Atlas Capital Advisors Inc. Lowers Holdings in NetApp, Inc. (NASDAQ:NTAP)

Atlas Capital Advisors Inc. lessened its stake in NetApp, Inc. (NASDAQ:NTAP) by 87.8% in the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 1,108 shares of the data storage provider’s stock after selling 7,972 shares during the quarter. Atlas Capital Advisors Inc.’s holdings in NetApp were worth $97,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other large investors have also recently modified their holdings of NTAP. Manchester Capital Management LLC raised its position in shares of NetApp by 375.0% in the 1st quarter. Manchester Capital Management LLC now owns 285 shares of the data storage provider’s stock worth $25,000 after purchasing an additional 225 shares during the last quarter. Olde Wealth Management LLC bought a new stake in NetApp in the 1st quarter worth about $29,000. Migdal Insurance & Financial Holdings Ltd. raised its position in NetApp by 54.9% in the 1st quarter. Migdal Insurance & Financial Holdings Ltd. now owns 350 shares of the data storage provider’s stock worth $31,000 after buying an additional 124 shares during the last quarter. Itau Unibanco Holding S.A. raised its position in NetApp by 929.6% in the 4th quarter. Itau Unibanco Holding S.A. now owns 278 shares of the data storage provider’s stock worth $32,000 after buying an additional 251 shares during the last quarter. Finally, Coppell Advisory Solutions LLC raised its position in NetApp by 50.0% in the 4th quarter. Coppell Advisory Solutions LLC now owns 300 shares of the data storage provider’s stock worth $35,000 after buying an additional 100 shares during the last quarter. Hedge funds and other institutional investors own 92.17% of the company’s stock.

NetApp Stock Up 2.3%

NTAP stock opened at $106.21 on Monday. NetApp, Inc. has a twelve month low of $71.84 and a twelve month high of $135.45. The company has a quick ratio of 1.22, a current ratio of 1.25 and a debt-to-equity ratio of 2.39. The stock has a market cap of $21.28 billion, a P/E ratio of 18.70, a PEG ratio of 2.44 and a beta of 1.44. The business’s 50-day moving average price is $104.68 and its 200-day moving average price is $101.15.

NetApp (NASDAQ:NTAP) last posted its quarterly earnings data on Thursday, May 29th. The data storage provider reported $1.93 earnings per share for the quarter, beating analysts’ consensus estimates of $1.90 by $0.03. NetApp had a return on equity of 126.96% and a net margin of 18.05%. The firm had revenue of $1.73 billion for the quarter, compared to analysts’ expectations of $1.72 billion. During the same period in the previous year, the firm earned $1.80 EPS. The business’s quarterly revenue was up 3.8% on a year-over-year basis. On average, equities research analysts forecast that NetApp, Inc. will post 5.89 EPS for the current year.

NetApp Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Wednesday, July 23rd. Stockholders of record on Thursday, July 3rd were given a dividend of $0.52 per share. This represents a $2.08 dividend on an annualized basis and a dividend yield of 2.0%. The ex-dividend date of this dividend was Thursday, July 3rd. NetApp’s payout ratio is presently 36.62%.

Insider Activity

In other news, CEO George Kurian sold 8,500 shares of NetApp stock in a transaction dated Monday, June 16th. The stock was sold at an average price of $101.78, for a total transaction of $865,130.00. Following the transaction, the chief executive officer directly owned 296,805 shares of the company’s stock, valued at $30,208,812.90. The trade was a 2.78% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, EVP Elizabeth M. O’callahan sold 1,000 shares of NetApp stock in a transaction dated Thursday, July 10th. The shares were sold at an average price of $106.84, for a total value of $106,840.00. Following the transaction, the executive vice president directly owned 24,251 shares in the company, valued at approximately $2,590,976.84. The trade was a 3.96% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 18,302 shares of company stock valued at $1,920,479 in the last ninety days. Corporate insiders own 0.28% of the company’s stock.

Analyst Upgrades and Downgrades

NTAP has been the subject of a number of recent analyst reports. Evercore ISI decreased their target price on NetApp from $120.00 to $100.00 and set an “in-line” rating for the company in a research report on Monday, April 28th. UBS Group decreased their target price on NetApp from $115.00 to $108.00 and set a “neutral” rating for the company in a research report on Friday, May 30th. Citigroup boosted their target price on NetApp from $105.00 to $110.00 and gave the stock a “neutral” rating in a research report on Monday, June 2nd. Wells Fargo & Company decreased their target price on NetApp from $115.00 to $100.00 and set an “equal weight” rating for the company in a research report on Friday, May 30th. Finally, Barclays boosted their target price on NetApp from $115.00 to $117.00 and gave the stock an “overweight” rating in a research report on Friday, May 30th. One equities research analyst has rated the stock with a sell rating, ten have issued a hold rating and six have given a buy rating to the company. According to MarketBeat, NetApp presently has an average rating of “Hold” and an average price target of $118.86.

About NetApp

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.