Allspring Global Investments Holdings LLC Has $1.09 Million Stock Holdings in NetApp, Inc. (NASDAQ:NTAP)

Allspring Global Investments Holdings LLC trimmed its position in shares of NetApp, Inc. (NASDAQ:NTAP) by 10.1% during the fourth quarter, HoldingsChannel.com reports. The firm owned 12,302 shares of the data storage provider’s stock after selling 1,379 shares during the period. Allspring Global Investments Holdings LLC’s holdings in NetApp were worth $1,085,000 at the end of the most recent quarter.

A number of other hedge funds have also recently made changes to their positions in the company. Larson Financial Group LLC acquired a new position in shares of NetApp in the third quarter worth approximately $27,000. First Pacific Financial acquired a new position in shares of NetApp in the third quarter worth approximately $29,000. UMB Bank n.a. lifted its stake in shares of NetApp by 82.9% in the fourth quarter. UMB Bank n.a. now owns 331 shares of the data storage provider’s stock worth $29,000 after acquiring an additional 150 shares during the period. Planned Solutions Inc. acquired a new position in shares of NetApp in the fourth quarter worth approximately $34,000. Finally, Huntington National Bank lifted its stake in shares of NetApp by 40.4% in the third quarter. Huntington National Bank now owns 490 shares of the data storage provider’s stock worth $37,000 after acquiring an additional 141 shares during the period. 92.17% of the stock is owned by institutional investors and hedge funds.

NetApp Trading Up 1.5 %

NASDAQ NTAP opened at $99.42 on Wednesday. The company has a market cap of $20.52 billion, a price-to-earnings ratio of 22.60, a P/E/G ratio of 2.16 and a beta of 1.28. NetApp, Inc. has a 52 week low of $60.92 and a 52 week high of $112.48. The business has a 50 day moving average price of $99.38 and a 200-day moving average price of $88.94. The company has a quick ratio of 1.11, a current ratio of 1.15 and a debt-to-equity ratio of 2.00.

NetApp (NASDAQ:NTAP) last released its quarterly earnings data on Thursday, February 29th. The data storage provider reported $1.94 EPS for the quarter, beating the consensus estimate of $1.69 by $0.25. The firm had revenue of $1.61 billion during the quarter, compared to the consensus estimate of $1.59 billion. NetApp had a return on equity of 109.49% and a net margin of 15.21%. The company’s quarterly revenue was up 5.2% on a year-over-year basis. During the same quarter in the previous year, the company posted $1.02 earnings per share. As a group, equities analysts expect that NetApp, Inc. will post 5.16 earnings per share for the current fiscal year.

NetApp Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Wednesday, April 24th. Investors of record on Friday, April 5th will be given a dividend of $0.50 per share. The ex-dividend date is Thursday, April 4th. This represents a $2.00 annualized dividend and a dividend yield of 2.01%. NetApp’s payout ratio is 45.45%.

Insider Activity at NetApp

In related news, CEO George Kurian sold 8,500 shares of NetApp stock in a transaction that occurred on Tuesday, March 19th. The stock was sold at an average price of $101.44, for a total transaction of $862,240.00. Following the transaction, the chief executive officer now owns 261,202 shares of the company’s stock, valued at $26,496,330.88. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. In related news, CEO George Kurian sold 8,500 shares of NetApp stock in a transaction that occurred on Tuesday, March 19th. The stock was sold at an average price of $101.44, for a total transaction of $862,240.00. Following the transaction, the chief executive officer now owns 261,202 shares of the company’s stock, valued at $26,496,330.88. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, EVP Elizabeth M. O’callahan sold 871 shares of NetApp stock in a transaction that occurred on Wednesday, April 10th. The shares were sold at an average price of $103.02, for a total value of $89,730.42. Following the transaction, the executive vice president now directly owns 9,601 shares in the company, valued at approximately $989,095.02. The disclosure for this sale can be found here. Insiders have sold a total of 40,371 shares of company stock valued at $4,139,505 over the last 90 days. Insiders own 0.37% of the company’s stock.

Analysts Set New Price Targets

NTAP has been the topic of a number of recent analyst reports. Stifel Nicolaus reaffirmed a “buy” rating and issued a $120.00 price objective (up from $105.00) on shares of NetApp in a research note on Friday, March 1st. Barclays lifted their price objective on NetApp from $80.00 to $100.00 and gave the stock an “equal weight” rating in a research note on Friday, March 1st. StockNews.com lowered NetApp from a “strong-buy” rating to a “buy” rating in a research note on Thursday, March 7th. Raymond James reiterated a “market perform” rating on shares of NetApp in a report on Tuesday, January 16th. Finally, TD Cowen lifted their target price on NetApp from $100.00 to $120.00 and gave the stock an “outperform” rating in a report on Friday, March 1st. One research analyst has rated the stock with a sell rating, ten have assigned a hold rating and six have given a buy rating to the stock. According to data from MarketBeat, NetApp presently has an average rating of “Hold” and an average price target of $100.60.

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.