Signet Financial Management LLC Sells 557 Shares of NetApp, Inc. (NASDAQ:NTAP)

Signet Financial Management LLC reduced its holdings in shares of NetApp, Inc. (NASDAQ:NTAP) by 8.6% during the first quarter, HoldingsChannel.com reports. The fund owned 5,956 shares of the data storage provider’s stock after selling 557 shares during the quarter. Signet Financial Management LLC’s holdings in NetApp were worth $523,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds have also bought and sold shares of the company. Assetmark Inc. increased its position in NetApp by 826.9% in the fourth quarter. Assetmark Inc. now owns 241 shares of the data storage provider’s stock worth $28,000 after buying an additional 215 shares during the last quarter. Synergy Investment Management LLC purchased a new stake in NetApp in the fourth quarter worth $32,000. Itau Unibanco Holding S.A. increased its position in NetApp by 929.6% in the fourth quarter. Itau Unibanco Holding S.A. now owns 278 shares of the data storage provider’s stock worth $32,000 after buying an additional 251 shares during the last quarter. Golden State Wealth Management LLC purchased a new position in shares of NetApp in the fourth quarter valued at $35,000. Finally, Coppell Advisory Solutions LLC grew its position in shares of NetApp by 50.0% in the fourth quarter. Coppell Advisory Solutions LLC now owns 300 shares of the data storage provider’s stock valued at $35,000 after purchasing an additional 100 shares in the last quarter. 92.17% of the stock is currently owned by institutional investors.

Insider Activity

In other news, CAO Lorenzo Daniel De sold 302 shares of the business’s stock in a transaction dated 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 transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, President Cesar Cernuda sold 19,696 shares of the business’s stock in a transaction dated Friday, March 28th. The shares were sold at an average price of $90.15, for a total value of $1,775,594.40. Following the completion of the sale, the president now directly owns 11,928 shares of the company’s stock, valued at approximately $1,075,309.20. This trade represents a 62.28% decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders sold 28,498 shares of company stock valued at $2,500,978. Insiders own 0.47% of the company’s stock.

Analysts Set New Price Targets

Several equities analysts have recently weighed in on the company. Bank of America upgraded NetApp from an “underperform” rating to a “neutral” rating and lifted their price target for the company from $121.00 to $128.00 in a research report on Wednesday, February 19th. Morgan Stanley reiterated a “cautious” rating on shares of NetApp in a research report on Tuesday, May 20th. Keefe, Bruyette & Woods upgraded NetApp to an “outperform” rating in a research report on Wednesday, February 19th. Citigroup lifted their price target on NetApp from $105.00 to $110.00 and gave the company a “neutral” rating in a research report on Monday, June 2nd. Finally, Wedbush reiterated a “neutral” rating and issued a $110.00 price target on shares of NetApp in a research report on Friday, May 30th. One investment analyst has rated the stock with a sell rating, ten have given a hold rating and six have assigned a buy rating to the stock. According to MarketBeat.com, the stock presently has a consensus rating of “Hold” and an average price target of $117.79.

NetApp Trading Down 0.5%

Shares of NTAP stock opened at $102.51 on Wednesday. The company has a quick ratio of 0.84, a current ratio of 0.91 and a debt-to-equity ratio of 1.39. The business has a 50-day moving average price of $92.21 and a two-hundred day moving average price of $106.13. NetApp, Inc. has a 12-month low of $71.84 and a 12-month high of $135.45. The firm has a market cap of $20.85 billion, a P/E ratio of 18.84, a price-to-earnings-growth ratio of 2.45 and a beta of 1.42.

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

NetApp Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Wednesday, July 23rd. Stockholders of record on Thursday, July 3rd will be paid a $0.52 dividend. This represents a $2.08 dividend on an annualized basis and a dividend yield of 2.03%. The ex-dividend date is Thursday, July 3rd. NetApp’s dividend payout ratio (DPR) is presently 36.62%.

NetApp 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.