George Kurian Sells 13,000 Shares of NetApp (NASDAQ:NTAP) Stock

NetApp, Inc. (NASDAQ:NTAP) CEO George Kurian sold 13,000 shares of the company’s stock in a transaction that occurred on Monday, September 21st. The stock was sold at an average price of $200.01, for a total value of $2,600,130.00. Following the sale, the chief executive officer owned 305,537 shares in the company, valued at approximately $61,110,455.37. This represents a 4.08% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink.

George Kurian also recently made the following trade(s):

• On Monday, September 14th, George Kurian sold 40,000 shares of NetApp stock. The stock was sold at an average price of $191.42, for a total value of $7,656,800.00.

NetApp Stock Performance

NASDAQ NTAP traded up $3.42 during trading on Wednesday, reaching $196.33. 1,649,001 shares of the company’s stock were exchanged, compared to its average volume of 2,689,500. The business has a 50 day moving average price of $185.72 and a 200-day moving average price of $148.82. The stock has a market capitalization of $38.56 billion, a P/E ratio of 27.69, a PEG ratio of 2.13 and a beta of 1.44. The company has a debt-to-equity ratio of 1.30, a current ratio of 1.24 and a quick ratio of 1.16. NetApp, Inc. has a fifty-two week low of $93.69 and a fifty-two week high of $209.06.

NetApp (NASDAQ:NTAP) last released its quarterly earnings data on Wednesday, September 2nd. The data storage provider reported $2.58 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $2.12 by $0.46. NetApp had a return on equity of 119.13% and a net margin of 19.18%.The company had revenue of $2.02 billion during the quarter, compared to analysts’ expectations of $1.84 billion. During the same period last year, the firm posted $1.15 earnings per share. The business’s revenue was up 29.9% on a year-over-year basis. NetApp has set its FY 2027 guidance at 9.730-10.030 EPS and its Q2 2027 guidance at 2.540-2.640 EPS. Sell-side analysts forecast that NetApp, Inc. will post 8.32 earnings per share for the current fiscal year.

NetApp Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, October 28th. Shareholders of record on Friday, October 9th will be given a dividend of $0.52 per share. This represents a $2.08 dividend on an annualized basis and a yield of 1.1%. The ex-dividend date of this dividend is Friday, October 9th. NetApp’s payout ratio is 29.34%.

Analysts Set New Price Targets

A number of analysts have recently issued reports on NTAP shares. Bank of America raised their target price on shares of NetApp from $180.00 to $206.00 and gave the stock a “neutral” rating in a research note on Monday, August 31st. The Goldman Sachs Group reissued a “buy” rating and issued a $210.00 price target on shares of NetApp in a report on Thursday, September 3rd. Morgan Stanley upped their target price on NetApp from $173.00 to $191.00 and gave the company an “equal weight” rating in a research report on Thursday, September 3rd. Northland Securities lifted their price target on NetApp from $171.00 to $187.00 and gave the stock an “outperform” rating in a report on Thursday, September 3rd. Finally, Susquehanna boosted their price target on NetApp from $185.00 to $195.00 and gave the company a “neutral” rating in a research note on Thursday, September 3rd. One research analyst has rated the stock with a Strong Buy rating, six have issued a Buy rating and ten have assigned a Hold rating to the stock. According to data from MarketBeat.com, NetApp presently has a consensus rating of “Hold” and an average price target of $193.86.

Hedge Funds Weigh In On NetApp

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Parallel Advisors LLC boosted its holdings in shares of NetApp by 2.1% during the 4th quarter. Parallel Advisors LLC now owns 5,007 shares of the data storage provider’s stock worth $536,000 after purchasing an additional 101 shares during the last quarter. Assetmark Inc. increased its holdings in shares of NetApp by 3.0% in the first quarter. Assetmark Inc. now owns 3,540 shares of the data storage provider’s stock valued at $362,000 after purchasing an additional 104 shares during the last quarter. MRWM Advisors LLC lifted its position in NetApp by 1.8% during the first quarter. MRWM Advisors LLC now owns 6,794 shares of the data storage provider’s stock worth $696,000 after buying an additional 122 shares in the last quarter. Frank Rimerman Advisors LLC boosted its stake in NetApp by 2.4% during the first quarter. Frank Rimerman Advisors LLC now owns 5,578 shares of the data storage provider’s stock worth $571,000 after buying an additional 131 shares during the last quarter. Finally, Cozad Asset Management Inc. boosted its stake in NetApp by 7.1% during the first quarter. Cozad Asset Management Inc. now owns 2,175 shares of the data storage provider’s stock worth $223,000 after buying an additional 145 shares during the last quarter. 92.17% of the stock is owned by institutional investors and hedge funds.

About NetApp

NetApp, Inc (NASDAQ: NTAP) is a data infrastructure and cloud storage company that helps organizations manage, protect and access data across on-premises environments, private clouds and public clouds. Its offerings are designed to support enterprise workloads such as databases, business applications, artificial intelligence and virtualized computing.

The company’s portfolio includes all-flash and hybrid storage systems, cloud storage services, data management software and infrastructure-as-a-service solutions.