Investors Sell NetApp, Inc. (NTAP) on Strength Following Insider Selling

Investors sold shares of NetApp, Inc. (NASDAQ:NTAP) on strength during trading on Friday after an insider sold shares in the company. $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, Director Jeffry R. Allen sold 20,000 shares of the business’s stock in a transaction that occurred on Tuesday, May 30th. The shares were sold at an average price of $40.46, for a total transaction of $809,200.00. Following the completion of the sale, the director now directly owns 8,500 shares of the company’s stock, valued at $343,910. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, EVP Henri P. Richard sold 1,976 shares of the business’s stock in a transaction that occurred on Tuesday, August 1st. The shares were sold at an average price of $43.41, for a total transaction of $85,778.16. Following the transaction, the executive vice president now owns 19,788 shares of the company’s stock, valued at approximately $858,997.08. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 117,518 shares of company stock worth $4,726,762. 0.47% of the stock is owned by company insiders.

Several equities analysts recently commented on NTAP shares. Drexel Hamilton restated a “buy” rating and issued a $62.00 price target on shares of NetApp in a research note on Wednesday, May 24th. Goldman Sachs Group, Inc. (The) upgraded shares of NetApp from a “neutral” rating to a “buy” rating and raised their price target for the company from $46.00 to $47.00 in a research note on Friday, July 14th. BidaskClub upgraded shares of NetApp from a “hold” rating to a “buy” rating in a report on Wednesday, July 19th. Maxim Group upgraded shares of NetApp from a “hold” rating to a “buy” rating and raised their price target for the stock from $46.00 to $56.00 in a report on Monday. Finally, Piper Jaffray Companies set a $50.00 price objective on shares of NetApp and gave the stock a “buy” rating in a research report on Monday. Four equities research analysts have rated the stock with a sell rating, twenty have given a hold rating and twelve have assigned a buy rating to the company. NetApp currently has an average rating of “Hold” and a consensus price target of $42.63.

The company has a 50 day moving average price of $42.06 and a 200-day moving average price of $40.70. The company has a market cap of $11.52 billion, a PE ratio of 23.43 and a beta of 1.21.

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

The firm also recently announced a quarterly dividend, which was paid on Wednesday, July 26th. Investors of record on Friday, July 7th were given a dividend of $0.20 per share. This is a positive change from NetApp’s previous quarterly dividend of $0.19. This represents a $0.80 annualized dividend and a yield of 1.89%. The ex-dividend date of this dividend was Wednesday, July 5th. NetApp’s dividend payout ratio is currently 44.20%.

A number of hedge funds have recently bought and sold shares of NTAP. First Citizens Bank & Trust Co. purchased a new stake in NetApp during the first quarter valued at $882,000. Profund Advisors LLC increased its stake in NetApp by 8.1% in the first quarter. Profund Advisors LLC now owns 7,624 shares of the data storage provider’s stock valued at $319,000 after buying an additional 572 shares during the last quarter. Korea Investment CORP increased its stake in NetApp by 17.4% in the first quarter. Korea Investment CORP now owns 131,667 shares of the data storage provider’s stock valued at $5,510,000 after buying an additional 19,539 shares during the last quarter. BTIM Corp. increased its stake in NetApp by 8.0% in the first quarter. BTIM Corp. now owns 113,120 shares of the data storage provider’s stock valued at $4,735,000 after buying an additional 8,358 shares during the last quarter. Finally, CAPROCK Group Inc. purchased a new stake in NetApp during the first quarter valued at $219,000. Institutional investors and hedge funds own 90.10% of the company’s stock.

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NetApp Company Profile

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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