Hemenway Trust Co LLC trimmed its position in NetApp, Inc. (NASDAQ:NTAP – Get Rating) by 13.0% during the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 80,250 shares of the data storage provider’s stock after selling 12,000 shares during the quarter. Hemenway Trust Co LLC’s holdings in NetApp were worth $4,820,000 at the end of the most recent quarter.
Other large investors also recently modified their holdings of the company. Vanguard Group Inc. raised its holdings in shares of NetApp by 0.7% during the 3rd quarter. Vanguard Group Inc. now owns 26,575,097 shares of the data storage provider’s stock valued at $1,643,670,000 after buying an additional 189,823 shares during the period. Wellington Management Group LLP raised its holdings in shares of NetApp by 70.3% during the 1st quarter. Wellington Management Group LLP now owns 8,329,363 shares of the data storage provider’s stock valued at $691,339,000 after buying an additional 3,439,053 shares during the period. Boston Partners raised its holdings in shares of NetApp by 1.8% during the 4th quarter. Boston Partners now owns 2,347,509 shares of the data storage provider’s stock valued at $141,038,000 after buying an additional 42,216 shares during the period. Invesco Ltd. raised its holdings in shares of NetApp by 6.0% during the 1st quarter. Invesco Ltd. now owns 2,068,077 shares of the data storage provider’s stock valued at $171,649,000 after buying an additional 117,651 shares during the period. Finally, Allianz Asset Management GmbH grew its stake in NetApp by 0.4% during the 3rd quarter. Allianz Asset Management GmbH now owns 1,936,438 shares of the data storage provider’s stock valued at $119,769,000 after purchasing an additional 7,244 shares in the last quarter. 87.92% of the stock is currently owned by hedge funds and other institutional investors.
Insiders Place Their Bets
In other NetApp news, President Cesar Cernuda sold 18,000 shares of the company’s stock in a transaction dated Wednesday, March 15th. The stock was sold at an average price of $60.09, for a total value of $1,081,620.00. Following the transaction, the president now directly owns 44,829 shares of the company’s stock, valued at approximately $2,693,774.61. The sale was disclosed in a legal filing with the SEC, which is accessible through the SEC website. In other news, CEO George Kurian sold 4,500 shares of the stock in a transaction dated Tuesday, March 7th. The stock was sold at an average price of $65.04, for a total transaction of $292,680.00. Following the transaction, the chief executive officer now owns 147,170 shares of the company’s stock, valued at approximately $9,571,936.80. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, President Cesar Cernuda sold 18,000 shares of the stock in a transaction dated Wednesday, March 15th. The shares were sold at an average price of $60.09, for a total value of $1,081,620.00. Following the transaction, the president now directly owns 44,829 shares in the company, valued at approximately $2,693,774.61. The disclosure for this sale can be found here. Insiders have sold a total of 31,500 shares of company stock valued at $1,960,448 in the last three months. Insiders own 0.26% of the company’s stock.
Analyst Ratings Changes
A number of equities research analysts have weighed in on the company. Barclays lowered their price objective on NetApp from $71.00 to $67.00 and set an “equal weight” rating for the company in a research note on Thursday, February 23rd. Susquehanna decreased their target price on NetApp from $65.00 to $62.00 and set a “neutral” rating for the company in a research report on Thursday, February 23rd. Credit Suisse Group lowered NetApp from an “outperform” rating to a “neutral” rating in a research report on Thursday, February 23rd. Citigroup decreased their target price on NetApp from $110.00 to $100.00 and set a “buy” rating for the company in a research report on Thursday, February 23rd. Finally, Bank of America lowered NetApp from a “neutral” rating to an “underperform” rating and decreased their target price for the stock from $70.00 to $58.00 in a research report on Thursday, April 20th. Three equities research analysts have rated the stock with a sell rating, eleven have issued a hold rating and nine have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and a consensus price target of $74.24.
NetApp Trading Up 0.2 %
Shares of NetApp stock traded up $0.14 on Monday, reaching $63.99. 395,895 shares of the company were exchanged, compared to its average volume of 1,986,640. The stock has a fifty day moving average price of $63.55 and a 200-day moving average price of $65.33. The firm has a market capitalization of $13.69 billion, a price-to-earnings ratio of 10.99, a price-to-earnings-growth ratio of 1.64 and a beta of 1.20. The company has a current ratio of 1.34, a quick ratio of 1.29 and a debt-to-equity ratio of 2.17. NetApp, Inc. has a fifty-two week low of $58.08 and a fifty-two week high of $79.09.
NetApp (NASDAQ:NTAP – Get Rating) last announced its earnings results on Wednesday, February 22nd. The data storage provider reported $1.37 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.31 by $0.06. The company had revenue of $1.53 billion for the quarter, compared to analyst estimates of $1.61 billion. NetApp had a return on equity of 103.19% and a net margin of 19.93%. NetApp’s revenue for the quarter was down 5.5% compared to the same quarter last year. During the same period in the previous year, the firm earned $1.20 earnings per share. On average, analysts expect that NetApp, Inc. will post 4.29 EPS for the current year.
NetApp Announces Dividend
The company also recently announced a quarterly dividend, which was paid on Wednesday, April 26th. Shareholders of record on Thursday, April 6th were given a $0.50 dividend. This represents a $2.00 annualized dividend and a yield of 3.13%. The ex-dividend date of this dividend was Wednesday, April 5th. NetApp’s payout ratio is currently 34.42%.
NetApp Profile
NetApp, Inc provides software, systems, and services to manage and share data on-premises, and private and public clouds worldwide. The company offers cloud data services, including NetApp Cloud Volumes Service for AWS, NetApp Cloud Volumes ONTAP, NetApp Cloud Sync, NetApp Cloud Secure, NetApp Cloud Tiering, NetApp SaaS Backup, NetApp Kubernetes Service, and NetApp Cloud Insights.