Summit Financial Wealth Advisors LLC Makes New Investment in NetApp, Inc. (NASDAQ:NTAP)

Summit Financial Wealth Advisors LLC acquired a new position in NetApp, Inc. (NASDAQ:NTAP) during the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund acquired 2,871 shares of the data storage provider’s stock, valued at approximately $219,000.

Other hedge funds and other institutional investors have also bought and sold shares of the company. Private Advisor Group LLC lifted its position in shares of NetApp by 66.3% during the 1st quarter. Private Advisor Group LLC now owns 7,740 shares of the data storage provider’s stock valued at $643,000 after buying an additional 3,086 shares during the last quarter. Commonwealth of Pennsylvania Public School Empls Retrmt SYS lifted its position in shares of NetApp by 6.0% during the 1st quarter. Commonwealth of Pennsylvania Public School Empls Retrmt SYS now owns 29,741 shares of the data storage provider’s stock valued at $2,469,000 after buying an additional 1,672 shares during the last quarter. Sei Investments Co. lifted its position in shares of NetApp by 0.8% during the 1st quarter. Sei Investments Co. now owns 139,507 shares of the data storage provider’s stock valued at $11,563,000 after buying an additional 1,086 shares during the last quarter. Aviva PLC lifted its position in shares of NetApp by 41.0% during the 1st quarter. Aviva PLC now owns 98,770 shares of the data storage provider’s stock valued at $8,198,000 after buying an additional 28,705 shares during the last quarter. Finally, Prudential PLC purchased a new position in shares of NetApp during the 1st quarter valued at $465,000. Hedge funds and other institutional investors own 90.25% of the company’s stock.

NetApp Trading Up 0.1 %

NTAP stock traded up $0.06 during trading on Tuesday, hitting $76.23. 152,281 shares of the company traded hands, compared to its average volume of 2,083,291. The firm has a market capitalization of $15.92 billion, a PE ratio of 13.77, a P/E/G ratio of 2.17 and a beta of 1.22. NetApp, Inc. has a 1 year low of $58.08 and a 1 year high of $80.53. The company has a 50-day moving average of $77.69 and a 200-day moving average of $70.70. The company has a debt-to-equity ratio of 2.74, a quick ratio of 1.24 and a current ratio of 1.28.

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

NetApp Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Wednesday, October 25th. Stockholders of record on Friday, October 6th will be paid a $0.50 dividend. This represents a $2.00 dividend on an annualized basis and a dividend yield of 2.62%. The ex-dividend date is Thursday, October 5th. NetApp’s payout ratio is presently 36.17%.

Insider Activity

In related news, EVP Elizabeth M. O’callahan sold 871 shares of the firm’s stock in a transaction that occurred on Monday, September 11th. The stock was sold at an average price of $79.58, for a total transaction of $69,314.18. Following the completion of the transaction, the executive vice president now owns 12,770 shares of the company’s stock, valued at approximately $1,016,236.60. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. In related news, Director Gerald Held sold 5,634 shares of NetApp stock in a transaction on Tuesday, September 12th. The stock was sold at an average price of $78.50, for a total value of $442,269.00. Following the completion of the sale, the director now owns 17,457 shares of the company’s stock, valued at $1,370,374.50. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, EVP Elizabeth M. O’callahan sold 871 shares of NetApp stock in a transaction on Monday, September 11th. The stock was sold at an average price of $79.58, for a total value of $69,314.18. Following the completion of the sale, the executive vice president now directly owns 12,770 shares of the company’s stock, valued at approximately $1,016,236.60. The disclosure for this sale can be found here. Insiders sold a total of 48,362 shares of company stock worth $3,787,230 in the last quarter. 0.37% of the stock is owned by company insiders.

Analyst Upgrades and Downgrades

A number of brokerages recently issued reports on NTAP. SpectralCast reissued a “maintains” rating on shares of NetApp in a report on Thursday, June 1st. UBS Group increased their price objective on NetApp from $77.00 to $84.00 and gave the stock a “neutral” rating in a report on Thursday, August 24th. Susquehanna raised NetApp from a “neutral” rating to a “positive” rating and increased their price objective for the stock from $62.00 to $100.00 in a report on Tuesday, September 5th. TD Cowen increased their price objective on NetApp from $85.00 to $90.00 and gave the stock an “outperform” rating in a report on Thursday, August 24th. Finally, Deutsche Bank Aktiengesellschaft increased their price objective on NetApp from $75.00 to $80.00 and gave the stock a “buy” rating in a report on Monday, August 21st. One investment analyst has rated the stock with a sell rating, eleven have given a hold rating and ten have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, NetApp currently has an average rating of “Hold” and a consensus target price of $78.35.

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, and storage infrastructure solutions, including NetApp All-Flash FAS series, NetApp Fabric Attached Storage, NetApp E/EF series, and NetApp StorageGRID.