Belpointe Asset Management LLC purchased a new position in shares of NetApp, Inc. (NASDAQ:NTAP – Get Rating) during the 1st quarter, Holdings Channel.com reports. The fund purchased 1,204 shares of the data storage provider’s stock, valued at approximately $100,000.
Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. North Star Investment Management Corp. raised its position in NetApp by 200.0% during the fourth quarter. North Star Investment Management Corp. now owns 300 shares of the data storage provider’s stock worth $28,000 after acquiring an additional 200 shares in the last quarter. Cyrus J. Lawrence LLC bought a new position in shares of NetApp in the first quarter valued at about $28,000. Benjamin Edwards Inc. bought a new position in shares of NetApp in the fourth quarter valued at about $32,000. Steward Partners Investment Advisory LLC raised its position in shares of NetApp by 40.0% in the fourth quarter. Steward Partners Investment Advisory LLC now owns 406 shares of the data storage provider’s stock valued at $37,000 after purchasing an additional 116 shares during the period. Finally, First Horizon Advisors Inc. raised its position in shares of NetApp by 226.6% in the fourth quarter. First Horizon Advisors Inc. now owns 565 shares of the data storage provider’s stock valued at $51,000 after purchasing an additional 392 shares during the period. 91.91% of the stock is owned by institutional investors.
NetApp Trading Down 1.8 %
NTAP opened at $69.26 on Friday. The company’s 50 day moving average is $67.36 and its 200-day moving average is $77.69. NetApp, Inc. has a 1-year low of $61.26 and a 1-year high of $96.82. The company has a current ratio of 1.50, a quick ratio of 1.45 and a debt-to-equity ratio of 2.85. The company has a market cap of $15.32 billion, a P/E ratio of 16.89, a PEG ratio of 1.80 and a beta of 1.23.
NetApp (NASDAQ:NTAP – Get Rating) last posted its quarterly earnings results on Wednesday, June 1st. The data storage provider reported $1.21 earnings per share for the quarter, beating analysts’ consensus estimates of $1.04 by $0.17. NetApp had a net margin of 14.83% and a return on equity of 127.40%. The company had revenue of $1.68 billion for the quarter, compared to the consensus estimate of $1.68 billion. During the same period last year, the company posted $0.96 EPS. The firm’s quarterly revenue was up 8.0% compared to the same quarter last year. Equities research analysts predict that NetApp, Inc. will post 4.45 earnings per share for the current fiscal year.
NetApp Dividend Announcement
The business also recently declared a quarterly dividend, which will be paid on Wednesday, July 27th. Stockholders of record on Friday, July 8th will be paid a $0.50 dividend. The ex-dividend date is Thursday, July 7th. This represents a $2.00 dividend on an annualized basis and a dividend yield of 2.89%. NetApp’s payout ratio is currently 48.78%.
Insider Activity
In related news, CFO Michael J. Berry purchased 5,000 shares of NetApp stock in a transaction dated Friday, June 3rd. The shares were bought at an average cost of $72.04 per share, for a total transaction of $360,200.00. Following the purchase, the chief financial officer now owns 95,875 shares in the company, valued at approximately $6,906,835. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. In related news, President Cesar Cernuda sold 18,000 shares of the firm’s stock in a transaction that occurred on Wednesday, June 15th. The shares were sold at an average price of $64.68, for a total value of $1,164,240.00. Following the completion of the transaction, the president now owns 61,075 shares in the company, valued at approximately $3,950,331. The sale was disclosed in a document filed with the SEC, which can be accessed through this link. Also, CFO Michael J. Berry acquired 5,000 shares of the company’s stock in a transaction that occurred on Friday, June 3rd. The stock was acquired at an average price of $72.04 per share, with a total value of $360,200.00. Following the acquisition, the chief financial officer now owns 95,875 shares in the company, valued at $6,906,835. The disclosure for this purchase can be found here. In the last three months, insiders have sold 26,500 shares of company stock worth $1,742,219. Corporate insiders own 0.28% of the company’s stock.
Wall Street Analyst Weigh In
Several equities analysts have recently weighed in on the stock. Susquehanna dropped their price objective on shares of NetApp from $110.00 to $100.00 and set a “buy” rating on the stock in a research report on Thursday, June 2nd. JPMorgan Chase & Co. dropped their price objective on shares of NetApp from $100.00 to $85.00 and set an “overweight” rating on the stock in a research report on Thursday, July 14th. Deutsche Bank Aktiengesellschaft raised shares of NetApp from a “hold” rating to a “buy” rating and dropped their price objective for the company from $90.00 to $84.00 in a research report on Tuesday, June 14th. Wedbush lowered their price target on shares of NetApp from $85.00 to $80.00 and set a “neutral” rating on the stock in a research report on Thursday, June 2nd. Finally, StockNews.com raised shares of NetApp from a “hold” rating to a “buy” rating in a research report on Friday, July 15th. One analyst has rated the stock with a sell rating, eight have given a hold rating and fourteen have issued a buy rating to the company’s stock. According to MarketBeat.com, NetApp currently has an average rating of “Moderate Buy” and an average price target of $92.20.
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, NetApp ElementOS software, and NetApp SANtricity software; and storage infrastructure solutions, including NetApp All-Flash FAS series, NetApp Fabric Attached Storage, NetApp FlexPod, NetApp E/EF series, NetApp StorageGRID, and NetApp SolidFire.
Further Reading
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