NEOS Investment Management LLC Takes Position in NetApp, Inc. (NASDAQ:NTAP)

NEOS Investment Management LLC acquired a new position in NetApp, Inc. (NASDAQ:NTAPFree Report) during the 4th quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund acquired 2,961 shares of the data storage provider’s stock, valued at approximately $261,000.

Several other institutional investors also recently bought and sold shares of the stock. Oppenheimer & Co. Inc. grew its holdings in shares of NetApp by 5.0% in the third quarter. Oppenheimer & Co. Inc. now owns 16,143 shares of the data storage provider’s stock worth $1,225,000 after purchasing an additional 774 shares during the last quarter. J.P. Morgan Private Wealth Advisors LLC bought a new stake in shares of NetApp in the third quarter worth about $2,549,000. Amalgamated Bank increased its holdings in NetApp by 9.6% during the 3rd quarter. Amalgamated Bank now owns 61,439 shares of the data storage provider’s stock valued at $4,662,000 after purchasing an additional 5,396 shares during the period. Argent Trust Co bought a new position in NetApp during the 3rd quarter valued at approximately $316,000. Finally, Atria Wealth Solutions Inc. purchased a new stake in NetApp in the third quarter worth $202,000. 92.17% of the stock is currently owned by hedge funds and other institutional investors.

Insider Buying and Selling at NetApp

In other news, CFO Michael J. Berry sold 7,500 shares of the firm’s stock in a transaction on Tuesday, March 12th. The shares were sold at an average price of $102.75, for a total transaction of $770,625.00. Following the sale, the chief financial officer now directly owns 152,409 shares in the company, valued at approximately $15,660,024.75. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In related news, CEO George Kurian sold 8,500 shares of the company’s stock in a transaction on Tuesday, March 19th. The shares were sold at an average price of $101.44, for a total transaction of $862,240.00. Following the completion of the transaction, the chief executive officer now owns 261,202 shares in the company, valued at $26,496,330.88. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, CFO Michael J. Berry sold 7,500 shares of the stock in a transaction that occurred on Tuesday, March 12th. The shares were sold at an average price of $102.75, for a total value of $770,625.00. Following the transaction, the chief financial officer now directly owns 152,409 shares of the company’s stock, valued at $15,660,024.75. The disclosure for this sale can be found here. Insiders have sold 40,371 shares of company stock valued at $4,139,505 over the last 90 days. 0.37% of the stock is currently owned by corporate insiders.

Wall Street Analysts Forecast Growth

Several equities analysts recently issued reports on NTAP shares. Wedbush boosted their price target on shares of NetApp from $100.00 to $120.00 and gave the company a “neutral” rating in a research report on Tuesday, May 28th. Barclays upped their price target on NetApp from $100.00 to $116.00 and gave the stock an “equal weight” rating in a research note on Friday, May 31st. StockNews.com cut shares of NetApp from a “strong-buy” rating to a “buy” rating in a report on Thursday, March 7th. JPMorgan Chase & Co. upgraded shares of NetApp from an “underweight” rating to a “neutral” rating and increased their price target for the stock from $95.00 to $125.00 in a research note on Friday, May 31st. Finally, Susquehanna boosted their price objective on shares of NetApp from $130.00 to $138.00 and gave the stock a “positive” rating in a research note on Friday, May 31st. One investment analyst has rated the stock with a sell rating, eleven have given a hold rating and six have issued a buy rating to the company’s stock. According to data from MarketBeat, the company has an average rating of “Hold” and a consensus price target of $113.38.

Read Our Latest Stock Analysis on NetApp

NetApp Stock Down 0.6 %

NetApp stock opened at $121.47 on Friday. NetApp, Inc. has a one year low of $69.51 and a one year high of $122.30. The stock has a market cap of $25.07 billion, a PE ratio of 26.18, a price-to-earnings-growth ratio of 4.93 and a beta of 1.25. The company has a debt-to-equity ratio of 1.74, a quick ratio of 1.15 and a current ratio of 1.19. The stock has a fifty day moving average of $107.89 and a 200 day moving average of $96.63.

NetApp (NASDAQ:NTAPGet Free Report) last announced its earnings results 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 return on equity of 114.54% and a net margin of 15.73%. The company had revenue of $1.67 billion for the quarter, compared to analysts’ expectations of $1.65 billion. During the same period last year, the firm earned $1.20 EPS. NetApp’s revenue for the quarter was up 5.5% compared to the same quarter last year. As a group, sell-side analysts predict that NetApp, Inc. will post 5.49 EPS for the current year.

NetApp declared that its board has authorized a share repurchase plan on Thursday, May 30th that allows the company to repurchase $1.00 billion in shares. This repurchase authorization allows the data storage provider to purchase up to 4% of its shares through open market purchases. Shares repurchase plans are typically an indication that the company’s board believes its stock is undervalued.

NetApp Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Wednesday, July 24th. Shareholders of record on Friday, July 5th will be paid a dividend of $0.52 per share. This is a boost from NetApp’s previous quarterly dividend of $0.50. The ex-dividend date is Friday, July 5th. This represents a $2.08 dividend on an annualized basis and a yield of 1.71%. NetApp’s dividend payout ratio (DPR) is presently 43.10%.

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.

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Institutional Ownership by Quarter for NetApp (NASDAQ:NTAP)

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