Bangor Savings Bank Lowers Holdings in NetApp, Inc. (NASDAQ:NTAP)

Bangor Savings Bank reduced its position in shares of NetApp, Inc. (NASDAQ:NTAP) by 3.1% in the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 13,620 shares of the data storage provider’s stock after selling 441 shares during the period. Bangor Savings Bank’s holdings in NetApp were worth $1,682,000 at the end of the most recent quarter.

Several other institutional investors have also recently made changes to their positions in NTAP. Hollencrest Capital Management bought a new position in NetApp in the 2nd quarter worth about $26,000. Rise Advisors LLC purchased a new stake in NetApp in the first quarter valued at approximately $27,000. J.Safra Asset Management Corp lifted its position in NetApp by 706.3% during the first quarter. J.Safra Asset Management Corp now owns 258 shares of the data storage provider’s stock valued at $27,000 after purchasing an additional 226 shares during the last quarter. New Covenant Trust Company N.A. purchased a new position in NetApp in the 1st quarter worth approximately $28,000. Finally, Redwood Wealth Management Group LLC bought a new position in shares of NetApp in the 2nd quarter worth $32,000. Institutional investors own 92.17% of the company’s stock.

Wall Street Analysts Forecast Growth

Several brokerages recently issued reports on NTAP. Loop Capital upgraded shares of NetApp from a “hold” rating to a “buy” rating and upped their target price for the stock from $121.00 to $150.00 in a research report on Tuesday, September 3rd. Morgan Stanley increased their price objective on NetApp from $106.00 to $127.00 and gave the company an “equal weight” rating in a research report on Wednesday, June 12th. Susquehanna restated a “positive” rating and issued a $155.00 target price on shares of NetApp in a research report on Monday, August 26th. UBS Group lifted their price target on shares of NetApp from $121.00 to $134.00 and gave the stock a “neutral” rating in a research note on Thursday, August 29th. Finally, TD Cowen boosted their price objective on shares of NetApp from $135.00 to $145.00 and gave the stock a “buy” rating in a report on Wednesday, June 12th. One equities research analyst has rated the stock with a sell rating, ten have given a hold rating and six have given a buy rating to the stock. According to data from MarketBeat.com, the company has an average rating of “Hold” and an average price target of $129.06.

Insider Activity at NetApp

In other NetApp news, CEO George Kurian sold 8,500 shares of the business’s stock in a transaction dated Monday, July 15th. The stock was sold at an average price of $130.36, for a total value of $1,108,060.00. Following the completion of the transaction, the chief executive officer now owns 314,274 shares of the company’s stock, valued at approximately $40,968,758.64. The trade was a 0.00 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. In other 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 transaction of $1,108,060.00. Following the sale, 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 position. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, EVP Elizabeth M. O’callahan sold 452 shares of the stock in a transaction that occurred on Wednesday, July 10th. The shares were sold at an average price of $133.07, for a total transaction of $60,147.64. Following the transaction, the executive vice president now owns 11,886 shares in the company, valued at approximately $1,581,670.02. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 10,637 shares of company stock valued at $1,376,474 over the last ninety days. Insiders own 0.37% of the company’s stock.

NetApp Trading Up 0.4 %

NASDAQ NTAP opened at $123.88 on Tuesday. The firm has a market capitalization of $25.49 billion, a PE ratio of 26.70, a P/E/G ratio of 4.61 and a beta of 1.23. The stock’s 50 day moving average is $122.75 and its 200 day moving average is $118.13. NetApp, Inc. has a twelve month low of $70.82 and a twelve month high of $135.01. The company has a quick ratio of 0.91, a current ratio of 0.96 and a debt-to-equity ratio of 1.34.

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

NetApp Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Wednesday, October 23rd. Stockholders of record on Friday, October 4th will be issued a dividend of $0.52 per share. This represents a $2.08 dividend on an annualized basis and a dividend yield of 1.68%. The ex-dividend date of this dividend is Friday, October 4th. NetApp’s payout ratio is currently 44.83%.

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.