NewEdge Advisors LLC Acquires 2,203 Shares of NetApp, Inc. (NASDAQ:NTAP)

NewEdge Advisors LLC increased its holdings in shares of NetApp, Inc. (NASDAQ:NTAP) by 22.5% in the second quarter, according to its most recent filing with the SEC. The fund owned 11,981 shares of the data storage provider’s stock after acquiring an additional 2,203 shares during the period. NewEdge Advisors LLC’s holdings in NetApp were worth $1,543,000 at the end of the most recent quarter.

Other large investors also recently bought and sold shares of the company. Creative Planning increased its holdings in NetApp by 32.3% during the 2nd quarter. Creative Planning now owns 23,928 shares of the data storage provider’s stock worth $3,082,000 after purchasing an additional 5,843 shares during the period. Algert Global LLC raised its holdings in shares of NetApp by 26.9% in the 2nd quarter. Algert Global LLC now owns 4,108 shares of the data storage provider’s stock valued at $529,000 after purchasing an additional 870 shares in the last quarter. Aviso Wealth Management lifted its position in shares of NetApp by 1.4% in the 2nd quarter. Aviso Wealth Management now owns 6,149 shares of the data storage provider’s stock worth $792,000 after purchasing an additional 83 shares during the period. Scientech Research LLC bought a new position in shares of NetApp during the second quarter valued at approximately $509,000. Finally, Legal & General Group Plc increased its holdings in NetApp by 3.5% during the second quarter. Legal & General Group Plc now owns 2,405,363 shares of the data storage provider’s stock valued at $309,811,000 after buying an additional 82,378 shares during the period. Hedge funds and other institutional investors own 92.17% of the company’s stock.

Insider Activity at NetApp

In other NetApp news, CAO Lorenzo Daniel De sold 1,685 shares of NetApp stock in a transaction on Tuesday, September 24th. The shares were sold at an average price of $123.60, for a total value of $208,266.00. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. In other news, CEO George Kurian sold 8,500 shares of the stock in a transaction that occurred on Monday, July 15th. The stock was sold at an average price of $130.36, for a total transaction of $1,108,060.00. Following the transaction, the chief executive officer now owns 314,274 shares in the company, valued at $40,968,758.64. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, CAO Lorenzo Daniel De sold 1,685 shares of the business’s stock in a transaction on Tuesday, September 24th. The stock was sold at an average price of $123.60, for a total transaction of $208,266.00. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 10,637 shares of company stock worth $1,376,474. 0.37% of the stock is owned by company insiders.

Wall Street Analysts Forecast Growth

NTAP has been the topic of several recent research reports. Citigroup increased their target price on NetApp from $120.00 to $130.00 and gave the company a “neutral” rating in a research report on Thursday, August 15th. JPMorgan Chase & Co. raised their price objective on NetApp from $146.00 to $147.00 and gave the company a “neutral” rating in a research report on Thursday, August 29th. Wells Fargo & Company increased their price target on shares of NetApp from $120.00 to $135.00 and gave the company an “equal weight” rating in a research report on Wednesday, June 12th. UBS Group raised their price objective on NetApp from $121.00 to $134.00 and gave the stock a “neutral” rating in a research report on Thursday, August 29th. Finally, Susquehanna restated a “positive” rating and set a $155.00 price target on shares of NetApp in a research note on Monday, August 26th. One analyst has rated the stock with a sell rating, ten have issued a hold rating and six have issued a buy rating to the company. According to MarketBeat, NetApp currently has an average rating of “Hold” and a consensus price target of $129.06.

NetApp Price Performance

Shares of NTAP opened at $123.39 on Friday. The business’s 50-day moving average is $122.75 and its two-hundred day moving average is $118.03. The company has a market capitalization of $25.39 billion, a P/E ratio of 26.59, a P/E/G ratio of 4.61 and a beta of 1.23. NetApp, Inc. has a fifty-two week low of $70.82 and a fifty-two week high of $135.01. The company has a debt-to-equity ratio of 1.34, a quick ratio of 0.91 and a current ratio of 0.96.

NetApp (NASDAQ:NTAP) last announced its quarterly earnings results on Wednesday, August 28th. The data storage provider reported $1.56 earnings per share for the quarter, beating the consensus estimate of $1.45 by $0.11. The company had revenue of $1.54 billion during the quarter, compared to analysts’ expectations 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 period last year, the business earned $0.84 earnings per share. Research analysts predict that NetApp, Inc. will post 5.71 earnings per share for the current year.

NetApp Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Wednesday, October 23rd. Investors of record on Friday, October 4th will be issued a dividend of $0.52 per share. This represents a $2.08 dividend on an annualized basis and a yield of 1.69%. The ex-dividend date of this dividend is Friday, October 4th. NetApp’s dividend payout ratio (DPR) is presently 44.83%.

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.