Frank Rimerman Advisors LLC Takes $203,000 Position in NetApp, Inc. (NASDAQ:NTAP)

Frank Rimerman Advisors LLC purchased a new position in shares of NetApp, Inc. (NASDAQ:NTAPFree Report) during the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm purchased 2,300 shares of the data storage provider’s stock, valued at approximately $203,000.

Several other hedge funds and other institutional investors have also bought and sold shares of the business. Mirae Asset Global Investments Co. Ltd. increased its position in shares of NetApp by 65.8% in the fourth quarter. Mirae Asset Global Investments Co. Ltd. now owns 88,615 shares of the data storage provider’s stock worth $7,812,000 after purchasing an additional 35,172 shares during the period. Nordea Investment Management AB increased its stake in shares of NetApp by 26.1% in the fourth quarter. Nordea Investment Management AB now owns 317,073 shares of the data storage provider’s stock valued at $27,855,000 after buying an additional 65,644 shares during the period. Vest Financial LLC raised its position in shares of NetApp by 24.1% during the fourth quarter. Vest Financial LLC now owns 147,518 shares of the data storage provider’s stock worth $13,005,000 after acquiring an additional 28,609 shares during the last quarter. Savant Capital LLC boosted its holdings in NetApp by 7.5% in the fourth quarter. Savant Capital LLC now owns 3,037 shares of the data storage provider’s stock valued at $268,000 after acquiring an additional 211 shares during the last quarter. Finally, TD Asset Management Inc increased its position in NetApp by 127.0% during the 4th quarter. TD Asset Management Inc now owns 1,698,277 shares of the data storage provider’s stock valued at $149,720,000 after purchasing an additional 950,204 shares during the period. Institutional investors and hedge funds own 92.17% of the company’s stock.

Analysts Set New Price Targets

Several equities analysts recently issued reports on the stock. Argus boosted their target price on shares of NetApp from $130.00 to $140.00 and gave the company a “buy” rating in a report on Wednesday. Evercore ISI upped their price objective on shares of NetApp from $95.00 to $105.00 and gave the company an “in-line” rating in a report on Friday, March 1st. Citigroup raised their target price on NetApp from $110.00 to $120.00 and gave the company a “neutral” rating in a research note on Tuesday, May 21st. StockNews.com downgraded NetApp from a “strong-buy” rating to a “buy” rating in a research note on Thursday, March 7th. Finally, Stifel Nicolaus raised their price objective on NetApp from $120.00 to $130.00 and gave the company a “buy” rating in a research note on Friday, May 31st. One analyst has rated the stock with a sell rating, eleven have issued a hold rating and six have assigned a buy rating to the stock. Based on data from MarketBeat, the company presently has an average rating of “Hold” and an average price target of $113.38.

Check Out Our Latest Research Report on NTAP

NetApp Stock Down 0.4 %

Shares of NTAP traded down $0.49 during midday trading on Friday, reaching $120.98. 1,383,621 shares of the stock were exchanged, compared to its average volume of 2,416,936. The company’s 50 day moving average is $108.21 and its two-hundred day moving average is $96.93. The company has a current ratio of 1.19, a quick ratio of 1.15 and a debt-to-equity ratio of 1.74. The company has a market capitalization of $24.97 billion, a P/E ratio of 26.07, a PEG ratio of 4.90 and a beta of 1.25. NetApp, Inc. has a 52 week low of $69.51 and a 52 week high of $122.30.

NetApp (NASDAQ:NTAPGet Free Report) last issued its quarterly earnings results on Thursday, May 30th. The data storage provider reported $1.80 earnings per share for the quarter, topping the consensus estimate of $1.48 by $0.32. NetApp had a return on equity of 114.54% and a net margin of 15.73%. The business had revenue of $1.67 billion during the quarter, compared to the consensus estimate of $1.65 billion. During the same quarter last year, the company earned $1.20 earnings per share. The company’s quarterly revenue was up 5.5% on a year-over-year basis. On average, sell-side analysts anticipate that NetApp, Inc. will post 5.49 earnings per share for the current year.

NetApp Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Wednesday, July 24th. Investors of record on Friday, July 5th will be given a dividend of $0.52 per share. This represents a $2.08 annualized dividend and a yield of 1.72%. The ex-dividend date of this dividend is Friday, July 5th. This is a positive change from NetApp’s previous quarterly dividend of $0.50. NetApp’s dividend payout ratio (DPR) is currently 43.10%.

NetApp declared that its board has authorized a share repurchase program on Thursday, May 30th that allows the company to buyback $1.00 billion in outstanding shares. This buyback authorization allows the data storage provider to repurchase up to 4% of its stock through open market purchases. Stock buyback programs are typically a sign that the company’s management believes its stock is undervalued.

Insider Buying and Selling at NetApp

In other NetApp news, EVP Elizabeth M. O’callahan sold 871 shares of the stock in a transaction that occurred on Wednesday, April 10th. The stock was sold at an average price of $103.02, for a total transaction of $89,730.42. Following the transaction, the executive vice president now owns 9,601 shares in the company, valued at $989,095.02. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. In other NetApp news, EVP Elizabeth M. O’callahan sold 871 shares of the company’s stock in a transaction on Wednesday, April 10th. The shares were sold at an average price of $103.02, for a total transaction of $89,730.42. Following the completion of the transaction, the executive vice president now directly owns 9,601 shares in the company, valued at $989,095.02. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CFO Michael J. Berry sold 7,500 shares of the business’s stock in a transaction that occurred on Tuesday, March 12th. The stock was sold at an average price of $102.75, for a total value of $770,625.00. Following the sale, the chief financial officer now owns 152,409 shares of the company’s stock, valued at $15,660,024.75. The disclosure for this sale can be found here. Over the last quarter, insiders sold 40,371 shares of company stock valued at $4,139,505. Corporate insiders own 0.37% of the company’s stock.

NetApp Company Profile

(Free Report)

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.

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Institutional Ownership by Quarter for NetApp (NASDAQ:NTAP)

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