Napatree Capital LLC Buys New Holdings in NetApp, Inc. (NASDAQ:NTAP)

Napatree Capital LLC purchased a new position in shares of NetApp, Inc. (NASDAQ:NTAPFree Report) during the 4th quarter, according to its most recent 13F filing with the SEC. The firm purchased 9,920 shares of the data storage provider’s stock, valued at approximately $875,000.

A number of other large investors have also bought and sold shares of the stock. ORG Partners LLC raised its stake in shares of NetApp by 14,650.0% during the fourth quarter. ORG Partners LLC now owns 295 shares of the data storage provider’s stock valued at $26,000 after acquiring an additional 293 shares during the last quarter. First Horizon Advisors Inc. grew its stake in shares of NetApp by 58.7% in the fourth quarter. First Horizon Advisors Inc. now owns 311 shares of the data storage provider’s stock worth $27,000 after purchasing an additional 115 shares during the last quarter. UMB Bank n.a. increased its holdings in NetApp by 82.9% during the 4th quarter. UMB Bank n.a. now owns 331 shares of the data storage provider’s stock valued at $29,000 after purchasing an additional 150 shares during the period. Planned Solutions Inc. bought a new position in NetApp during the 4th quarter valued at approximately $34,000. Finally, EverSource Wealth Advisors LLC lifted its holdings in NetApp by 68.1% in the 4th quarter. EverSource Wealth Advisors LLC now owns 454 shares of the data storage provider’s stock worth $40,000 after buying an additional 184 shares during the period. 92.17% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

Several equities analysts have recently issued reports on the company. Evercore ISI boosted their target price on NetApp from $95.00 to $105.00 and gave the company an “in-line” rating in a research note on Friday, March 1st. Bank of America boosted their price objective on shares of NetApp from $85.00 to $100.00 and gave the company an “underperform” rating in a research report on Wednesday, May 29th. Stifel Nicolaus upped their price objective on shares of NetApp from $130.00 to $138.00 and gave the stock a “buy” rating in a report on Wednesday, June 12th. Morgan Stanley lifted their target price on shares of NetApp from $106.00 to $127.00 and gave the company an “equal weight” rating in a research note on Wednesday, June 12th. Finally, Wedbush reissued a “neutral” rating and issued a $120.00 price target on shares of NetApp in a research note on Wednesday, June 12th. One analyst has rated the stock with a sell rating, eleven have assigned a hold rating and six have issued a buy rating to the company. Based on data from MarketBeat, NetApp currently has an average rating of “Hold” and a consensus price target of $117.81.

Read Our Latest Stock Report on NetApp

NetApp Stock Up 1.0 %

Shares of NASDAQ NTAP opened at $127.31 on Tuesday. NetApp, Inc. has a 1 year low of $70.82 and a 1 year high of $127.97. The company has a debt-to-equity ratio of 1.74, a current ratio of 1.19 and a quick ratio of 1.15. The firm has a 50-day simple moving average of $110.65 and a two-hundred day simple moving average of $99.03. The company has a market cap of $26.20 billion, a P/E ratio of 27.16, a PEG ratio of 5.09 and a beta of 1.25.

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

NetApp Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Wednesday, July 24th. Stockholders of record on Friday, July 5th will be paid a dividend of $0.52 per share. This is a positive change from NetApp’s previous quarterly dividend of $0.50. The ex-dividend date of this dividend is Friday, July 5th. This represents a $2.08 dividend on an annualized basis and a dividend yield of 1.63%. NetApp’s payout ratio is presently 43.10%.

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

Insider Activity

In other NetApp news, EVP Elizabeth M. O’callahan sold 871 shares of the business’s stock in a transaction that occurred 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 sale, the executive vice president now owns 9,601 shares of the company’s stock, valued at approximately $989,095.02. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. In other news, CEO George Kurian sold 8,500 shares of the stock in a transaction on Monday, April 15th. The shares were sold at an average price of $103.16, for a total value of $876,860.00. Following the sale, the chief executive officer now owns 252,702 shares in the company, valued at $26,068,738.32. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, EVP Elizabeth M. O’callahan sold 871 shares of the stock in a transaction dated Wednesday, April 10th. The stock was sold at an average price of $103.02, for a total value of $89,730.42. Following the sale, the executive vice president now directly owns 9,601 shares in the company, valued at $989,095.02. The disclosure for this sale can be found here. Corporate insiders own 0.37% of the company’s stock.

NetApp 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.

Further Reading

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Institutional Ownership by Quarter for NetApp (NASDAQ:NTAP)

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