NetApp (NASDAQ:NTAP) CEO George Kurian Sells 10,000 Shares of Company Stock

NetApp, Inc. (NASDAQ:NTAP) CEO George Kurian sold 10,000 shares of the firm’s stock in a transaction dated Thursday, October 1st. The shares were sold at an average price of $210.04, for a total transaction of $2,100,400.00. Following the completion of the transaction, the chief executive officer directly owned 208,537 shares in the company, valued at $43,801,111.48. This trade represents a 4.58% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at the SEC website.

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

• On Tuesday, September 29th, George Kurian sold 50,000 shares of NetApp stock. The stock was sold at an average price of $209.95, for a total transaction of $10,497,500.00.
• On Thursday, September 24th, George Kurian sold 37,000 shares of NetApp stock. The shares were sold at an average price of $199.95, for a total value of $7,398,150.00.
• On Monday, September 21st, George Kurian sold 13,000 shares of NetApp stock. The shares were sold at an average price of $200.01, for a total transaction of $2,600,130.00.
• 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 Down 1.1%

Shares of NetApp stock traded down $2.50 on Monday, hitting $223.77. The company had a trading volume of 3,356,941 shares, compared to its average volume of 2,698,764. The stock has a 50-day moving average of $192.69 and a 200-day moving average of $154.90. 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 twelve month low of $93.69 and a twelve month high of $231.90. The firm has a market capitalization of $43.95 billion, a P/E ratio of 31.56, a P/E/G ratio of 2.43 and a beta of 1.46.

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

NetApp Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, October 28th. Investors of record on Friday, October 9th will be issued a dividend of $0.52 per share. The ex-dividend date is Friday, October 9th. This represents a $2.08 dividend on an annualized basis and a dividend yield of 0.9%. NetApp’s dividend payout ratio (DPR) is presently 29.34%.

Analyst Ratings Changes

Several equities research analysts have commented on NTAP shares. Wells Fargo & Company boosted their target price on NetApp from $180.00 to $190.00 and gave the company an “equal weight” rating in a research note on Thursday, September 3rd. UBS Group boosted their price objective on shares of NetApp from $160.00 to $171.00 and gave the stock a “neutral” rating in a research report on Thursday, September 3rd. Citigroup reduced their target price on shares of NetApp from $209.00 to $190.00 and set a “neutral” rating for the company in a report on Thursday, September 3rd. The Goldman Sachs Group reiterated a “buy” rating and issued a $210.00 price target on shares of NetApp in a research note on Thursday, September 3rd. Finally, Loop Capital boosted their price target on shares of NetApp from $215.00 to $260.00 and gave the stock a “buy” rating in a research report on Friday. One equities research analyst has rated the stock with a Strong Buy rating, seven have assigned a Buy rating and ten have given a Hold rating to the company’s stock. According to data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average price target of $199.20.

Institutional Inflows and Outflows

Several institutional investors have recently made changes to their positions in NTAP. BlackRock Inc. acquired a new stake in shares of NetApp in the 2nd quarter valued at approximately $2,925,168,000. Primecap Management Co. CA bought a new position in shares of NetApp in the second quarter valued at $1,395,423,000. First Trust Advisors LP increased its holdings in NetApp by 127.0% during the first quarter. First Trust Advisors LP now owns 3,658,066 shares of the data storage provider’s stock worth $374,549,000 after buying an additional 2,046,912 shares during the last quarter. Legal & General Group Plc acquired a new position in NetApp during the second quarter worth $258,093,000. Finally, Bank of America Corp DE bought a new stake in NetApp during the second quarter worth $235,682,000. Institutional investors and hedge funds own 92.17% of the company’s stock.

NetApp Company Profile

NetApp, Inc develops intelligent data infrastructure and data management solutions for enterprises, service providers, and government organizations. The company helps customers store, manage, protect, and access data across on-premises environments, private clouds, public clouds, and hybrid multicloud infrastructures.

Its portfolio includes enterprise storage systems, all-flash arrays, cloud-connected storage, object storage, and data management software. NetApp’s offerings include the ONTAP data management operating system, AFF and ASA storage systems, StorageGRID object storage, and BlueXP, a platform designed to help customers manage data and storage resources across multiple environments.