NetApp, Inc. (NASDAQ:NTAP) Shares Sold by Hemenway Trust Co LLC

Hemenway Trust Co LLC lessened its stake in NetApp, Inc. (NASDAQ:NTAP) by 16.5% in the 4th quarter, according to its most recent filing with the SEC. The fund owned 20,250 shares of the data storage provider’s stock after selling 4,000 shares during the period. Hemenway Trust Co LLC’s holdings in NetApp were worth $2,351,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Resonant Capital Advisors LLC increased its stake in NetApp by 1.8% in the fourth quarter. Resonant Capital Advisors LLC now owns 4,442 shares of the data storage provider’s stock valued at $516,000 after purchasing an additional 80 shares during the last quarter. Larson Financial Group LLC lifted its position in shares of NetApp by 2.5% during the 4th quarter. Larson Financial Group LLC now owns 3,778 shares of the data storage provider’s stock worth $438,000 after buying an additional 92 shares during the last quarter. Geneos Wealth Management Inc. boosted its holdings in shares of NetApp by 22.3% in the 4th quarter. Geneos Wealth Management Inc. now owns 549 shares of the data storage provider’s stock valued at $64,000 after buying an additional 100 shares in the last quarter. Moors & Cabot Inc. grew its position in shares of NetApp by 3.6% in the 4th quarter. Moors & Cabot Inc. now owns 2,906 shares of the data storage provider’s stock valued at $337,000 after buying an additional 100 shares during the last quarter. Finally, Steward Partners Investment Advisory LLC raised its stake in NetApp by 2.5% during the 4th quarter. Steward Partners Investment Advisory LLC now owns 4,597 shares of the data storage provider’s stock worth $534,000 after acquiring an additional 111 shares in the last quarter. Hedge funds and other institutional investors own 92.17% of the company’s stock.

NetApp Stock Down 6.8 %

NTAP opened at $76.10 on Friday. The company has a debt-to-equity ratio of 1.39, a current ratio of 0.91 and a quick ratio of 0.84. NetApp, Inc. has a 12 month low of $74.83 and a 12 month high of $135.45. The stock has a market capitalization of $15.48 billion, a P/E ratio of 13.99, a P/E/G ratio of 2.45 and a beta of 1.31. The business has a 50 day simple moving average of $105.85 and a 200-day simple moving average of $116.14.

NetApp Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Wednesday, April 23rd. Shareholders of record on Friday, April 4th will be given a dividend of $0.52 per share. The ex-dividend date of this dividend is Friday, April 4th. This represents a $2.08 annualized dividend and a dividend yield of 2.73%. NetApp’s payout ratio is currently 38.52%.

Wall Street Analyst Weigh In

Several equities analysts have issued reports on the stock. Keefe, Bruyette & Woods upgraded shares of NetApp to an “outperform” rating in a research note on Wednesday, February 19th. Wells Fargo & Company decreased their target price on NetApp from $130.00 to $115.00 and set an “equal weight” rating for the company in a research report on Friday, February 28th. Morgan Stanley raised their price target on NetApp from $132.00 to $146.00 and gave the stock an “equal weight” rating in a research note on Tuesday, December 17th. Susquehanna cut NetApp from a “positive” rating to a “neutral” rating and reduced their price objective for the company from $155.00 to $130.00 in a research note on Monday, February 10th. Finally, Bank of America upgraded shares of NetApp from an “underperform” rating to a “neutral” rating and raised their target price for the stock from $121.00 to $128.00 in a research report on Wednesday, February 19th. Twelve research analysts have rated the stock with a hold rating and six have assigned a buy rating to the company’s stock. According to MarketBeat.com, NetApp presently has a consensus rating of “Hold” and a consensus target price of $129.07.

Insider Transactions at NetApp

In related news, President Cesar Cernuda sold 19,696 shares of the business’s stock in a transaction dated Friday, March 28th. The shares were sold at an average price of $90.15, for a total transaction of $1,775,594.40. Following the sale, the president now owns 11,928 shares of the company’s stock, valued at approximately $1,075,309.20. The trade was a 62.28 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, CFO Michael J. Berry sold 12,500 shares of the stock in a transaction dated Tuesday, February 4th. The shares were sold at an average price of $120.74, for a total transaction of $1,509,250.00. Following the completion of the transaction, the chief financial officer now directly owns 123,243 shares of the company’s stock, valued at approximately $14,880,359.82. This trade represents a 9.21 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 50,627 shares of company stock valued at $5,498,573 in the last ninety days. 0.47% of the stock is currently owned by company insiders.

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.