Insider Selling: NetApp Inc. (NTAP) Director Sells 20,000 Shares of Stock
NetApp Inc. (NASDAQ:NTAP) Director Thomas Michael Nevens sold 20,000 shares of NetApp stock in a transaction that occurred on Tuesday, January 2nd. The shares were sold at an average price of $55.67, for a total transaction of $1,113,400.00. Following the transaction, the director now owns 17,000 shares of the company’s stock, valued at $946,390. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink.
Shares of NetApp Inc. (NASDAQ NTAP) opened at $58.85 on Friday. NetApp Inc. has a 1 year low of $35.08 and a 1 year high of $58.99. The company has a debt-to-equity ratio of 0.55, a quick ratio of 1.64 and a current ratio of 1.67. The stock has a market cap of $15,423.23, a price-to-earnings ratio of 25.26, a PEG ratio of 1.87 and a beta of 1.29.
NetApp (NASDAQ:NTAP) last issued its quarterly earnings data on Wednesday, November 15th. The data storage provider reported $0.81 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.69 by $0.12. NetApp had a net margin of 11.49% and a return on equity of 26.77%. The firm had revenue of $1.42 billion during the quarter, compared to the consensus estimate of $1.38 billion. During the same quarter in the previous year, the firm posted $0.60 EPS. The company’s revenue for the quarter was up 6.1% compared to the same quarter last year. sell-side analysts forecast that NetApp Inc. will post 2.72 earnings per share for the current year.
Several hedge funds have recently modified their holdings of the company. Neuberger Berman Group LLC grew its position in shares of NetApp by 0.7% during the 2nd quarter. Neuberger Berman Group LLC now owns 8,201 shares of the data storage provider’s stock valued at $328,000 after acquiring an additional 58 shares during the period. HPM Partners LLC grew its position in shares of NetApp by 1.1% during the 2nd quarter. HPM Partners LLC now owns 9,955 shares of the data storage provider’s stock valued at $399,000 after acquiring an additional 107 shares during the period. Calamos Advisors LLC grew its position in shares of NetApp by 2.4% during the 2nd quarter. Calamos Advisors LLC now owns 6,895 shares of the data storage provider’s stock valued at $276,000 after acquiring an additional 160 shares during the period. Cambridge Investment Research Advisors Inc. grew its position in shares of NetApp by 3.7% during the 2nd quarter. Cambridge Investment Research Advisors Inc. now owns 5,189 shares of the data storage provider’s stock valued at $208,000 after acquiring an additional 185 shares during the period. Finally, PNC Financial Services Group Inc. grew its position in shares of NetApp by 2.1% during the 2nd quarter. PNC Financial Services Group Inc. now owns 10,933 shares of the data storage provider’s stock valued at $440,000 after acquiring an additional 228 shares during the period. 94.71% of the stock is owned by hedge funds and other institutional investors.
Several equities analysts have recently issued reports on NTAP shares. Maxim Group lifted their target price on shares of NetApp from $56.00 to $61.00 and gave the company a “buy” rating in a report on Thursday, November 16th. Morgan Stanley reiterated an “underweight” rating on shares of NetApp in a report on Saturday, September 23rd. Piper Jaffray Companies set a $52.00 price objective on shares of NetApp and gave the stock a “buy” rating in a report on Tuesday, November 14th. Barclays upgraded shares of NetApp from an “underweight” rating to an “overweight” rating and boosted their price objective for the stock from $38.00 to $52.00 in a report on Thursday, November 9th. Finally, Royal Bank of Canada boosted their price objective on shares of NetApp from $45.00 to $50.00 and gave the stock a “sector perform” rating in a report on Monday, November 13th. Two research analysts have rated the stock with a sell rating, nineteen have given a hold rating and fourteen have issued a buy rating to the stock. NetApp presently has a consensus rating of “Hold” and a consensus price target of $50.15.
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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