Radnor Capital Management LLC Takes Position in NetApp, Inc. (NASDAQ:NTAP)

Radnor Capital Management LLC bought a new position in NetApp, Inc. (NASDAQ:NTAP) during the second quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund bought 7,200 shares of the data storage provider’s stock, valued at approximately $550,000.

Other hedge funds also recently made changes to their positions in the company. CWM LLC raised its position in NetApp by 5.8% during the first quarter. CWM LLC now owns 4,842 shares of the data storage provider’s stock valued at $309,000 after purchasing an additional 264 shares during the period. Caldwell Sutter Capital Inc. purchased a new stake in NetApp during the first quarter valued at approximately $34,000. USS Investment Management Ltd raised its position in NetApp by 2.6% during the fourth quarter. USS Investment Management Ltd now owns 77,192 shares of the data storage provider’s stock valued at $4,635,000 after purchasing an additional 1,927 shares during the period. Daiwa Securities Group Inc. raised its position in NetApp by 20.9% during the first quarter. Daiwa Securities Group Inc. now owns 25,659 shares of the data storage provider’s stock valued at $1,638,000 after purchasing an additional 4,437 shares during the period. Finally, Assetmark Inc. raised its position in NetApp by 20.4% during the first quarter. Assetmark Inc. now owns 32,878 shares of the data storage provider’s stock valued at $2,099,000 after purchasing an additional 5,578 shares during the period. 90.25% of the stock is currently owned by hedge funds and other institutional investors.

NetApp Stock Performance

NTAP stock traded down $0.25 during midday trading on Friday, reaching $78.30. The stock had a trading volume of 374,405 shares, compared to its average volume of 2,074,532. The stock has a market cap of $16.35 billion, a PE ratio of 14.20, a P/E/G ratio of 2.18 and a beta of 1.22. The company has a debt-to-equity ratio of 2.74, a quick ratio of 1.24 and a current ratio of 1.28. The firm has a fifty day simple moving average of $77.66 and a two-hundred day simple moving average of $70.53. NetApp, Inc. has a 52-week low of $58.08 and a 52-week high of $80.53.

NetApp (NASDAQ:NTAP) last issued its earnings results on Wednesday, August 23rd. The data storage provider reported $1.15 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.07 by $0.08. The company had revenue of $1.43 billion during the quarter, compared to analyst estimates of $1.41 billion. NetApp had a return on equity of 85.69% and a net margin of 19.49%. The firm’s quarterly revenue was down 10.1% on a year-over-year basis. During the same quarter last year, the business posted $0.97 EPS. As a group, equities research analysts anticipate that NetApp, Inc. will post 4.48 EPS for the current year.

NetApp Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Wednesday, October 25th. Shareholders of record on Friday, October 6th will be given a dividend of $0.50 per share. This represents a $2.00 annualized dividend and a yield of 2.55%. The ex-dividend date of this dividend is Thursday, October 5th. NetApp’s dividend payout ratio is currently 36.17%.

Insiders Place Their Bets

In other NetApp news, President Cesar Cernuda sold 22,000 shares of the stock in a transaction dated Wednesday, September 6th. The stock was sold at an average price of $79.44, for a total transaction of $1,747,680.00. Following the sale, the president now directly owns 103,659 shares of the company’s stock, valued at approximately $8,234,670.96. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. In other news, President Cesar Cernuda sold 22,000 shares of the firm’s stock in a transaction dated Wednesday, September 6th. The stock was sold at an average price of $79.44, for a total transaction of $1,747,680.00. Following the sale, the president now directly owns 103,659 shares in the company, valued at approximately $8,234,670.96. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CAO Robert Parks sold 9,113 shares of the firm’s stock in a transaction dated Monday, August 28th. The shares were sold at an average price of $75.90, for a total value of $691,676.70. The disclosure for this sale can be found here. In the last three months, insiders have sold 48,362 shares of company stock valued at $3,787,230. Company insiders own 0.37% of the company’s stock.

Analysts Set New Price Targets

A number of equities research analysts have issued reports on NTAP shares. TD Cowen upped their price objective on NetApp from $85.00 to $90.00 and gave the company an “outperform” rating in a research report on Thursday, August 24th. Northland Securities cut their target price on NetApp from $89.00 to $88.00 and set an “outperform” rating on the stock in a research note on Thursday, August 24th. SpectralCast reaffirmed a “maintains” rating on shares of NetApp in a research note on Thursday, June 1st. Citigroup upped their target price on NetApp from $80.00 to $83.00 and gave the company a “neutral” rating in a research note on Thursday, August 24th. Finally, StockNews.com raised NetApp from a “hold” rating to a “buy” rating in a research note on Friday, August 25th. One analyst has rated the stock with a sell rating, ten have assigned a hold rating and ten have issued a buy rating to the stock. According to data from MarketBeat, the company currently has a consensus rating of “Hold” and a consensus price target of $78.35.

NetApp Company 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.