Charles Schwab Investment Management Inc. Lowers Holdings in NetApp, Inc. (NASDAQ:NTAP)

Charles Schwab Investment Management Inc. lowered its position in shares of NetApp, Inc. (NASDAQ:NTAP) by 30.9% during the 3rd quarter, HoldingsChannel.com reports. The institutional investor owned 1,259,575 shares of the data storage provider’s stock after selling 564,022 shares during the period. Charles Schwab Investment Management Inc.’s holdings in NetApp were worth $155,570,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also recently made changes to their positions in NTAP. UMB Bank n.a. lifted its position in shares of NetApp by 11.8% in the 2nd quarter. UMB Bank n.a. now owns 784 shares of the data storage provider’s stock worth $101,000 after purchasing an additional 83 shares during the period. Aviso Wealth Management increased its holdings in shares of NetApp by 1.4% in the 2nd quarter. Aviso Wealth Management now owns 6,149 shares of the data storage provider’s stock valued at $792,000 after acquiring an additional 83 shares during the period. Waldron Private Wealth LLC raised its position in shares of NetApp by 4.3% in the 2nd quarter. Waldron Private Wealth LLC now owns 2,255 shares of the data storage provider’s stock worth $290,000 after acquiring an additional 92 shares in the last quarter. Quarry LP lifted its stake in shares of NetApp by 11.7% during the 2nd quarter. Quarry LP now owns 876 shares of the data storage provider’s stock worth $113,000 after purchasing an additional 92 shares during the last quarter. Finally, Elo Mutual Pension Insurance Co boosted its position in NetApp by 0.5% during the second quarter. Elo Mutual Pension Insurance Co now owns 18,920 shares of the data storage provider’s stock valued at $2,437,000 after purchasing an additional 95 shares in the last quarter. 92.17% of the stock is currently owned by institutional investors.

Insider Buying and Selling

In other news, CAO Lorenzo Daniel De sold 1,685 shares of NetApp stock in a transaction on Tuesday, September 24th. The stock was sold at an average price of $123.60, for a total transaction of $208,266.00. The transaction was disclosed in a document filed with the SEC, which is available at this link. Also, EVP Elizabeth M. O’callahan sold 705 shares of the company’s stock in a transaction dated Thursday, October 10th. The shares were sold at an average price of $126.20, for a total transaction of $88,971.00. Following the completion of the sale, the executive vice president now directly owns 11,694 shares of the company’s stock, valued at $1,475,782.80. This represents a 5.69 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 23,049 shares of company stock worth $2,807,851. 0.47% of the stock is owned by corporate insiders.

NetApp Trading Down 3.4 %

Shares of NTAP stock opened at $122.34 on Monday. NetApp, Inc. has a fifty-two week low of $77.56 and a fifty-two week high of $135.45. The company has a debt-to-equity ratio of 1.34, a quick ratio of 0.91 and a current ratio of 0.96. The stock’s fifty day moving average is $121.87 and its two-hundred day moving average is $122.69. The firm has a market capitalization of $25.05 billion, a P/E ratio of 22.49, a PEG ratio of 3.26 and a beta of 1.24.

NetApp (NASDAQ:NTAP) last posted its quarterly earnings results on Thursday, November 21st. The data storage provider reported $1.87 earnings per share for the quarter, topping analysts’ consensus estimates of $1.78 by $0.09. The firm had revenue of $1.66 billion for the quarter, compared to analyst estimates of $1.65 billion. NetApp had a net margin of 17.78% and a return on equity of 119.68%. NetApp’s quarterly revenue was up 6.1% on a year-over-year basis. During the same period in the previous year, the business posted $1.23 earnings per share. Research analysts expect that NetApp, Inc. will post 5.71 earnings per share for the current fiscal year.

NetApp Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Wednesday, January 22nd. Investors of record on Friday, January 3rd will be issued a $0.52 dividend. The ex-dividend date of this dividend is Friday, January 3rd. This represents a $2.08 annualized dividend and a dividend yield of 1.70%. NetApp’s dividend payout ratio is presently 38.24%.

Analysts Set New Price Targets

Several research analysts recently issued reports on the company. JPMorgan Chase & Co. upped their target price on NetApp from $146.00 to $147.00 and gave the company a “neutral” rating in a research report on Thursday, August 29th. Citigroup boosted their target price on shares of NetApp from $130.00 to $135.00 and gave the company a “neutral” rating in a research report on Friday. Morgan Stanley upped their price objective on NetApp from $127.00 to $132.00 and gave the stock an “equal weight” rating in a research report on Friday. Susquehanna reiterated a “positive” rating and issued a $155.00 price objective on shares of NetApp in a research report on Monday, August 26th. Finally, Barclays raised their target price on NetApp from $119.00 to $132.00 and gave the company an “equal weight” rating in a research report on Friday. One analyst has rated the stock with a sell rating, eleven have assigned a hold rating and six have issued a buy rating to the company’s stock. According to data from MarketBeat.com, the stock presently has an average rating of “Hold” and an average target price of $134.00.

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.