NetApp Sees Unusually Large Options Volume (NTAP)

NetApp (NASDAQ:NTAP) was the recipient of unusually large options trading activity on Monday. Investors purchased 12,619 put options on the company. This represents an increase of approximately 1,698% compared to the average volume of 702 put options.

A number of analysts recently issued reports on NTAP shares. UBS raised their target price on shares of NetApp from $62.00 to $71.00 and gave the stock a “buy” rating in a research report on Friday, January 26th. Morgan Stanley upgraded shares of NetApp from an “underweight” rating to an “equal weight” rating and raised their target price for the stock from $41.00 to $64.00 in a research report on Tuesday, January 23rd. Argus raised their target price on shares of NetApp to $76.00 and gave the stock a “buy” rating in a research report on Thursday, April 12th. Zacks Investment Research upgraded shares of NetApp from a “hold” rating to a “buy” rating and set a $63.00 target price on the stock in a research report on Tuesday, February 20th. Finally, Maxim Group raised their target price on shares of NetApp from $70.00 to $81.00 and gave the stock a “buy” rating in a research report on Thursday, April 12th. One research analyst has rated the stock with a sell rating, thirteen have assigned a hold rating and nineteen have issued a buy rating to the company. The company presently has an average rating of “Buy” and an average price target of $62.12.

In related news, CEO George Kurian sold 7,020 shares of the firm’s stock in a transaction that occurred on Monday, March 5th. The shares were sold at an average price of $60.98, for a total transaction of $428,079.60. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, EVP Henri P. Richard sold 2,450 shares of the firm’s stock in a transaction that occurred on Wednesday, May 16th. The stock was sold at an average price of $70.77, for a total transaction of $173,386.50. Following the sale, the executive vice president now owns 2,084 shares in the company, valued at approximately $147,484.68. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 42,501 shares of company stock worth $2,700,136. 0.47% of the stock is owned by company insiders.

Several hedge funds have recently modified their holdings of the company. Commonwealth Equity Services LLC raised its stake in shares of NetApp by 15.7% in the 1st quarter. Commonwealth Equity Services LLC now owns 5,618 shares of the data storage provider’s stock valued at $346,000 after acquiring an additional 762 shares during the period. IFP Advisors Inc raised its stake in shares of NetApp by 45.3% in the 4th quarter. IFP Advisors Inc now owns 2,571 shares of the data storage provider’s stock valued at $142,000 after acquiring an additional 801 shares during the period. Annex Advisory Services LLC raised its stake in shares of NetApp by 3.6% in the 1st quarter. Annex Advisory Services LLC now owns 24,037 shares of the data storage provider’s stock valued at $1,483,000 after acquiring an additional 830 shares during the period. American Century Companies Inc. raised its stake in shares of NetApp by 4.9% in the 1st quarter. American Century Companies Inc. now owns 19,929 shares of the data storage provider’s stock valued at $1,229,000 after acquiring an additional 931 shares during the period. Finally, Quantitative Systematic Strategies LLC raised its stake in shares of NetApp by 11.5% in the 4th quarter. Quantitative Systematic Strategies LLC now owns 9,358 shares of the data storage provider’s stock valued at $518,000 after acquiring an additional 962 shares during the period. 91.04% of the stock is currently owned by institutional investors and hedge funds.

Shares of NetApp opened at $68.45 on Tuesday, Marketbeat.com reports. NetApp has a 52 week low of $37.43 and a 52 week high of $72.85. The company has a current ratio of 1.91, a quick ratio of 1.88 and a debt-to-equity ratio of 0.71. The firm has a market capitalization of $18.51 billion, a PE ratio of 32.60, a price-to-earnings-growth ratio of 1.99 and a beta of 1.26.

About NetApp

NetApp, Inc provides software, systems, and services to manage and store computer data worldwide. It offers flash; flash arrays that support data management; hybrid arrays to deploy the speed of flash storage; hybrid cloud; ONTAP cloud storage data management service; NetApp cloud sync hybrid data management Software as a Service; NetApp private storage for cloud; and AltaVault cloud-integrated solutions.

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