Trust Asset Management LLC Cuts Stock Position in NetApp, Inc. (NASDAQ:NTAP)

Trust Asset Management LLC decreased its holdings in shares of NetApp, Inc. (NASDAQ:NTAP) by 6.1% in the first quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 2,371 shares of the data storage provider’s stock after selling 154 shares during the quarter. Trust Asset Management LLC’s holdings in NetApp were worth $208,000 as of its most recent SEC filing.

Other large investors have also modified their holdings of the company. Itau Unibanco Holding S.A. grew its holdings in shares of NetApp by 929.6% during the fourth 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 in the last quarter. Manchester Capital Management LLC grew its holdings in shares of NetApp by 375.0% during the first quarter. Manchester Capital Management LLC now owns 285 shares of the data storage provider’s stock worth $25,000 after buying an additional 225 shares in the last quarter. Coppell Advisory Solutions LLC grew its holdings in shares of NetApp by 50.0% during the fourth 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 in the last quarter. Park Square Financial Group LLC purchased a new stake in shares of NetApp during the fourth quarter worth $36,000. Finally, Olde Wealth Management LLC purchased a new stake in shares of NetApp during the first quarter worth $29,000. Hedge funds and other institutional investors own 92.17% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of equities research analysts have recently issued reports on NTAP shares. Wells Fargo & Company dropped their target price on shares of NetApp from $115.00 to $100.00 and set an “equal weight” rating for the company in a report on Friday, May 30th. Evercore ISI dropped their target price on shares of NetApp from $120.00 to $100.00 and set an “in-line” rating for the company in a report on Monday, April 28th. Wedbush reaffirmed a “neutral” rating and set a $110.00 target price on shares of NetApp in a report on Friday, May 30th. Morgan Stanley reaffirmed a “cautious” rating on shares of NetApp in a report on Tuesday, May 20th. Finally, UBS Group dropped their price objective on shares of NetApp from $115.00 to $108.00 and set a “neutral” rating for the company in a report on Friday, May 30th. One research analyst has rated the stock with a sell rating, ten have assigned a hold rating and six have assigned a buy rating to the stock. According to MarketBeat.com, the stock has a consensus rating of “Hold” and a consensus target price of $119.21.

Insider Transactions at NetApp

In other news, CAO Lorenzo Daniel De sold 302 shares of the company’s stock in a transaction that occurred on Tuesday, June 3rd. The shares were sold at an average price of $98.77, for a total value of $29,828.54. Following the transaction, the chief accounting officer directly owned 455 shares in the company, valued at approximately $44,940.35. This represents a 39.89% decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, EVP Elizabeth M. O’callahan sold 1,000 shares of the company’s stock in a transaction that occurred on Thursday, July 10th. The stock was sold at an average price of $106.84, for a total transaction of $106,840.00. Following the completion of the transaction, the executive vice president owned 24,251 shares in the company, valued at approximately $2,590,976.84. This represents a 3.96% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders have sold 18,302 shares of company stock worth $1,920,479. 0.28% of the stock is currently owned by insiders.

NetApp Price Performance

NetApp stock opened at $105.88 on Tuesday. The company’s 50 day simple moving average is $104.82 and its 200-day simple moving average is $101.01. The company has a debt-to-equity ratio of 2.39, a quick ratio of 1.22 and a current ratio of 1.25. NetApp, Inc. has a 1 year low of $71.84 and a 1 year high of $135.45. The company has a market capitalization of $21.22 billion, a price-to-earnings ratio of 18.64, a price-to-earnings-growth ratio of 2.44 and a beta of 1.44.

NetApp (NASDAQ:NTAP) last issued its quarterly earnings data on Thursday, May 29th. The data storage provider reported $1.93 EPS for the quarter, topping the consensus estimate of $1.90 by $0.03. NetApp had a net margin of 18.05% and a return on equity of 126.96%. The firm had revenue of $1.73 billion for the quarter, compared to analyst estimates of $1.72 billion. During the same period in the prior year, the business posted $1.80 EPS. The business’s revenue for the quarter was up 3.8% compared to the same quarter last year. As a group, equities research analysts expect that NetApp, Inc. will post 5.89 earnings per share 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 issued a $0.52 dividend. This represents a $2.08 annualized dividend and a dividend yield of 2.0%. The ex-dividend date was Thursday, July 3rd. NetApp’s dividend payout ratio is currently 36.62%.

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.