NetApp, Inc. (NASDAQ:NTAP) Shares Sold by Fifth Third Bancorp

Fifth Third Bancorp cut its position in NetApp, Inc. (NASDAQ:NTAPFree Report) by 11.0% during the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 9,252 shares of the data storage provider’s stock after selling 1,146 shares during the period. Fifth Third Bancorp’s holdings in NetApp were worth $1,074,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds and other institutional investors have also modified their holdings of the company. Northwest Investment Counselors LLC acquired a new stake in NetApp in the third quarter valued at $27,000. True Wealth Design LLC raised its position in shares of NetApp by 2,833.3% during the 3rd quarter. True Wealth Design LLC now owns 352 shares of the data storage provider’s stock worth $43,000 after acquiring an additional 340 shares in the last quarter. Capital Performance Advisors LLP acquired a new stake in shares of NetApp during the 3rd quarter worth about $44,000. Ashton Thomas Securities LLC purchased a new stake in NetApp during the third quarter worth approximately $51,000. Finally, Hollencrest Capital Management boosted its holdings in NetApp by 165.0% in the third quarter. Hollencrest Capital Management now owns 530 shares of the data storage provider’s stock valued at $65,000 after purchasing an additional 330 shares in the last quarter. 92.17% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

Several brokerages have recently weighed in on NTAP. JPMorgan Chase & Co. upgraded shares of NetApp from a “neutral” rating to an “overweight” rating and set a $160.00 price objective for the company in a research report on Monday, December 16th. Oppenheimer initiated coverage on shares of NetApp in a research report on Wednesday, November 13th. They issued a “market perform” rating for the company. Bank of America raised their price objective on NetApp from $115.00 to $121.00 and gave the stock an “underperform” rating in a report on Friday, November 22nd. Stifel Nicolaus boosted their target price on NetApp from $140.00 to $145.00 and gave the company a “buy” rating in a report on Friday, November 22nd. Finally, Northland Securities raised their price target on NetApp from $108.00 to $120.00 and gave the stock a “market perform” rating in a research note on Friday, November 22nd. One research analyst has rated the stock with a sell rating, nine have assigned a hold rating and seven have assigned a buy rating to the company’s stock. According to data from MarketBeat, NetApp presently has a consensus rating of “Hold” and a consensus target price of $139.20.

Read Our Latest Research Report on NTAP

Insider Buying and Selling at NetApp

In other news, CEO George Kurian sold 8,500 shares of the business’s stock in a transaction that occurred on Tuesday, January 21st. The stock was sold at an average price of $123.03, for a total transaction of $1,045,755.00. Following the sale, the chief executive officer now owns 271,282 shares of the company’s stock, valued at $33,375,824.46. The trade was a 3.04 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Thomas Michael Nevens sold 3,333 shares of the company’s stock in a transaction that occurred on Monday, November 18th. The stock was sold at an average price of $119.23, for a total value of $397,393.59. Following the completion of the sale, the director now owns 9,277 shares in the company, valued at approximately $1,106,096.71. This represents a 26.43 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders sold 51,610 shares of company stock valued at $6,123,351. 0.47% of the stock is owned by company insiders.

NetApp Stock Up 0.6 %

Shares of NASDAQ:NTAP opened at $120.28 on Thursday. NetApp, Inc. has a fifty-two week low of $83.80 and a fifty-two week high of $135.45. The company has a quick ratio of 0.84, a current ratio of 0.91 and a debt-to-equity ratio of 1.39. The firm’s 50-day simple moving average is $121.37 and its 200-day simple moving average is $122.38. The company has a market cap of $24.45 billion, a price-to-earnings ratio of 22.11, a PEG ratio of 2.99 and a beta of 1.23.

NetApp (NASDAQ:NTAPGet Free Report) last announced its quarterly earnings data on Thursday, November 21st. The data storage provider reported $1.87 earnings per share for the quarter, beating analysts’ consensus estimates of $1.78 by $0.09. The company had revenue of $1.66 billion for the quarter, compared to analyst estimates of $1.65 billion. NetApp had a return on equity of 123.63% and a net margin of 17.78%. The firm’s revenue for the quarter was up 6.1% compared to the same quarter last year. During the same quarter in the previous year, the company earned $1.23 EPS. As a group, equities research analysts predict that NetApp, Inc. will post 5.89 earnings per share for the current year.

NetApp Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Wednesday, January 22nd. Shareholders of record on Friday, January 3rd were given a $0.52 dividend. This represents a $2.08 annualized dividend and a yield of 1.73%. The ex-dividend date was Friday, January 3rd. NetApp’s payout ratio is 38.24%.

NetApp Company Profile

(Free Report)

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.

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Institutional Ownership by Quarter for NetApp (NASDAQ:NTAP)

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