NetApp, Inc. (NASDAQ:NTAP) President Sells $1,775,594.40 in Stock

NetApp, Inc. (NASDAQ:NTAP) President Cesar Cernuda sold 19,696 shares of the business’s stock in a transaction dated Friday, March 28th. The stock was sold at an average price of $90.15, for a total transaction of $1,775,594.40. Following the transaction, the president now owns 11,928 shares in the company, valued at approximately $1,075,309.20. This trade represents a 62.28 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website.

NetApp Stock Performance

NASDAQ NTAP opened at $90.49 on Thursday. The company has a 50-day simple moving average of $107.74 and a two-hundred day simple moving average of $116.68. The company has a quick ratio of 0.84, a current ratio of 0.91 and a debt-to-equity ratio of 1.39. NetApp, Inc. has a 12-month low of $86.40 and a 12-month high of $135.45. The firm has a market cap of $18.41 billion, a price-to-earnings ratio of 16.63, a PEG ratio of 2.45 and a beta of 1.24.

NetApp Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Wednesday, April 23rd. Stockholders of record on Friday, April 4th will be issued a $0.52 dividend. This represents a $2.08 annualized dividend and a dividend yield of 2.30%. The ex-dividend date of this dividend is Friday, April 4th. NetApp’s dividend payout ratio is 38.52%.

Analyst Ratings Changes

A number of brokerages recently commented on NTAP. StockNews.com lowered NetApp from a “buy” rating to a “hold” rating in a report on Friday, February 28th. Keefe, Bruyette & Woods upgraded NetApp to an “outperform” rating in a research note on Wednesday, February 19th. Citigroup reduced their price objective on shares of NetApp from $135.00 to $110.00 and set a “neutral” rating for the company in a research note on Monday, March 3rd. Morgan Stanley upped their price target on NetApp from $132.00 to $146.00 and gave the company an “equal weight” rating in a research report on Tuesday, December 17th. Finally, Susquehanna downgraded shares of NetApp from a “positive” rating to a “neutral” rating and cut their price target for the company from $155.00 to $130.00 in a report on Monday, February 10th. Twelve research analysts have rated the stock with a hold rating and six have assigned a buy rating to the company. According to data from MarketBeat.com, the stock currently has an average rating of “Hold” and an average price target of $129.07.

Hedge Funds Weigh In On NetApp

Hedge funds have recently modified their holdings of the company. Migdal Insurance & Financial Holdings Ltd. bought a new stake in shares of NetApp in the fourth quarter worth about $26,000. Assetmark Inc. lifted its holdings in NetApp by 826.9% in the 4th quarter. Assetmark Inc. now owns 241 shares of the data storage provider’s stock worth $28,000 after buying an additional 215 shares during the period. Synergy Investment Management LLC bought a new stake in shares of NetApp in the 4th quarter worth approximately $32,000. Itau Unibanco Holding S.A. increased its stake in shares of NetApp by 929.6% during the fourth quarter. Itau Unibanco Holding S.A. now owns 278 shares of the data storage provider’s stock valued at $32,000 after buying an additional 251 shares during the period. Finally, Golden State Wealth Management LLC bought a new position in shares of NetApp during the fourth quarter valued at approximately $35,000. Hedge funds and other institutional investors own 92.17% of the company’s stock.

About NetApp

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.