Atria Investments Inc Decreases Stake in NetApp, Inc. (NASDAQ:NTAP)

Atria Investments Inc trimmed its position in NetApp, Inc. (NASDAQ:NTAP) by 29.9% during the third quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 8,342 shares of the data storage provider’s stock after selling 3,566 shares during the quarter. Atria Investments Inc’s holdings in NetApp were worth $1,030,000 at the end of the most recent reporting period.

Several other institutional investors have also modified their holdings of the company. Hollencrest Capital Management purchased a new position in shares of NetApp in the 2nd quarter valued at $26,000. Northwest Investment Counselors LLC purchased a new position in shares of NetApp during the third quarter worth about $27,000. New Covenant Trust Company N.A. acquired a new stake in shares of NetApp during the first quarter worth about $28,000. Redwood Wealth Management Group LLC purchased a new stake in shares of NetApp in the 2nd quarter valued at about $32,000. Finally, Crewe Advisors LLC acquired a new stake in shares of NetApp in the 1st quarter valued at about $35,000. 92.17% of the stock is owned by hedge funds and other institutional investors.

NetApp Price Performance

NetApp stock opened at $117.21 on Monday. The company has a market cap of $24.00 billion, a P/E ratio of 22.89, a price-to-earnings-growth ratio of 3.01 and a beta of 1.24. NetApp, Inc. has a one year low of $76.41 and a one year high of $135.01. The business has a fifty day moving average of $121.17 and a two-hundred day moving average of $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.

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

NetApp Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Wednesday, October 23rd. Shareholders of record on Friday, October 4th were issued a $0.52 dividend. This represents a $2.08 annualized dividend and a yield of 1.77%. The ex-dividend date of this dividend was Friday, October 4th. NetApp’s dividend payout ratio (DPR) is 40.63%.

Analysts Set New Price Targets

A number of brokerages have weighed in on NTAP. Bank of America boosted their price objective on NetApp from $105.00 to $110.00 and gave the company an “underperform” rating in a research note on Thursday, August 29th. Citigroup raised their price objective on shares of NetApp from $120.00 to $130.00 and gave the stock a “neutral” rating in a research report on Thursday, August 15th. Susquehanna reaffirmed a “positive” rating and issued a $155.00 target price on shares of NetApp in a report on Monday, August 26th. Oppenheimer initiated coverage on shares of NetApp in a research note on Wednesday, November 13th. They set a “market perform” rating for the company. Finally, Barclays boosted their price target on NetApp from $116.00 to $119.00 and gave the company an “equal weight” rating in a research report on Thursday, August 29th. 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. Based on data from MarketBeat, the company presently has a consensus rating of “Hold” and a consensus price target of $129.06.

Insider Activity

In related news, CEO George Kurian sold 8,500 shares of the company’s stock in a transaction that occurred 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 sale, the chief executive officer now owns 292,778 shares of the company’s stock, valued at approximately $36,922,233.58. This represents a 2.82 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CAO Lorenzo Daniel De sold 1,685 shares of the firm’s stock in a transaction on Tuesday, September 24th. The stock was sold at an average price of $123.60, for a total value of $208,266.00. The disclosure for this sale can be found here. Insiders sold a total of 10,890 shares of company stock worth $1,369,172 over the last 90 days. 0.47% of the stock is currently owned by corporate insiders.

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.