George Kurian Sells 6,000 Shares of NetApp Inc. (NTAP) Stock

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NetApp Inc. (NASDAQ:NTAP) CEO George Kurian sold 6,000 shares of the company’s stock in a transaction that occurred on Tuesday, September 4th. The shares were sold at an average price of $86.61, for a total value of $519,660.00. Following the completion of the sale, the chief executive officer now owns 70,147 shares in the company, valued at $6,075,431.67. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink.

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

  • On Monday, August 20th, George Kurian sold 36,646 shares of NetApp stock. The shares were sold at an average price of $81.69, for a total value of $2,993,611.74.
  • On Wednesday, August 1st, George Kurian sold 6,000 shares of NetApp stock. The shares were sold at an average price of $78.23, for a total value of $469,380.00.
  • On Friday, July 20th, George Kurian sold 36,646 shares of NetApp stock. The shares were sold at an average price of $81.97, for a total value of $3,003,872.62.
  • On Monday, July 2nd, George Kurian sold 6,000 shares of NetApp stock. The shares were sold at an average price of $78.16, for a total value of $468,960.00.
  • On Thursday, June 21st, George Kurian sold 38,241 shares of NetApp stock. The shares were sold at an average price of $78.24, for a total value of $2,991,975.84.

NetApp stock opened at $83.41 on Friday. The company has a current ratio of 2.06, a quick ratio of 2.03 and a debt-to-equity ratio of 0.80. NetApp Inc. has a 52-week low of $38.12 and a 52-week high of $88.08. The company has a market cap of $21.60 billion, a price-to-earnings ratio of 24.43, a price-to-earnings-growth ratio of 1.51 and a beta of 1.27.

NetApp (NASDAQ:NTAP) last issued its earnings results on Wednesday, August 15th. The data storage provider reported $1.04 earnings per share for the quarter, topping analysts’ consensus estimates of $0.80 by $0.24. NetApp had a return on equity of 41.75% and a net margin of 3.68%. The company had revenue of $1.47 billion for the quarter, compared to analyst estimates of $1.42 billion. During the same period in the prior year, the firm earned $0.62 earnings per share. NetApp’s revenue for the quarter was up 11.6% on a year-over-year basis. sell-side analysts forecast that NetApp Inc. will post 3.91 EPS for the current year.

The company also recently announced a quarterly dividend, which will be paid on Wednesday, October 24th. Stockholders of record on Friday, October 5th will be given a dividend of $0.40 per share. This represents a $1.60 dividend on an annualized basis and a dividend yield of 1.92%. The ex-dividend date of this dividend is Thursday, October 4th. NetApp’s payout ratio is 53.51%.

Several large investors have recently modified their holdings of the company. BlackRock Inc. raised its position in shares of NetApp by 0.9% during the first quarter. BlackRock Inc. now owns 20,465,300 shares of the data storage provider’s stock worth $1,262,508,000 after purchasing an additional 182,734 shares during the period. JPMorgan Chase & Co. raised its position in shares of NetApp by 488.7% during the first quarter. JPMorgan Chase & Co. now owns 3,537,659 shares of the data storage provider’s stock worth $218,239,000 after purchasing an additional 2,936,713 shares during the period. Summit Trail Advisors LLC raised its position in shares of NetApp by 6,367.4% during the first quarter. Summit Trail Advisors LLC now owns 2,773,654 shares of the data storage provider’s stock worth $2,774,000 after purchasing an additional 2,730,767 shares during the period. Bank of America Corp DE raised its position in shares of NetApp by 46.7% during the second quarter. Bank of America Corp DE now owns 2,647,027 shares of the data storage provider’s stock worth $207,871,000 after purchasing an additional 842,904 shares during the period. Finally, Schroder Investment Management Group raised its position in shares of NetApp by 57.3% during the second quarter. Schroder Investment Management Group now owns 2,493,836 shares of the data storage provider’s stock worth $192,798,000 after purchasing an additional 908,642 shares during the period. 93.53% of the stock is currently owned by institutional investors.

Several analysts recently commented on the company. BidaskClub upgraded NetApp from a “buy” rating to a “strong-buy” rating in a report on Friday, June 8th. BMO Capital Markets upped their target price on NetApp from $73.00 to $75.00 and gave the company an “outperform” rating in a report on Thursday, May 24th. Wells Fargo & Co reiterated a “positive” rating and issued a $80.00 target price on shares of NetApp in a report on Wednesday, June 20th. Piper Jaffray Companies upped their target price on NetApp from $77.00 to $86.00 and gave the company an “overweight” rating in a report on Tuesday, June 26th. Finally, Lake Street Capital increased their price target on NetApp from $70.00 to $72.00 and gave the stock a “buy” rating in a report on Thursday, May 24th. Two equities research analysts have rated the stock with a sell rating, eight have given a hold rating, nineteen have assigned a buy rating and two have issued a strong buy rating to the company. The company has an average rating of “Buy” and a consensus target price of $78.23.

NetApp Company Profile

NetApp, Inc provides software, systems, and services to manage and share date on-premises, and private and public clouds worldwide. It offers cloud data services, such as ONTAP cloud storage data management and NetApp cloud sync data synchronization services; NetApp SaaS backup for Microsoft Office 365; NetApp cloud backup solutions; OnCommand management software and management integration tools; and NetApp private storage for cloud.

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