Matthew K. Fawcett Sells 38,195 Shares of NetApp Inc. (NASDAQ:NTAP) Stock

NetApp Inc. (NASDAQ:NTAP) SVP Matthew K. Fawcett sold 38,195 shares of the business’s stock in a transaction that occurred on Friday, June 21st. The shares were sold at an average price of $61.55, for a total value of $2,350,902.25. Following the completion of the sale, the senior vice president now directly owns 38,527 shares of the company’s stock, valued at approximately $2,371,336.85. The sale was disclosed in a legal filing with the SEC, which is accessible through this link.

NTAP opened at $60.63 on Thursday. The stock has a 50 day moving average of $63.35. NetApp Inc. has a twelve month low of $54.50 and a twelve month high of $88.08. The company has a current ratio of 1.45, a quick ratio of 1.42 and a debt-to-equity ratio of 1.05. The firm has a market cap of $14.64 billion, a price-to-earnings ratio of 15.08, a P/E/G ratio of 0.96 and a beta of 1.51.

NetApp (NASDAQ:NTAP) last posted its earnings results on Wednesday, May 22nd. The data storage provider reported $1.10 earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of $1.13 by ($0.03). NetApp had a return on equity of 71.66% and a net margin of 19.02%. The company had revenue of $1.59 billion during the quarter, compared to analyst estimates of $1.64 billion. During the same quarter last year, the firm posted $1.05 earnings per share. The firm’s revenue for the quarter was down 3.2% compared to the same quarter last year. On average, research analysts expect that NetApp Inc. will post 4.38 EPS for the current year.

The firm also recently declared a quarterly dividend, which will be paid on Wednesday, July 24th. Stockholders of record on Friday, July 5th will be issued a dividend of $0.48 per share. The ex-dividend date of this dividend is Wednesday, July 3rd. This is a positive change from NetApp’s previous quarterly dividend of $0.40. This represents a $1.92 dividend on an annualized basis and a dividend yield of 3.17%. NetApp’s payout ratio is 39.80%.

Several hedge funds have recently modified their holdings of NTAP. Shelton Capital Management acquired a new position in shares of NetApp during the first quarter worth approximately $25,000. Group One Trading L.P. lifted its holdings in shares of NetApp by 196.9% during the first quarter. Group One Trading L.P. now owns 443 shares of the data storage provider’s stock worth $31,000 after buying an additional 900 shares during the last quarter. Lindbrook Capital LLC acquired a new position in shares of NetApp during the fourth quarter worth approximately $32,000. Destination Wealth Management lifted its holdings in shares of NetApp by 53.3% during the first quarter. Destination Wealth Management now owns 460 shares of the data storage provider’s stock worth $32,000 after buying an additional 160 shares during the last quarter. Finally, Bremer Trust National Association acquired a new position in shares of NetApp during the fourth quarter worth approximately $33,000. Institutional investors own 96.50% of the company’s stock.

Several brokerages recently commented on NTAP. BidaskClub cut NetApp from a “hold” rating to a “sell” rating in a research note on Wednesday, June 19th. Bank of America lowered their price target on NetApp from $78.00 to $74.00 and set a “buy” rating for the company in a research note on Thursday, May 23rd. Lake Street Capital cut NetApp from a “buy” rating to a “hold” rating and lowered their price target for the company from $69.00 to $65.00 in a research note on Thursday, May 23rd. JPMorgan Chase & Co. boosted their price target on NetApp from $64.00 to $67.00 and gave the company a “neutral” rating in a research note on Tuesday. Finally, Maxim Group lowered their price target on NetApp to $86.00 and set a “buy” rating for the company in a research note on Thursday, May 23rd. Five equities research analysts have rated the stock with a sell rating, eleven have issued a hold rating and thirteen have given a buy rating to the stock. The company presently has a consensus rating of “Hold” and a consensus price target of $75.95.

NetApp Company Profile

NetApp, Inc provides software, systems, and services to manage and share data on-premises, and private and public clouds worldwide. It offers cloud data services, such as ONTAP cloud storage data management and NetApp cloud sync data synchronization services; NetApp SaaS backup for Microsoft Office 365; NetApp cloud backup solutions; OnCommand management software and management integration tools; and NetApp private storage for cloud.

Featured Article: What are popular green investing opportunities?

Insider Buying and Selling by Quarter for NetApp (NASDAQ:NTAP)

Receive News & Ratings for NetApp Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for NetApp and related companies with MarketBeat.com's FREE daily email newsletter.