PNC Financial Services Group Inc. Has $2.83 Million Stock Holdings in NetApp, Inc. (NASDAQ:NTAP)

PNC Financial Services Group Inc. lifted its stake in shares of NetApp, Inc. (NASDAQ:NTAP) by 10.0% during the third quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 22,941 shares of the data storage provider’s stock after purchasing an additional 2,088 shares during the period. PNC Financial Services Group Inc.’s holdings in NetApp were worth $2,833,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds also recently modified their holdings of NTAP. Hollencrest Capital Management purchased a new position in shares of NetApp during the second quarter valued at $26,000. Northwest Investment Counselors LLC purchased a new position in shares of NetApp during the third quarter valued at $27,000. New Covenant Trust Company N.A. purchased a new position in shares of NetApp during the first quarter valued at $28,000. Redwood Wealth Management Group LLC purchased a new position in shares of NetApp during the second quarter valued at $32,000. Finally, Robbins Farley purchased a new position in shares of NetApp during the second quarter valued at $44,000. 92.17% of the stock is owned by institutional investors and hedge funds.

Insider Buying and Selling

In other NetApp news, EVP Elizabeth M. O’callahan sold 705 shares of the company’s stock in a transaction that occurred on Thursday, October 10th. The stock was sold at an average price of $126.20, for a total value of $88,971.00. Following the completion of the transaction, the executive vice president now 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 transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, CAO Lorenzo Daniel De sold 326 shares of the company’s stock in a transaction that occurred on Monday, November 18th. The shares were sold at an average price of $117.44, for a total value of $38,285.44. The disclosure for this sale can be found here. In the last 90 days, insiders sold 23,049 shares of company stock valued at $2,807,851. Insiders own 0.47% of the company’s stock.

NetApp Stock Performance

NTAP opened at $126.18 on Tuesday. NetApp, Inc. has a 52-week low of $77.56 and a 52-week high of $135.45. The company has a debt-to-equity ratio of 1.39, a quick ratio of 0.84 and a current ratio of 0.91. The company has a market cap of $25.84 billion, a PE ratio of 23.19, a price-to-earnings-growth ratio of 3.15 and a beta of 1.24. The stock has a 50-day moving average of $122.04 and a 200-day moving average of $122.81.

NetApp (NASDAQ:NTAP) last posted its quarterly earnings data 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 return on equity of 123.63% and a net margin of 17.78%. The business had revenue of $1.66 billion during the quarter, compared to analysts’ expectations of $1.65 billion. During the same quarter in the previous year, the firm earned $1.23 EPS. The firm’s revenue was up 6.1% compared to the same quarter last year. As a group, equities research analysts forecast that NetApp, Inc. will post 5.71 earnings per share for the current fiscal year.

NetApp Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, January 22nd. Investors of record on Friday, January 3rd will be given a dividend of $0.52 per share. The ex-dividend date of this dividend is Friday, January 3rd. This represents a $2.08 annualized dividend and a dividend yield of 1.65%. NetApp’s dividend payout ratio is presently 38.24%.

Analyst Upgrades and Downgrades

NTAP has been the topic of a number of research analyst reports. Citigroup lifted their price target on NetApp from $130.00 to $135.00 and gave the company a “neutral” rating in a report on Friday. JPMorgan Chase & Co. lifted their price target on NetApp from $146.00 to $147.00 and gave the company a “neutral” rating in a report on Thursday, August 29th. Northland Securities boosted their target price on NetApp from $108.00 to $120.00 and gave the company a “market perform” rating in a research note on Friday. Barclays boosted their target price on NetApp from $119.00 to $132.00 and gave the company an “equal weight” rating in a research note on Friday. Finally, Loop Capital upgraded NetApp from a “hold” rating to a “buy” rating and boosted their target price for the company from $121.00 to $150.00 in a research note on Tuesday, September 3rd. One research analyst has rated the stock with a sell rating, eleven have issued a hold rating and six have given a buy rating to the company. According to data from MarketBeat.com, NetApp has a consensus rating of “Hold” and an average price target 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.