Glenmede Trust Co. NA Has $66.42 Million Position in NetApp, Inc. (NASDAQ:NTAP)

Glenmede Trust Co. NA lifted its holdings in shares of NetApp, Inc. (NASDAQ:NTAP) by 20.3% during the 3rd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor 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 owned 0.26% of NetApp worth $66,424,000 at the end of the most recent reporting period.

Several other large investors have also added to or reduced their stakes in NTAP. Hollencrest Capital Management acquired a new stake in NetApp in the second quarter worth $26,000. Northwest Investment Counselors LLC bought a new position in shares of NetApp in the 3rd quarter worth $27,000. New Covenant Trust Company N.A. bought a new stake in NetApp during the 1st quarter valued at $28,000. Redwood Wealth Management Group LLC acquired a new position in NetApp during the second quarter worth $32,000. Finally, Robbins Farley bought a new position in shares of NetApp in the second quarter valued at $44,000. Institutional investors and hedge funds own 92.17% of the company’s stock.

NetApp Stock Up 2.7 %

Shares of NetApp stock opened at $129.60 on Wednesday. NetApp, Inc. has a 1 year low of $77.56 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 company has a 50-day moving average of $122.25 and a 200 day moving average of $122.96. The firm 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 (NASDAQ:NTAP) last released its earnings results on Thursday, November 21st. The data storage provider reported $1.87 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.78 by $0.09. The firm had revenue of $1.66 billion during the quarter, compared to analyst estimates of $1.65 billion. NetApp had a net margin of 17.78% and a return on equity of 123.63%. The business’s revenue was up 6.1% on a year-over-year basis. During the same period last year, the business earned $1.23 earnings per share. As a group, sell-side analysts anticipate that NetApp, Inc. will post 5.79 earnings per share for the current fiscal year.

NetApp Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Wednesday, January 22nd. Stockholders of record on Friday, January 3rd will be paid a $0.52 dividend. The ex-dividend date of this dividend is Friday, January 3rd. This represents a $2.08 dividend on an annualized basis and a dividend yield of 1.60%. NetApp’s dividend payout ratio is currently 38.24%.

Insider Transactions at NetApp

In related news, CAO Lorenzo Daniel De sold 326 shares of the company’s stock in a transaction that occurred on Monday, November 18th. The stock was sold at an average price of $117.44, for a total value of $38,285.44. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, Director Thomas Michael Nevens sold 3,333 shares of NetApp stock in a transaction on Monday, November 18th. The stock was sold at an average price of $119.23, for a total value of $397,393.59. Following the completion of the sale, the director now directly owns 9,277 shares of the company’s stock, valued at approximately $1,106,096.71. The trade was a 26.43 % decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders have sold 23,049 shares of company stock valued at $2,807,851. Insiders own 0.47% of the company’s stock.

Analyst Upgrades and Downgrades

NTAP has been the subject of several recent research reports. Citigroup boosted their target price on shares of NetApp from $130.00 to $135.00 and gave the stock a “neutral” rating in a research report on Friday, November 22nd. UBS Group boosted their price objective on NetApp from $121.00 to $134.00 and gave the stock a “neutral” rating in a report on Thursday, August 29th. Northland Securities raised their target price on NetApp from $108.00 to $120.00 and gave the company a “market perform” rating in a report on Friday, November 22nd. Wells Fargo & Company upped their price target on NetApp from $135.00 to $140.00 and gave the stock an “equal weight” rating in a report on Friday, November 22nd. Finally, Wedbush reissued a “neutral” rating and issued a $120.00 price target on shares of NetApp in a research report on Friday, November 22nd. One investment analyst has rated the stock with a sell rating, eleven have issued a hold rating and six have issued a buy rating to the stock. According to MarketBeat, the stock presently has a consensus 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.