capital Management Inc. now owns 3,080 shares of the data storage provider’s stock worth $380,000 after purchasing an additional 166 shares during the last quarter. 92.17% of the stock is owned by institutional investors.

NetApp Company 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.