NetApp, Inc. (NASDAQ:NTAP) Shares Sold by Bangor Savings Bank

Bangor Savings Bank cut its stake in shares of NetApp, Inc. (NASDAQ:NTAP) by 0.8% in the 4th quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 13,508 shares of the data storage provider’s stock after selling 112 shares during the period. Bangor Savings Bank’s holdings in NetApp were worth $1,568,000 as of its most recent SEC filing.

Other hedge funds also recently added to or reduced their stakes in the company. Hollencrest Capital Management purchased a new stake in shares of NetApp during the second quarter worth approximately $26,000. Northwest Investment Counselors LLC acquired a new position in NetApp in the 3rd quarter valued at $27,000. Redwood Wealth Management Group LLC purchased a new position in NetApp during the 2nd quarter worth $32,000. True Wealth Design LLC lifted its stake in shares of NetApp by 2,833.3% in the 3rd quarter. True Wealth Design LLC now owns 352 shares of the data storage provider’s stock worth $43,000 after acquiring an additional 340 shares during the period. Finally, Capital Performance Advisors LLP acquired a new stake in shares of NetApp in the 3rd quarter worth $44,000. 92.17% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

Several research analysts recently issued reports on NTAP shares. Stifel Nicolaus increased their price target on shares of NetApp from $140.00 to $145.00 and gave the stock a “buy” rating in a report on Friday, November 22nd. Citigroup increased their target price on NetApp from $130.00 to $135.00 and gave the stock a “neutral” rating in a research note on Friday, November 22nd. Wedbush restated a “neutral” rating and issued a $120.00 price target on shares of NetApp in a research note on Friday, November 22nd. Morgan Stanley upped their price objective on NetApp from $132.00 to $146.00 and gave the stock an “equal weight” rating in a report on Tuesday, December 17th. Finally, Wells Fargo & Company raised their target price on NetApp from $135.00 to $140.00 and gave the company an “equal weight” rating in a report on Friday, November 22nd. One investment analyst has rated the stock with a sell rating, ten have issued a hold rating and seven have assigned a buy rating to the stock. According to data from MarketBeat.com, the company currently has an average rating of “Hold” and an average price target of $139.20.

NetApp Stock Performance

NASDAQ:NTAP opened at $118.00 on Tuesday. NetApp, Inc. has a 1-year low of $83.62 and a 1-year high of $135.45. The firm has a 50 day simple moving average of $121.06 and a 200-day simple moving average of $123.44. The firm has a market cap of $23.99 billion, a PE ratio of 21.69, a P/E/G ratio of 2.92 and a beta of 1.23. The company has a debt-to-equity ratio of 1.39, a current ratio of 0.91 and a quick ratio of 0.84.

NetApp (NASDAQ:NTAP) last issued 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 company had revenue of $1.66 billion for the quarter, compared to analyst estimates of $1.65 billion. NetApp had a return on equity of 123.63% and a net margin of 17.78%. The business’s revenue for the quarter was up 6.1% compared to the same quarter last year. During the same quarter in the prior year, the company posted $1.23 EPS. On average, equities analysts expect that NetApp, Inc. will post 5.83 EPS for the current year.

NetApp Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Wednesday, January 22nd. Shareholders of record on Friday, January 3rd will be issued a $0.52 dividend. This represents a $2.08 annualized dividend and a yield of 1.76%. The ex-dividend date of this dividend is Friday, January 3rd. NetApp’s dividend payout ratio (DPR) is 38.24%.

Insider Activity

In other news, CEO George Kurian sold 8,500 shares of the business’s stock in a transaction on Monday, December 16th. The shares were sold at an average price of $124.29, for a total transaction of $1,056,465.00. Following the completion of the sale, the chief executive officer now directly owns 279,782 shares of the company’s stock, valued at $34,774,104.78. The trade was a 2.95 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, President Cesar Cernuda sold 22,000 shares of the stock in a transaction on Monday, December 30th. The stock was sold at an average price of $114.99, for a total value of $2,529,780.00. Following the completion of the transaction, the president now directly owns 27,099 shares in the company, valued at $3,116,114.01. This trade represents a 44.81 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 51,864 shares of company stock valued at $6,185,830 in the last 90 days. 0.47% of the stock is currently owned by insiders.

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.