Glenmede Trust Co. NA Buys 90,840 Shares of NetApp, Inc. (NASDAQ:NTAP)

Glenmede Trust Co. NA increased its stake in shares of NetApp, Inc. (NASDAQ:NTAP) by 20.3% in the 3rd quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund owned 537,804 shares of the data storage provider’s stock after purchasing an additional 90,840 shares during the period. Glenmede Trust Co. NA’s holdings in NetApp were worth $66,424,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Hollencrest Capital Management bought a new stake in shares of NetApp during the 2nd quarter valued at about $26,000. Northwest Investment Counselors LLC bought a new stake in NetApp during the third quarter valued at approximately $27,000. Redwood Wealth Management Group LLC bought a new stake in NetApp during the second quarter valued at approximately $32,000. New Covenant Trust Company N.A. purchased a new stake in NetApp during the first quarter valued at approximately $28,000. Finally, Robbins Farley bought a new position in NetApp in the second quarter worth approximately $44,000. Institutional investors own 92.17% of the company’s stock.

NetApp Stock Performance

NASDAQ:NTAP opened at $129.60 on Wednesday. The company has a market cap of $26.54 billion, a price-to-earnings ratio of 23.82, a PEG ratio of 3.04 and a beta of 1.24. NetApp, Inc. has a 1 year low of $77.56 and a 1 year high of $135.45. The stock’s 50 day simple moving average is $122.25 and its two-hundred day simple moving average is $122.96. 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 announced its quarterly earnings results on Thursday, November 21st. The data storage provider reported $1.87 earnings per share for the quarter, topping the consensus estimate of $1.78 by $0.09. NetApp had a net margin of 17.78% and a return on equity of 123.63%. The company had revenue of $1.66 billion for the quarter, compared to analysts’ expectations of $1.65 billion. During the same quarter in the previous year, the business posted $1.23 earnings per share. NetApp’s quarterly revenue was up 6.1% on a year-over-year basis. As a group, equities analysts anticipate that NetApp, Inc. will post 5.79 earnings per share for the current fiscal year.

NetApp Announces Dividend

The firm 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. This represents a $2.08 dividend on an annualized basis and a dividend yield of 1.60%. The ex-dividend date is Friday, January 3rd. NetApp’s payout ratio is 38.24%.

Insider Buying and Selling

In other news, CAO Lorenzo Daniel De sold 326 shares of the stock in a transaction on Monday, November 18th. The shares were sold at an average price of $117.44, for a total value of $38,285.44. The sale was disclosed in a filing with the SEC, which is available at this link. Also, CEO George Kurian sold 8,500 shares of NetApp stock in a transaction dated Monday, November 18th. The stock was sold at an average price of $118.00, for a total transaction of $1,003,000.00. Following the transaction, the chief executive officer now directly owns 288,282 shares of the company’s stock, valued at approximately $34,017,276. This represents a 2.86 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders sold 23,049 shares of company stock worth $2,807,851. Corporate insiders own 0.47% of the company’s stock.

Wall Street Analysts Forecast Growth

Several equities research analysts have recently commented on NTAP shares. UBS Group upped their price objective on NetApp from $121.00 to $134.00 and gave the stock a “neutral” rating in a research note on Thursday, August 29th. JPMorgan Chase & Co. raised their price objective on NetApp from $146.00 to $147.00 and gave the stock a “neutral” rating in a research note on Thursday, August 29th. Citigroup boosted their price objective on NetApp from $130.00 to $135.00 and gave the company a “neutral” rating in a research note on Friday, November 22nd. Wedbush restated a “neutral” rating and set a $120.00 target price on shares of NetApp in a research note on Friday, November 22nd. Finally, TD Cowen upped their price target on shares of NetApp from $145.00 to $160.00 and gave the stock a “buy” rating in a research report on Friday, November 22nd. One analyst has rated the stock with a sell rating, eleven have given a hold rating and six have issued a buy rating to the company’s stock. According to data from MarketBeat.com, NetApp currently has an average rating of “Hold” and an average target price of $134.00.

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.