Trustmark National Bank Trust Department Takes Position in NetApp, Inc. (NASDAQ:NTAP)

Trustmark National Bank Trust Department acquired a new position in NetApp, Inc. (NASDAQ:NTAP) in the third quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor acquired 11,482 shares of the data storage provider’s stock, valued at approximately $1,418,000.

A number of other institutional investors and hedge funds have also recently modified their holdings of NTAP. Hollencrest Capital Management bought a new stake in NetApp in the 2nd quarter worth $26,000. Northwest Investment Counselors LLC purchased a new stake in NetApp in the 3rd quarter worth $27,000. New Covenant Trust Company N.A. bought a new stake in NetApp during the first quarter valued at about $28,000. Redwood Wealth Management Group LLC bought a new stake in NetApp during the second quarter worth approximately $32,000. Finally, Crewe Advisors LLC bought a new stake in NetApp during the first quarter worth approximately $35,000. 92.17% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

NTAP has been the subject of a number of research reports. Oppenheimer began coverage on NetApp in a report on Wednesday, November 13th. They issued a “market perform” rating for the company. Citigroup upped their price target on shares of NetApp from $120.00 to $130.00 and gave the company a “neutral” rating in a report on Thursday, August 15th. UBS Group increased their target price on shares of NetApp from $121.00 to $134.00 and gave the stock a “neutral” rating in a research note on Thursday, August 29th. Bank of America raised their price target on shares of NetApp from $105.00 to $110.00 and gave the company an “underperform” rating in a research note on Thursday, August 29th. Finally, JPMorgan Chase & Co. increased their price objective on shares of NetApp from $146.00 to $147.00 and gave the company a “neutral” rating in a report on Thursday, August 29th. One analyst has rated the stock with a sell rating, eleven have assigned a hold rating and six have given a buy rating to the company. According to MarketBeat, NetApp currently has a consensus rating of “Hold” and an average target price of $129.06.

Insider Activity

In related news, CAO Lorenzo Daniel De sold 326 shares of the business’s stock in a transaction dated Monday, November 18th. The shares were sold at an average price of $117.44, for a total value of $38,285.44. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, EVP Elizabeth M. O’callahan sold 705 shares of the stock in a transaction that occurred on Thursday, October 10th. The shares were sold at an average price of $126.20, for a total value of $88,971.00. Following the completion of the sale, the executive vice president now directly owns 11,694 shares of the company’s stock, valued at $1,475,782.80. The trade was a 5.69 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 23,049 shares of company stock valued at $2,807,851 over the last three months. Insiders own 0.47% of the company’s stock.

NetApp Price Performance

NASDAQ:NTAP opened at $126.75 on Friday. NetApp, Inc. has a 1-year low of $77.46 and a 1-year high of $135.01. The company has a current ratio of 0.96, a quick ratio of 0.91 and a debt-to-equity ratio of 1.34. The stock has a market capitalization of $25.96 billion, a PE ratio of 24.76, a P/E/G ratio of 3.13 and a beta of 1.24. The firm has a fifty day simple moving average of $121.77 and a 200 day simple moving average of $122.39.

NetApp (NASDAQ:NTAP) last issued its quarterly earnings results on Thursday, November 21st. The data storage provider reported $1.87 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.78 by $0.09. The firm had revenue of $1.66 billion for the quarter, compared to analyst estimates of $1.65 billion. NetApp had a return on equity of 121.41% and a net margin of 17.01%. The company’s revenue was up 6.1% compared to the same quarter last year. During the same period in the previous year, the firm earned $1.23 earnings per share. On average, research analysts expect that NetApp, Inc. will post 5.71 EPS for the current fiscal year.

NetApp Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, January 22nd. Shareholders of record on Friday, January 3rd will be paid a dividend of $0.52 per share. This represents a $2.08 dividend on an annualized basis and a yield of 1.64%. NetApp’s payout ratio is 40.63%.

NetApp 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.