NetApp, Inc. (NASDAQ:NTAP) Shares Sold by Credit Suisse AG

Posted by Defense World Staff on Aug 22nd, 2023

Credit Suisse AG cut its holdings in NetApp, Inc. (NASDAQ:NTAP – Free Report) by 0.3% during the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 692,974 shares of the data storage provider’s stock after selling 2,196 shares during the quarter. Credit Suisse AG owned approximately 0.32% of NetApp worth $44,246,000 at the end of the most recent quarter.

Several other large investors have also modified their holdings of NTAP. Private Advisor Group LLC grew its position in shares of NetApp by 66.3% in the first quarter. Private Advisor Group LLC now owns 7,740 shares of the data storage provider’s stock valued at $643,000 after purchasing an additional 3,086 shares during the last quarter. Commonwealth of Pennsylvania Public School Empls Retrmt SYS boosted its position in NetApp by 6.0% during the first quarter. Commonwealth of Pennsylvania Public School Empls Retrmt SYS now owns 29,741 shares of the data storage provider’s stock worth $2,469,000 after acquiring an additional 1,672 shares during the last quarter. Sei Investments Co. boosted its position in NetApp by 0.8% during the first quarter. Sei Investments Co. now owns 139,507 shares of the data storage provider’s stock worth $11,563,000 after acquiring an additional 1,086 shares during the last quarter. Aviva PLC boosted its position in NetApp by 41.0% during the first quarter. Aviva PLC now owns 98,770 shares of the data storage provider’s stock worth $8,198,000 after acquiring an additional 28,705 shares during the last quarter. Finally, Prudential PLC acquired a new stake in NetApp during the first quarter worth approximately $465,000. 89.53% of the stock is currently owned by institutional investors and hedge funds.

Insiders Place Their Bets

In other NetApp news, CEO George Kurian sold 4,500 shares of the firm’s stock in a transaction on Tuesday, June 6th. The shares were sold at an average price of $70.00, for a total transaction of $315,000.00. Following the completion of the transaction, the chief executive officer now directly owns 283,050 shares of the company’s stock, valued at approximately $19,813,500. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. In other news, EVP Elizabeth M. O’callahan sold 872 shares of NetApp stock in a transaction dated Monday, July 10th. The shares were sold at an average price of $75.83, for a total value of $66,123.76. Following the completion of the transaction, the executive vice president now directly owns 13,081 shares of the company’s stock, valued at approximately $991,932.23. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, CEO George Kurian sold 4,500 shares of NetApp stock in a transaction dated Tuesday, June 6th. The shares were sold at an average price of $70.00, for a total transaction of $315,000.00. Following the completion of the transaction, the chief executive officer now directly owns 283,050 shares of the company’s stock, valued at $19,813,500. The disclosure for this sale can be found here. Insiders sold a total of 10,744 shares of company stock valued at $798,626 in the last ninety days. Corporate insiders own 0.37% of the company’s stock.

NetApp Stock Performance

NetApp stock opened at $76.46 on Tuesday. NetApp, Inc. has a 12-month low of $58.08 and a 12-month high of $80.53. The company has a market capitalization of $16.24 billion, a price-to-earnings ratio of 13.18, a price-to-earnings-growth ratio of 1.90 and a beta of 1.23. The company has a debt-to-equity ratio of 2.06, a current ratio of 1.35 and a quick ratio of 1.30. The firm’s fifty day moving average price is $76.61 and its 200 day moving average price is $69.24.

NetApp (NASDAQ:NTAP – Get Free Report) last released its quarterly earnings results on Wednesday, May 31st. The data storage provider reported $1.54 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.34 by $0.20. NetApp had a net margin of 20.02% and a return on equity of 93.62%. The firm had revenue of $1.58 billion for the quarter, compared to the consensus estimate of $1.54 billion. During the same quarter in the previous year, the firm posted $1.21 EPS. On average, research analysts forecast that NetApp, Inc. will post 4.5 EPS for the current fiscal year.

NetApp Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Wednesday, July 26th. Shareholders of record on Friday, July 7th were issued a dividend of $0.50 per share. This represents a $2.00 annualized dividend and a yield of 2.62%. The ex-dividend date of this dividend was Thursday, July 6th. NetApp’s dividend payout ratio is currently 34.48%.

Analysts Set New Price Targets

A number of brokerages recently issued reports on NTAP. Deutsche Bank Aktiengesellschaft raised their target price on shares of NetApp from $75.00 to $80.00 in a research report on Monday. Evercore ISI raised their target price on shares of NetApp from $72.00 to $80.00 in a research report on Wednesday, July 5th. Stifel Nicolaus increased their price target on shares of NetApp from $75.00 to $80.00 in a research note on Thursday, June 1st. StockNews.com initiated coverage on shares of NetApp in a research note on Thursday, August 17th. They set a “hold” rating on the stock. Finally, Raymond James increased their price target on shares of NetApp from $72.00 to $77.00 in a research note on Thursday, June 1st. Two research analysts have rated the stock with a sell rating, twelve have given a hold rating and six have given a buy rating to the stock. According to MarketBeat, the company has a consensus rating of “Hold” and a consensus price target of $74.35.

View Our Latest Research Report on NetApp

NetApp Company Profile

(Free Report)

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.