State of Alaska Department of Revenue Sells 18,373 Shares of NetApp, Inc. (NASDAQ:NTAP)

State of Alaska Department of Revenue lessened its stake in shares of NetApp, Inc. (NASDAQ:NTAP) by 40.3% in the fourth quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 27,179 shares of the data storage provider’s stock after selling 18,373 shares during the quarter. State of Alaska Department of Revenue’s holdings in NetApp were worth $3,154,000 at the end of the most recent quarter.

Several other hedge funds also recently made changes to their positions in the company. Resonant Capital Advisors LLC grew its position in shares of NetApp by 1.8% in the 4th quarter. Resonant Capital Advisors LLC now owns 4,442 shares of the data storage provider’s stock worth $516,000 after buying an additional 80 shares during the last quarter. Geneos Wealth Management Inc. lifted its stake in NetApp by 22.3% in the fourth quarter. Geneos Wealth Management Inc. now owns 549 shares of the data storage provider’s stock worth $64,000 after acquiring an additional 100 shares during the period. OLD National Bancorp IN increased its position in NetApp by 3.5% during the 3rd quarter. OLD National Bancorp IN now owns 3,492 shares of the data storage provider’s stock valued at $431,000 after purchasing an additional 118 shares during the period. Ballentine Partners LLC raised its holdings in NetApp by 4.5% in the 3rd quarter. Ballentine Partners LLC now owns 2,756 shares of the data storage provider’s stock worth $340,000 after purchasing an additional 118 shares in the last quarter. Finally, V Square Quantitative Management LLC lifted its position in shares of NetApp by 2.4% in the 3rd quarter. V Square Quantitative Management LLC now owns 5,108 shares of the data storage provider’s stock worth $631,000 after purchasing an additional 120 shares during the period. 92.17% of the stock is owned by hedge funds and other institutional investors.

NetApp Stock Down 0.9 %

NetApp stock opened at $122.91 on Monday. The firm has a market cap of $24.99 billion, a price-to-earnings ratio of 22.59, a PEG ratio of 2.94 and a beta of 1.23. The company has a current ratio of 0.91, a quick ratio of 0.84 and a debt-to-equity ratio of 1.39. NetApp, Inc. has a 12 month low of $83.80 and a 12 month high of $135.45. The stock has a fifty day simple moving average of $120.99 and a two-hundred day simple moving average of $122.07.

NetApp (NASDAQ:NTAP) last issued its earnings results on Thursday, November 21st. The data storage provider reported $1.87 earnings per share for the quarter, topping analysts’ consensus estimates of $1.78 by $0.09. The business had revenue of $1.66 billion during the quarter, compared to analyst estimates of $1.65 billion. NetApp had a return on equity of 123.63% and a net margin of 17.78%. NetApp’s revenue was up 6.1% on a year-over-year basis. During the same quarter in the previous year, the firm earned $1.23 EPS. Equities analysts predict that NetApp, Inc. will post 5.89 EPS for the current fiscal year.

NetApp Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Wednesday, January 22nd. Investors of record on Friday, January 3rd were issued a $0.52 dividend. This represents a $2.08 annualized dividend and a yield of 1.69%. The ex-dividend date was Friday, January 3rd. NetApp’s dividend payout ratio is currently 38.24%.

Wall Street Analyst Weigh In

Several equities analysts recently issued reports on NTAP shares. JPMorgan Chase & Co. upgraded shares of NetApp from a “neutral” rating to an “overweight” rating and set a $160.00 price target on the stock in a research report on Monday, December 16th. Wedbush reissued a “neutral” rating and issued a $120.00 target price on shares of NetApp in a research report on Friday, November 22nd. Bank of America raised their target price on NetApp from $115.00 to $121.00 and gave the company an “underperform” rating in a research note on Friday, November 22nd. Oppenheimer started coverage on NetApp in a research note on Wednesday, November 13th. They issued a “market perform” rating on the stock. Finally, Barclays raised their price objective on NetApp from $119.00 to $132.00 and gave the company an “equal weight” rating in a research report on Friday, November 22nd. One equities research analyst has rated the stock with a sell rating, nine have given a hold rating and seven have issued a buy rating to the company. According to data from MarketBeat.com, NetApp currently has a consensus rating of “Hold” and a consensus target price of $139.20.

Insider Buying and Selling

In other NetApp news, Director Thomas Michael Nevens sold 3,333 shares of the stock in a transaction dated Monday, November 18th. The stock was sold at an average price of $119.23, for a total value of $397,393.59. Following the transaction, the director now owns 9,277 shares of the company’s stock, valued at approximately $1,106,096.71. This represents a 26.43 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO George Kurian sold 8,500 shares of the firm’s stock in a transaction dated Monday, November 18th. The stock was sold at an average price of $118.00, for a total value of $1,003,000.00. Following the completion of the transaction, the chief executive officer now directly owns 288,282 shares in the company, valued at $34,017,276. The trade was a 2.86 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 64,110 shares of company stock worth $7,632,601. 0.47% of the stock is owned by insiders.

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.