NetApp, Inc. (NASDAQ:NTAP) Shares Sold by Amalgamated Bank

Amalgamated Bank decreased its position in NetApp, Inc. (NASDAQ:NTAP) by 1.8% in the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 43,073 shares of the data storage provider’s stock after selling 795 shares during the quarter. Amalgamated Bank’s holdings in NetApp were worth $5,548,000 at the end of the most recent reporting period.

Other large investors have also bought and sold shares of the company. Meiji Yasuda Asset Management Co Ltd. boosted its position in shares of NetApp by 8.6% during the 2nd quarter. Meiji Yasuda Asset Management Co Ltd. now owns 7,555 shares of the data storage provider’s stock valued at $973,000 after purchasing an additional 596 shares in the last quarter. Empirical Asset Management LLC raised its holdings in shares of NetApp by 15.0% in the 2nd quarter. Empirical Asset Management LLC now owns 2,683 shares of the data storage provider’s stock worth $346,000 after purchasing an additional 349 shares in the last quarter. Andar Capital Management HK Ltd acquired a new stake in NetApp during the second quarter valued at approximately $4,173,000. E Fund Management Co. Ltd. bought a new stake in NetApp during the second quarter worth approximately $308,000. Finally, Wealth Alliance acquired a new position in NetApp in the second quarter worth approximately $344,000. Institutional investors own 92.17% of the company’s stock.

NetApp Stock Performance

Shares of NASDAQ NTAP opened at $122.22 on Friday. NetApp, Inc. has a one year low of $70.82 and a one year high of $135.01. The business’s 50-day moving average price is $123.74 and its two-hundred day moving average price is $116.56. The company has a debt-to-equity ratio of 1.34, a current ratio of 0.96 and a quick ratio of 0.91. The company has a market capitalization of $25.15 billion, a P/E ratio of 26.34, a price-to-earnings-growth ratio of 4.31 and a beta of 1.23.

NetApp (NASDAQ:NTAP) last announced its quarterly earnings results on Wednesday, August 28th. The data storage provider reported $1.56 EPS for the quarter, beating the consensus estimate of $1.45 by $0.11. The business had revenue of $1.54 billion during the quarter, compared to analysts’ expectations of $1.53 billion. NetApp had a return on equity of 121.41% and a net margin of 17.01%. The firm’s quarterly revenue was up 7.6% compared to the same quarter last year. During the same quarter in the previous year, the business posted $0.84 EPS. Analysts anticipate that NetApp, Inc. will post 5.74 earnings per share for the current fiscal year.

NetApp Dividend Announcement

The firm also recently disclosed 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. This represents a $2.08 annualized dividend and a dividend yield of 1.70%. The ex-dividend date of this dividend is Friday, October 4th. NetApp’s payout ratio is presently 44.83%.

NetApp announced that its Board of Directors has initiated a stock buyback plan on Thursday, May 30th that allows the company to repurchase $1.00 billion in outstanding shares. This repurchase authorization allows the data storage provider to purchase up to 4% of its shares through open market purchases. Shares repurchase plans are typically an indication that the company’s board believes its stock is undervalued.

Analyst Ratings Changes

Several equities research analysts have recently weighed in on NTAP shares. UBS Group raised their price objective on NetApp from $121.00 to $134.00 and gave the stock a “neutral” rating in a research note on Thursday, August 29th. Argus lifted their price target on NetApp from $130.00 to $140.00 and gave the stock a “buy” rating in a research note on Wednesday, June 5th. Stifel Nicolaus upped their price objective on shares of NetApp from $138.00 to $140.00 and gave the company a “buy” rating in a research note on Thursday, August 29th. TD Cowen lifted their target price on shares of NetApp from $135.00 to $145.00 and gave the stock a “buy” rating in a research report on Wednesday, June 12th. Finally, Susquehanna restated a “positive” rating and issued a $155.00 price target on shares of NetApp in a research report on Monday, August 26th. One investment analyst has rated the stock with a sell rating, ten have assigned a hold rating and six have given a buy rating to the company’s stock. Based on data from MarketBeat.com, NetApp currently has an average rating of “Hold” and a consensus target price of $129.06.

Insider Buying and Selling

In other NetApp news, EVP Elizabeth M. O’callahan sold 452 shares of the firm’s stock in a transaction dated Wednesday, July 10th. The stock was sold at an average price of $133.07, for a total transaction of $60,147.64. Following the transaction, the executive vice president now directly owns 11,886 shares in the company, valued at $1,581,670.02. The transaction was disclosed in a filing with the SEC, which is available through this link. In other NetApp news, EVP Elizabeth M. O’callahan sold 452 shares of the company’s stock in a transaction that occurred on Wednesday, July 10th. The stock was sold at an average price of $133.07, for a total transaction of $60,147.64. Following the completion of the sale, the executive vice president now owns 11,886 shares of the company’s stock, valued at $1,581,670.02. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO George Kurian sold 8,500 shares of the stock in a transaction that occurred on 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 in the company, valued at approximately $40,968,758.64. The disclosure for this sale can be found here. Over the last three months, insiders sold 38,452 shares of company stock worth $4,970,628. Corporate insiders own 0.37% of the company’s stock.

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.