Huntington National Bank Buys 268 Shares of NetApp, Inc. (NASDAQ:NTAP)

Huntington National Bank lifted its stake in shares of NetApp, Inc. (NASDAQ:NTAP) by 22.2% in the third quarter, according to its most recent filing with the SEC. The fund owned 1,474 shares of the data storage provider’s stock after acquiring an additional 268 shares during the period. Huntington National Bank’s holdings in NetApp were worth $182,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in NTAP. UMB Bank n.a. boosted its holdings in shares of NetApp by 11.8% in the 2nd quarter. UMB Bank n.a. now owns 784 shares of the data storage provider’s stock worth $101,000 after purchasing an additional 83 shares in the last quarter. Aviso Wealth Management lifted its position in NetApp by 1.4% in the 2nd quarter. Aviso Wealth Management now owns 6,149 shares of the data storage provider’s stock worth $792,000 after buying an additional 83 shares during the last quarter. Waldron Private Wealth LLC boosted its stake in NetApp by 4.3% in the second quarter. Waldron Private Wealth LLC now owns 2,255 shares of the data storage provider’s stock worth $290,000 after buying an additional 92 shares in the last quarter. Quarry LP grew its position in NetApp by 11.7% during the second quarter. Quarry LP now owns 876 shares of the data storage provider’s stock valued at $113,000 after acquiring an additional 92 shares during the last quarter. Finally, Elo Mutual Pension Insurance Co raised its stake in shares of NetApp by 0.5% during the second quarter. Elo Mutual Pension Insurance Co now owns 18,920 shares of the data storage provider’s stock worth $2,437,000 after acquiring an additional 95 shares in the last quarter. 92.17% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Ratings Changes

Several research firms recently commented on NTAP. Loop Capital raised shares of NetApp from a “hold” rating to a “buy” rating and increased their target price for the company from $121.00 to $150.00 in a report on Tuesday, September 3rd. Oppenheimer started coverage on NetApp in a report on Wednesday, November 13th. They set a “market perform” rating for the company. Bank of America lifted their price target on NetApp from $105.00 to $110.00 and gave the stock an “underperform” rating in a research note on Thursday, August 29th. Stifel Nicolaus lifted their target price on shares of NetApp from $138.00 to $140.00 and gave the stock a “buy” rating in a research note on Thursday, August 29th. Finally, Wedbush reissued a “neutral” rating and set a $120.00 price target on shares of NetApp in a research report on Monday, August 26th. One research analyst has rated the stock with a sell rating, eleven have given a hold rating and six have issued a buy rating to the stock. According to data from MarketBeat.com, NetApp currently has a consensus rating of “Hold” and an average target price of $129.06.

Insider Buying and Selling

In other NetApp news, CAO Lorenzo Daniel De sold 1,685 shares of NetApp stock in a transaction on Tuesday, September 24th. The stock was sold at an average price of $123.60, for a total transaction of $208,266.00. The sale was disclosed in a legal filing 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 on Monday, October 21st. The stock was sold at an average price of $126.11, for a total value of $1,071,935.00. Following the completion of the sale, the chief executive officer now directly owns 292,778 shares in the company, valued at $36,922,233.58. This trade represents a 2.82 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 10,890 shares of company stock valued at $1,369,172 over the last quarter. Corporate insiders own 0.47% of the company’s stock.

NetApp Stock Performance

NetApp stock opened at $117.21 on Monday. NetApp, Inc. has a fifty-two week low of $76.41 and a fifty-two week high of $135.01. The stock’s 50 day simple moving average is $121.17 and its two-hundred day simple moving average is $122.11. The company has a debt-to-equity ratio of 1.34, a quick ratio of 0.91 and a current ratio of 0.96. The stock has a market cap of $24.00 billion, a price-to-earnings ratio of 22.89, a PEG ratio of 3.01 and a beta of 1.24.

NetApp (NASDAQ:NTAP) last released its quarterly earnings results on Wednesday, August 28th. The data storage provider reported $1.56 earnings per share for the quarter, beating the consensus estimate of $1.45 by $0.11. The company had revenue of $1.54 billion for the quarter, compared to analyst estimates of $1.53 billion. NetApp had a return on equity of 121.41% and a net margin of 17.01%. The firm’s revenue was up 7.6% on a year-over-year basis. During the same period in the previous year, the company posted $0.84 earnings per share. As a group, analysts expect that NetApp, Inc. will post 5.71 earnings per share for the current fiscal year.

NetApp Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Wednesday, October 23rd. Investors of record on Friday, October 4th were given a dividend of $0.52 per share. The ex-dividend date of this dividend was Friday, October 4th. This represents a $2.08 dividend on an annualized basis and a yield of 1.77%. NetApp’s dividend payout ratio (DPR) is currently 40.62%.

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.