Cesar Cernuda Sells 19,696 Shares of NetApp, Inc. (NASDAQ:NTAP) Stock

NetApp, Inc. (NASDAQ:NTAP) President Cesar Cernuda sold 19,696 shares of NetApp stock in a transaction that occurred on Friday, March 28th. The shares were sold at an average price of $90.15, for a total value of $1,775,594.40. Following the sale, the president now directly owns 11,928 shares in the company, valued at approximately $1,075,309.20. The trade was a 62.28 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink.

NetApp Price Performance

NASDAQ NTAP opened at $90.49 on Thursday. The company has a debt-to-equity ratio of 1.39, a quick ratio of 0.84 and a current ratio of 0.91. The company has a market capitalization of $18.41 billion, a price-to-earnings ratio of 16.63, a PEG ratio of 2.45 and a beta of 1.24. The stock has a 50-day moving average of $107.74 and a 200 day moving average of $116.68. NetApp, Inc. has a one year low of $86.40 and a one year high of $135.45.

NetApp Announces Dividend

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

Institutional Investors Weigh In On NetApp

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

Wall Street Analyst Weigh In

NTAP has been the topic of several research reports. Morgan Stanley upped their price target on NetApp from $132.00 to $146.00 and gave the stock an “equal weight” rating in a research note on Tuesday, December 17th. Bank of America raised shares of NetApp from an “underperform” rating to a “neutral” rating and upped their target price for the stock from $121.00 to $128.00 in a research report on Wednesday, February 19th. JPMorgan Chase & Co. dropped their price objective on shares of NetApp from $160.00 to $153.00 and set an “overweight” rating on the stock in a research note on Friday, February 28th. TD Cowen decreased their target price on shares of NetApp from $160.00 to $130.00 and set a “buy” rating for the company in a research note on Friday, February 28th. Finally, StockNews.com cut NetApp from a “buy” rating to a “hold” rating in a research report on Friday, February 28th. Twelve analysts have rated the stock with a hold rating and six have issued a buy rating to the stock. According to MarketBeat, NetApp has a consensus rating of “Hold” and an average price target of $129.07.

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.