NetApp, Inc. (NASDAQ:NTAP) Shares Acquired by Truist Financial Corp

Truist Financial Corp increased its position in NetApp, Inc. (NASDAQ:NTAPFree Report) by 16.1% during the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 21,417 shares of the data storage provider’s stock after acquiring an additional 2,974 shares during the period. Truist Financial Corp’s holdings in NetApp were worth $2,759,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also modified their holdings of NTAP. Hollencrest Capital Management acquired a new stake in shares of NetApp in the 2nd quarter worth approximately $26,000. Rise Advisors LLC acquired a new stake in shares of NetApp in the 1st quarter worth approximately $27,000. J.Safra Asset Management Corp grew its holdings in shares of NetApp by 706.3% in the 1st quarter. J.Safra Asset Management Corp now owns 258 shares of the data storage provider’s stock worth $27,000 after acquiring an additional 226 shares during the period. New Covenant Trust Company N.A. acquired a new stake in shares of NetApp in the 1st quarter worth approximately $28,000. Finally, Redwood Wealth Management Group LLC acquired a new stake in shares of NetApp in the 2nd quarter worth approximately $32,000. Institutional investors and hedge funds own 92.17% of the company’s stock.

NetApp Stock Up 0.6 %

NASDAQ:NTAP opened at $127.27 on Thursday. The company has a market capitalization of $26.19 billion, a price-to-earnings ratio of 27.39, a price-to-earnings-growth ratio of 4.61 and a beta of 1.23. NetApp, Inc. has a one year low of $70.82 and a one year high of $135.01. The stock has a 50-day simple moving average of $122.81 and a 200 day simple moving average of $118.42. The company has a debt-to-equity ratio of 1.34, a quick ratio of 0.91 and a current ratio of 0.96.

NetApp (NASDAQ:NTAPGet Free Report) last posted its quarterly earnings results on Wednesday, August 28th. The data storage provider reported $1.56 EPS for the quarter, topping analysts’ consensus estimates of $1.45 by $0.11. The business had revenue of $1.54 billion during the quarter, compared to the consensus estimate of $1.53 billion. NetApp had a return on equity of 121.41% and a net margin of 17.01%. The company’s revenue for the quarter was up 7.6% compared to the same quarter last year. During the same period last year, the firm earned $0.84 earnings per share. Sell-side analysts predict that NetApp, Inc. will post 5.71 EPS for the current fiscal year.

NetApp Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Wednesday, October 23rd. Investors of record on Friday, October 4th will be paid a $0.52 dividend. The ex-dividend date of this dividend is Friday, October 4th. This represents a $2.08 dividend on an annualized basis and a yield of 1.63%. NetApp’s dividend payout ratio (DPR) is 44.83%.

Insiders Place Their Bets

In other NetApp news, CAO Lorenzo Daniel De sold 1,685 shares of the firm’s stock in a transaction dated Tuesday, September 24th. The shares were sold at an average price of $123.60, for a total value of $208,266.00. The sale was disclosed in a legal filing with the SEC, which is available at this link. In other NetApp news, CEO George Kurian sold 8,500 shares of the firm’s stock in a transaction dated Monday, July 15th. The shares were sold at an average price of $130.36, for a total value of $1,108,060.00. Following the transaction, the chief executive officer now owns 314,274 shares of the company’s stock, valued at $40,968,758.64. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, CAO Lorenzo Daniel De sold 1,685 shares of the firm’s stock in a transaction dated Tuesday, September 24th. The stock was sold at an average price of $123.60, for a total transaction of $208,266.00. The disclosure for this sale can be found here. 0.37% of the stock is currently owned by corporate insiders.

Analyst Ratings Changes

A number of equities research analysts have commented on NTAP shares. Wells Fargo & Company increased their target price on NetApp from $120.00 to $135.00 and gave the company an “equal weight” rating in a report on Wednesday, June 12th. UBS Group increased their target price on NetApp from $121.00 to $134.00 and gave the company a “neutral” rating in a report on Thursday, August 29th. Citigroup increased their target price on NetApp from $120.00 to $130.00 and gave the company a “neutral” rating in a report on Thursday, August 15th. Stifel Nicolaus increased their target price on NetApp from $138.00 to $140.00 and gave the company a “buy” rating in a report on Thursday, August 29th. Finally, Evercore ISI increased their target price on NetApp from $120.00 to $130.00 and gave the company an “in-line” rating in a report on Monday, August 12th. One research analyst has rated the stock with a sell rating, ten have issued a hold rating and six have issued a buy rating to the company. According to MarketBeat.com, the company presently has a consensus rating of “Hold” and an average target price of $129.06.

Check Out Our Latest Stock Analysis on NetApp

NetApp Company Profile

(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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Institutional Ownership by Quarter for NetApp (NASDAQ:NTAP)

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