Traders Sell Shares of NetApp, Inc. (NTAP) on Strength After Insider Selling

Traders sold shares of NetApp, Inc. (NASDAQ:NTAP) on strength during trading on Friday following insider selling activity. $18.67 million flowed into the stock on the tick-up and $43.00 million flowed out of the stock on the tick-down, for a money net flow of $24.33 million out of the stock. Of all stocks tracked, NetApp had the 0th highest net out-flow for the day. NetApp traded up $0.16 for the day and closed at $44.76Specifically, CEO George Kurian sold 4,000 shares of the firm’s stock in a transaction that occurred on Monday, May 1st. The shares were sold at an average price of $40.01, for a total transaction of $160,040.00. Following the sale, the chief executive officer now directly owns 20,396 shares in the company, valued at approximately $816,043.96. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, SVP Matthew K. Fawcett sold 8,070 shares of the firm’s stock in a transaction that occurred on Monday, June 5th. The stock was sold at an average price of $39.38, for a total transaction of $317,796.60. Following the sale, the senior vice president now owns 8,367 shares in the company, valued at $329,492.46. The disclosure for this sale can be found here. Insiders have sold a total of 115,542 shares of company stock worth $4,626,344 over the last 90 days. Corporate insiders own 0.49% of the company’s stock.

NTAP has been the topic of several research analyst reports. Robert W. Baird raised their target price on shares of NetApp from $43.00 to $47.00 and gave the stock a “neutral” rating in a report on Tuesday, April 4th. Zacks Investment Research upgraded shares of NetApp from a “sell” rating to a “hold” rating in a report on Monday, May 8th. FBN Securities upgraded shares of NetApp from a “sector perform” rating to an “outperform” rating and raised their target price for the stock from $45.00 to $50.00 in a report on Thursday, May 25th. Royal Bank Of Canada restated a “sector perform” rating on shares of NetApp in a report on Friday, April 7th. Finally, Stifel Nicolaus restated a “hold” rating and set a $37.00 target price on shares of NetApp in a report on Friday, May 26th. Four investment analysts have rated the stock with a sell rating, twenty have assigned a hold rating and twelve have given a buy rating to the company’s stock. The stock has an average rating of “Hold” and an average target price of $41.52.

The stock’s 50-day moving average is $39.92 and its 200-day moving average is $39.79. The stock has a market capitalization of $12.16 billion, a P/E ratio of 24.73 and a beta of 1.19.

NetApp (NASDAQ:NTAP) last announced its quarterly earnings data on Wednesday, May 24th. The data storage provider reported $0.86 earnings per share for the quarter, beating the Zacks’ consensus estimate of $0.82 by $0.04. The company had revenue of $1.48 billion for the quarter, compared to analysts’ expectations of $1.44 billion. NetApp had a return on equity of 21.66% and a net margin of 9.22%. NetApp’s revenue for the quarter was up 7.3% compared to the same quarter last year. During the same period last year, the firm posted $0.55 EPS. On average, analysts expect that NetApp, Inc. will post $3.03 EPS for the current fiscal year.

The business also recently declared a quarterly dividend, which will be paid on Wednesday, July 26th. Shareholders of record on Friday, July 7th will be paid a $0.20 dividend. This is a boost from NetApp’s previous quarterly dividend of $0.19. This represents a $0.80 dividend on an annualized basis and a yield of 1.79%. The ex-dividend date is Wednesday, July 5th. NetApp’s payout ratio is 44.20%.

A number of institutional investors have recently made changes to their positions in the company. Vanguard Group Inc. boosted its position in shares of NetApp by 2.4% in the first quarter. Vanguard Group Inc. now owns 26,733,109 shares of the data storage provider’s stock worth $1,118,781,000 after buying an additional 621,932 shares during the period. BlackRock Inc. boosted its position in shares of NetApp by 1,529.1% in the first quarter. BlackRock Inc. now owns 20,130,070 shares of the data storage provider’s stock worth $842,443,000 after buying an additional 18,894,401 shares during the period. Schroder Investment Management Group boosted its position in shares of NetApp by 10.7% in the first quarter. Schroder Investment Management Group now owns 3,149,828 shares of the data storage provider’s stock worth $131,978,000 after buying an additional 304,535 shares during the period. Geode Capital Management LLC boosted its position in shares of NetApp by 5.7% in the first quarter. Geode Capital Management LLC now owns 3,042,360 shares of the data storage provider’s stock worth $127,165,000 after buying an additional 164,120 shares during the period. Finally, Old Mutual Global Investors UK Ltd. boosted its position in shares of NetApp by 23.4% in the first quarter. Old Mutual Global Investors UK Ltd. now owns 2,929,250 shares of the data storage provider’s stock worth $122,589,000 after buying an additional 556,016 shares during the period. 91.24% of the stock is currently owned by institutional investors and hedge funds.

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About NetApp

NetApp, Inc (NetApp) provides software, systems and services to manage and store customer data. The Company enables enterprises, service providers, governmental organizations, and partners to envision, deploy and evolve their information technology (IT) environments. The Company offers a portfolio of products and services that satisfy a range of customer workloads across different data types and deployment models.

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