Resonant Capital Advisors LLC Boosts Holdings in NetApp, Inc. (NASDAQ:NTAP)

Resonant Capital Advisors LLC increased its holdings in NetApp, Inc. (NASDAQ:NTAP) by 70.3% during the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 4,119 shares of the data storage provider’s stock after purchasing an additional 1,701 shares during the period. Resonant Capital Advisors LLC’s holdings in NetApp were worth $531,000 as of its most recent SEC filing.

A number of other large investors also recently added to or reduced their stakes in NTAP. First Horizon Advisors Inc. lifted its holdings in NetApp by 58.7% in the 4th 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 in the last quarter. Rise Advisors LLC purchased a new position in NetApp in the 1st quarter worth approximately $27,000. J.Safra Asset Management Corp lifted its holdings in NetApp by 706.3% in the 1st quarter. J.Safra Asset Management Corp now owns 258 shares of the data storage provider’s stock worth $27,000 after purchasing an additional 226 shares in the last quarter. New Covenant Trust Company N.A. purchased a new position in NetApp in the 1st quarter worth approximately $28,000. Finally, Crewe Advisors LLC purchased a new stake in shares of NetApp during the 1st quarter worth approximately $35,000. 92.17% of the stock is owned by hedge funds and other institutional investors.

NetApp Stock Performance

Shares of NetApp stock opened at $120.72 on Tuesday. The stock’s fifty day moving average is $127.26 and its two-hundred day moving average is $114.18. The company has a market capitalization of $24.72 billion, a PE ratio of 26.02, a price-to-earnings-growth ratio of 4.88 and a beta of 1.27. The company has a quick ratio of 1.15, a current ratio of 0.96 and a debt-to-equity ratio of 1.34. NetApp, Inc. has a 52 week low of $70.82 and a 52 week high of $135.01.

NetApp (NASDAQ:NTAP) last announced its quarterly earnings data on Wednesday, August 28th. The data storage provider reported $1.56 EPS for the quarter, beating the consensus estimate of $1.45 by $0.11. The company had revenue of $1.54 billion for the quarter, compared to the consensus estimate of $1.53 billion. NetApp had a return on equity of 121.41% and a net margin of 17.01%. NetApp’s quarterly revenue was up 7.6% on a year-over-year basis. During the same quarter in the prior year, the company posted $0.84 EPS. As a group, analysts expect that NetApp, Inc. will post 5.63 earnings per share for the current year.

NetApp Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, October 23rd. Shareholders of record on Friday, October 4th will be given a $0.52 dividend. This represents a $2.08 annualized dividend and a yield of 1.72%. The ex-dividend date is Friday, October 4th. NetApp’s dividend payout ratio (DPR) is presently 44.83%.

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

Wall Street Analyst Weigh In

Several brokerages have recently issued reports on NTAP. Stifel Nicolaus upped their price objective on NetApp from $138.00 to $140.00 and gave the stock a “buy” rating in a report on Thursday, August 29th. Citigroup upped their price objective on NetApp from $120.00 to $130.00 and gave the stock a “neutral” rating in a report on Thursday, August 15th. Evercore ISI upped their price objective on NetApp from $120.00 to $130.00 and gave the stock an “in-line” rating in a report on Monday, August 12th. TD Cowen upped their price objective on NetApp from $135.00 to $145.00 and gave the stock a “buy” rating in a report on Wednesday, June 12th. Finally, Argus upped their price objective on NetApp from $130.00 to $140.00 and gave the stock a “buy” rating in a report on Wednesday, June 5th. One investment analyst has rated the stock with a sell rating, eleven have given a hold rating and five have issued a buy rating to the company. According to data from MarketBeat, the stock presently has a consensus rating of “Hold” and a consensus price target of $127.67.

Insider Buying and Selling at NetApp

In other NetApp news, CEO George Kurian sold 8,500 shares of the company’s stock in a transaction on Monday, July 15th. The stock was sold at an average price of $130.36, for a total value of $1,108,060.00. Following the completion of the sale, the chief executive officer now directly owns 314,274 shares in the company, valued at approximately $40,968,758.64. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. In other NetApp news, CEO George Kurian sold 8,500 shares of the company’s stock in a transaction on Monday, July 15th. The stock was sold at an average price of $130.36, for a total value of $1,108,060.00. Following the completion of the sale, the chief executive officer now directly owns 314,274 shares in the company, valued at approximately $40,968,758.64. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, CFO Michael J. Berry sold 7,500 shares of the company’s stock in a transaction on Tuesday, June 25th. The stock was sold at an average price of $127.24, for a total value of $954,300.00. Following the completion of the sale, the chief financial officer now owns 193,369 shares of the company’s stock, valued at $24,604,271.56. The disclosure for this sale can be found here. Insiders have sold 41,786 shares of company stock valued at $5,395,146 in the last quarter. 0.37% of the stock is owned by insiders.

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.