NetApp, Inc. (NASDAQ:NTAP) Announces $0.50 Quarterly Dividend

NetApp, Inc. (NASDAQ:NTAPGet Free Report) announced a quarterly dividend on Thursday, February 29th, RTT News reports. Investors of record on Friday, April 5th will be paid a dividend of 0.50 per share by the data storage provider on Wednesday, April 24th. This represents a $2.00 annualized dividend and a dividend yield of 1.91%. The ex-dividend date of this dividend is Thursday, April 4th.

NetApp Price Performance

NASDAQ NTAP opened at $104.72 on Wednesday. NetApp has a fifty-two week low of $60.92 and a fifty-two week high of $112.48. The stock’s 50-day moving average is $94.81 and its two-hundred day moving average is $85.91. The company has a debt-to-equity ratio of 2.00, a current ratio of 1.15 and a quick ratio of 1.11. The firm has a market cap of $21.61 billion, a P/E ratio of 23.80, a price-to-earnings-growth ratio of 2.32 and a beta of 1.28.

NetApp (NASDAQ:NTAPGet Free Report) last posted its earnings results on Thursday, February 29th. The data storage provider reported $1.94 earnings per share for the quarter, beating the consensus estimate of $1.69 by $0.25. NetApp had a return on equity of 109.49% and a net margin of 15.21%. The company had revenue of $1.61 billion for the quarter, compared to analyst estimates of $1.59 billion. During the same period last year, the company earned $1.02 earnings per share. The business’s revenue was up 5.2% compared to the same quarter last year. On average, analysts anticipate that NetApp will post 5.16 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

NTAP has been the topic of a number of recent analyst reports. Argus upgraded NetApp from a “hold” rating to a “buy” rating and set a $130.00 price objective on the stock in a research note on Monday, March 4th. Raymond James reaffirmed a “market perform” rating on shares of NetApp in a report on Tuesday, January 16th. Evercore ISI boosted their target price on NetApp from $95.00 to $105.00 and gave the stock an “in-line” rating in a report on Friday, March 1st. StockNews.com cut shares of NetApp from a “strong-buy” rating to a “buy” rating in a research report on Thursday, March 7th. Finally, Wedbush boosted their price target on shares of NetApp from $85.00 to $100.00 and gave the company a “neutral” rating in a report on Friday, March 1st. Two investment analysts have rated the stock with a sell rating, ten have assigned a hold rating and six have given a buy rating to the company. Based on data from MarketBeat, the company currently has a consensus rating of “Hold” and an average target price of $97.94.

View Our Latest Report on NTAP

Insider Activity

In other news, EVP Elizabeth M. O’callahan sold 871 shares of the company’s stock in a transaction dated Wednesday, January 10th. The shares were sold at an average price of $86.27, for a total value of $75,141.17. Following the sale, the executive vice president now directly owns 10,856 shares of the company’s stock, valued at approximately $936,547.12. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. In other news, EVP Elizabeth M. O’callahan sold 871 shares of the firm’s stock in a transaction that occurred on Wednesday, January 10th. The shares were sold at an average price of $86.27, for a total transaction of $75,141.17. Following the transaction, the executive vice president now directly owns 10,856 shares of the company’s stock, valued at $936,547.12. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CFO Michael J. Berry sold 7,500 shares of the firm’s stock in a transaction that occurred on Tuesday, March 12th. The stock was sold at an average price of $102.75, for a total transaction of $770,625.00. Following the transaction, the chief financial officer now directly owns 152,409 shares in the company, valued at $15,660,024.75. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 24,371 shares of company stock valued at $2,351,656. 0.37% of the stock is owned by company insiders.

Hedge Funds Weigh In On NetApp

Several large investors have recently modified their holdings of the business. Private Advisor Group LLC raised its stake in NetApp by 66.3% during the first quarter. Private Advisor Group LLC now owns 7,740 shares of the data storage provider’s stock worth $643,000 after buying an additional 3,086 shares during the last quarter. Commonwealth of Pennsylvania Public School Empls Retrmt SYS grew its holdings in shares of NetApp by 6.0% during the first quarter. Commonwealth of Pennsylvania Public School Empls Retrmt SYS now owns 29,741 shares of the data storage provider’s stock valued at $2,469,000 after buying an additional 1,672 shares during the last quarter. Sei Investments Co. grew its holdings in shares of NetApp by 0.8% during the first quarter. Sei Investments Co. now owns 139,507 shares of the data storage provider’s stock valued at $11,563,000 after buying an additional 1,086 shares during the last quarter. Aviva PLC grew its holdings in shares of NetApp by 41.0% during the first quarter. Aviva PLC now owns 98,770 shares of the data storage provider’s stock valued at $8,198,000 after buying an additional 28,705 shares during the last quarter. Finally, Prudential PLC acquired a new position in shares of NetApp during the first quarter valued at about $465,000. Institutional investors own 92.17% of the company’s stock.

NetApp Company Profile

(Get Free Report)

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.

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Dividend History for NetApp (NASDAQ:NTAP)

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