Key Points
- CEO George Kurian sold 37,000 NetApp shares at an average price of $199.95, generating approximately $7.4 million. The sale reduced his direct ownership by 12.11% to 268,537 shares, following two other sales totaling 53,000 shares earlier in September.
- NetApp reported stronger-than-expected quarterly results, with EPS of $2.58 versus the $2.12 analyst consensus and revenue of $2.02 billion versus expectations of $1.84 billion. Revenue increased 29.9% year over year.
- NetApp shares opened at $204.41, near their 52-week high, while analysts maintained an overall “Hold” rating with an average price target of $193.86. The company also declared a quarterly dividend of $0.52 per share, representing a 1.0% yield.
NetApp, Inc. (NASDAQ:NTAP - Get Free Report) CEO George Kurian sold 37,000 shares of the business's stock in a transaction on Thursday, September 24th. The shares were sold at an average price of $199.95, for a total transaction of $7,398,150.00. Following the completion of the sale, the chief executive officer directly owned 268,537 shares of the company's stock, valued at approximately $53,693,973.15. This trade represents a 12.11% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link.
George Kurian also recently made the following trade(s):
- 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 Up 1.6%
NTAP opened at $204.41 on Tuesday. NetApp, Inc. has a one year low of $93.69 and a one year high of $209.06. The company has a debt-to-equity ratio of 1.30, a quick ratio of 1.16 and a current ratio of 1.24. The stock has a market capitalization of $40.15 billion, a P/E ratio of 28.83, a price-to-earnings-growth ratio of 2.16 and a beta of 1.44. The business's 50-day simple moving average is $188.77 and its 200-day simple moving average is $151.63.
NetApp (NASDAQ:NTAP - Get Free Report) last announced its earnings results on Wednesday, September 2nd. The data storage provider reported $2.58 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $2.12 by $0.46. The firm had revenue of $2.02 billion during the quarter, compared to analysts' expectations of $1.84 billion. NetApp had a return on equity of 119.13% and a net margin of 19.18%.The business's revenue was up 29.9% on a year-over-year basis. During the same period in the prior year, the firm 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. Analysts anticipate that NetApp, Inc. will post 8.32 EPS for the current year.
NetApp Dividend Announcement
The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, October 28th. Stockholders of record on Friday, October 9th will be issued a $0.52 dividend. This represents a $2.08 annualized dividend and a dividend yield of 1.0%. The ex-dividend date of this dividend is Friday, October 9th. NetApp's dividend payout ratio is presently 29.34%.
Analyst Upgrades and Downgrades
A number of equities analysts have recently commented on NTAP shares. Evercore set a $210.00 target price on shares of NetApp in a report on Monday, August 24th. Northland Securities increased their price target on shares of NetApp from $171.00 to $187.00 and gave the stock an "outperform" rating in a research note on Thursday, September 3rd. Barclays raised their price objective on shares of NetApp from $199.00 to $219.00 and gave the stock an "overweight" rating in a research report on Thursday, September 3rd. The Goldman Sachs Group restated a "buy" rating and issued a $210.00 price objective on shares of NetApp in a research note on Thursday, September 3rd. Finally, UBS Group increased their target price on shares of NetApp from $160.00 to $171.00 and gave the stock a "neutral" rating in a research note on Thursday, September 3rd. One research analyst has rated the stock with a Strong Buy rating, six have assigned a Buy rating and ten have given a Hold rating to the stock. According to MarketBeat, NetApp currently has an average rating of "Hold" and an average target price of $193.86.
Check Out Our Latest Analysis on NetApp
Institutional Trading of NetApp
Hedge funds have recently made changes to their positions in the company. Roble Belko & Company Inc acquired a new position in shares of NetApp during the first quarter worth about $31,000. West Financial Advisors LLC purchased a new stake in NetApp in the 2nd quarter valued at approximately $37,000. University of Texas Texas AM Investment Management Co. acquired a new position in NetApp during the 4th quarter worth approximately $51,000. Bell Investment Advisors Inc acquired a new position in NetApp during the 2nd quarter worth approximately $55,000. Finally, Compass Financial Management LLC purchased a new position in shares of NetApp during the 2nd quarter worth approximately $70,000. Institutional investors and hedge funds own 92.17% of the company's stock.
About NetApp
(
Get Free Report)
NetApp, Inc (NASDAQ: NTAP) is a data infrastructure and cloud storage company that helps organizations manage, protect and access data across on-premises environments, private clouds and public clouds. Its offerings are designed to support enterprise workloads such as databases, business applications, artificial intelligence and virtualized computing.
The company's portfolio includes all-flash and hybrid storage systems, cloud storage services, data management software and infrastructure-as-a-service solutions.
Further Reading
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