Bangor Savings Bank Cuts Position in NetApp, Inc. (NASDAQ:NTAP)

Bangor Savings Bank lessened its holdings in shares of NetApp, Inc. (NASDAQ:NTAP) by 5.3% in the first quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 12,795 shares of the data storage provider’s stock after selling 713 shares during the quarter. Bangor Savings Bank’s holdings in NetApp were worth $1,124,000 at the end of the most recent quarter.

A number of other hedge funds have also recently bought and sold shares of the business. Park Avenue Securities LLC grew its stake in NetApp by 46.5% during the 1st quarter. Park Avenue Securities LLC now owns 19,286 shares of the data storage provider’s stock valued at $1,694,000 after purchasing an additional 6,118 shares in the last quarter. KMG Fiduciary Partners LLC grew its position in shares of NetApp by 10.8% in the 1st quarter. KMG Fiduciary Partners LLC now owns 21,468 shares of the data storage provider’s stock worth $1,886,000 after acquiring an additional 2,100 shares in the last quarter. Bank of New Hampshire grew its position in shares of NetApp by 1.8% in the 1st quarter. Bank of New Hampshire now owns 15,000 shares of the data storage provider’s stock worth $1,318,000 after acquiring an additional 266 shares in the last quarter. Wedmont Private Capital grew its position in shares of NetApp by 16.0% in the 1st quarter. Wedmont Private Capital now owns 4,361 shares of the data storage provider’s stock worth $360,000 after acquiring an additional 603 shares in the last quarter. Finally, Gateway Investment Advisers LLC grew its position in shares of NetApp by 57.5% in the 1st quarter. Gateway Investment Advisers LLC now owns 5,685 shares of the data storage provider’s stock worth $499,000 after acquiring an additional 2,076 shares in the last quarter. Institutional investors and hedge funds own 92.17% of the company’s stock.

Wall Street Analysts Forecast Growth

NTAP has been the subject of several research reports. Evercore ISI decreased their target price on NetApp from $120.00 to $100.00 and set an “in-line” rating for the company in a research report on Monday, April 28th. Wall Street Zen lowered NetApp from a “buy” rating to a “hold” rating in a research report on Friday, February 28th. Keefe, Bruyette & Woods raised NetApp to an “outperform” rating in a report on Wednesday, February 19th. Loop Capital cut their price target on NetApp from $150.00 to $130.00 and set a “buy” rating on the stock in a report on Tuesday, March 4th. Finally, Wells Fargo & Company cut their price target on NetApp from $115.00 to $100.00 and set an “equal weight” rating on the stock in a report on Friday, May 30th. One research analyst has rated the stock with a sell rating, ten have assigned a hold rating and six have assigned a buy rating to the company. Based on data from MarketBeat.com, the company has a consensus rating of “Hold” and a consensus target price of $117.79.

NetApp Stock Up 1.6%

Shares of NetApp stock opened at $106.25 on Friday. NetApp, Inc. has a 1-year low of $71.84 and a 1-year high of $135.45. The company has a debt-to-equity ratio of 1.39, a current ratio of 0.91 and a quick ratio of 0.84. The business’s fifty day moving average price is $91.54 and its two-hundred day moving average price is $106.44. The company has a market capitalization of $21.61 billion, a P/E ratio of 19.53, a PEG ratio of 2.45 and a beta of 1.42.

NetApp (NASDAQ:NTAP) last issued its earnings results on Thursday, May 29th. The data storage provider reported $1.93 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.90 by $0.03. NetApp had a return on equity of 123.63% and a net margin of 17.78%. The business had revenue of $1.73 billion for the quarter, compared to analysts’ expectations of $1.72 billion. During the same period in the previous year, the firm posted $1.80 EPS. The company’s quarterly revenue was up 3.8% on a year-over-year basis. As a group, research analysts forecast that NetApp, Inc. will post 5.89 EPS for the current year.

NetApp Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Wednesday, July 23rd. Shareholders of record on Thursday, July 3rd will be paid a $0.52 dividend. The ex-dividend date is Thursday, July 3rd. This represents a $2.08 dividend on an annualized basis and a yield of 1.96%. NetApp’s dividend payout ratio (DPR) is currently 36.62%.

Insiders Place Their Bets

In related news, CAO Lorenzo Daniel De sold 302 shares of the business’s stock in a transaction that occurred on Tuesday, June 3rd. The stock was sold at an average price of $98.77, for a total value of $29,828.54. Following the completion of the sale, the chief accounting officer now owns 455 shares of the company’s stock, valued at approximately $44,940.35. The trade was a 39.89% decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, CEO George Kurian sold 8,500 shares of the business’s stock in a transaction that occurred on Monday, April 21st. The shares were sold at an average price of $81.83, for a total value of $695,555.00. Following the completion of the sale, the chief executive officer now directly owns 249,765 shares of the company’s stock, valued at approximately $20,438,269.95. The trade was a 3.29% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 29,026 shares of company stock valued at $2,549,860 in the last three months. Insiders own 0.47% 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.