UMB Bank n.a. Purchases 83 Shares of NetApp, Inc. (NASDAQ:NTAP)

UMB Bank n.a. grew its holdings in shares of NetApp, Inc. (NASDAQ:NTAP) by 11.8% during the second quarter, Holdings Channel.com reports. The institutional investor owned 784 shares of the data storage provider’s stock after purchasing an additional 83 shares during the quarter. UMB Bank n.a.’s holdings in NetApp were worth $101,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also recently modified their holdings of the business. Park Avenue Securities LLC boosted its holdings in shares of NetApp by 2.1% during the 2nd quarter. Park Avenue Securities LLC now owns 5,051 shares of the data storage provider’s stock worth $651,000 after buying an additional 103 shares in the last quarter. Graypoint LLC boosted its holdings in shares of NetApp by 4.8% during the 1st quarter. Graypoint LLC now owns 2,492 shares of the data storage provider’s stock worth $262,000 after buying an additional 114 shares in the last quarter. Mission Wealth Management LP boosted its holdings in shares of NetApp by 3.3% during the 4th quarter. Mission Wealth Management LP now owns 3,639 shares of the data storage provider’s stock worth $321,000 after buying an additional 115 shares in the last quarter. First Horizon Advisors Inc. boosted its holdings in shares of NetApp by 58.7% during the 4th quarter. First Horizon Advisors Inc. now owns 311 shares of the data storage provider’s stock worth $27,000 after buying an additional 115 shares in the last quarter. Finally, QRG Capital Management Inc. raised its position in shares of NetApp by 0.6% during the second quarter. QRG Capital Management Inc. now owns 20,207 shares of the data storage provider’s stock worth $2,603,000 after purchasing an additional 116 shares during the period. 92.17% of the stock is currently owned by institutional investors.

Insider Transactions at NetApp

In other news, CEO George Kurian sold 8,500 shares of the stock in a transaction on Monday, July 15th. The stock was sold at an average price of $130.36, for a total transaction of $1,108,060.00. Following the completion of the transaction, the chief executive officer now owns 314,274 shares in the company, valued at approximately $40,968,758.64. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. In other news, CEO George Kurian sold 8,500 shares of the stock in a transaction on Monday, July 15th. The stock was sold at an average price of $130.36, for a total transaction of $1,108,060.00. Following the completion of the transaction, the chief executive officer now owns 314,274 shares in the company, valued at approximately $40,968,758.64. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, EVP Elizabeth M. O’callahan sold 452 shares of the firm’s stock in a transaction dated Wednesday, July 10th. The stock was sold at an average price of $133.07, for a total value of $60,147.64. Following the completion of the transaction, the executive vice president now owns 11,886 shares of the company’s stock, valued at approximately $1,581,670.02. The disclosure for this sale can be found here. In the last 90 days, insiders sold 41,786 shares of company stock worth $5,395,146. 0.37% of the stock is owned by company insiders.

NetApp Stock Up 1.3 %

Shares of NASDAQ:NTAP opened at $120.72 on Friday. The company has a market capitalization of $24.84 billion, a PE ratio of 26.02, a price-to-earnings-growth ratio of 4.96 and a beta of 1.27. The company has a debt-to-equity ratio of 1.74, a current ratio of 1.19 and a quick ratio of 1.15. The business has a fifty day moving average price of $127.51 and a two-hundred day moving average price of $113.37. NetApp, Inc. has a 1 year low of $70.82 and a 1 year high of $135.01.

NetApp (NASDAQ:NTAP) last posted its quarterly earnings results on Wednesday, August 28th. The data storage provider reported $1.56 earnings per share for the quarter, topping the consensus estimate of $1.45 by $0.11. The company had revenue of $1.54 billion during the quarter, compared to the consensus estimate of $1.53 billion. NetApp had a return on equity of 114.54% and a net margin of 15.73%. The firm’s quarterly revenue was up 7.6% compared to the same quarter last year. During the same quarter in the prior year, the company earned $0.84 EPS. Analysts forecast that NetApp, Inc. will post 5.47 earnings per share for the current year.

NetApp declared that its Board of Directors has approved a stock repurchase program on Thursday, May 30th that authorizes the company to repurchase $1.00 billion in shares. This repurchase authorization authorizes the data storage provider to buy up to 4% of its stock through open market purchases. Stock repurchase programs are generally an indication that the company’s leadership believes its shares are undervalued.

NetApp Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Wednesday, October 23rd. Stockholders of record on Friday, October 4th will be paid a dividend of $0.52 per share. The ex-dividend date is Friday, October 4th. This represents a $2.08 annualized dividend and a dividend yield of 1.72%. NetApp’s payout ratio is 44.83%.

Analyst Ratings Changes

A number of equities analysts have recently weighed in on the company. UBS Group upped their target price on NetApp from $121.00 to $134.00 and gave the stock a “neutral” rating in a research report on Thursday. Stifel Nicolaus upped their target price on NetApp from $138.00 to $140.00 and gave the stock a “buy” rating in a research report on Thursday. Wells Fargo & Company upped their target price on NetApp from $120.00 to $135.00 and gave the stock an “equal weight” rating in a research report on Wednesday, June 12th. Susquehanna reaffirmed a “positive” rating and set a $155.00 target price on shares of NetApp in a research report on Monday, August 26th. Finally, Wedbush reaffirmed a “neutral” rating and set a $120.00 target price on shares of NetApp in a research report on Monday, August 26th. One investment analyst has rated the stock with a sell rating, eleven have issued a hold rating and five have issued a buy rating to the stock. According to data from MarketBeat.com, the stock has a consensus rating of “Hold” and a consensus price target of $127.67.

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.