Exchange Traded Concepts LLC Acquires 2,197 Shares of NetApp, Inc. (NASDAQ:NTAP)

Exchange Traded Concepts LLC grew its holdings in NetApp, Inc. (NASDAQ:NTAP) by 4,225.0% in the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 2,249 shares of the data storage provider’s stock after acquiring an additional 2,197 shares during the quarter. Exchange Traded Concepts LLC’s holdings in NetApp were worth $278,000 at the end of the most recent reporting period.

Several other large investors also recently modified their holdings of NTAP. Hollencrest Capital Management bought a new position in shares of NetApp during the second quarter worth about $26,000. Redwood Wealth Management Group LLC bought a new position in shares of NetApp during the second quarter worth about $32,000. J.Safra Asset Management Corp grew its holdings in shares of NetApp by 706.3% during the first quarter. J.Safra Asset Management Corp now owns 258 shares of the data storage provider’s stock worth $27,000 after buying an additional 226 shares in the last quarter. New Covenant Trust Company N.A. bought a new position in shares of NetApp during the first quarter worth about $28,000. Finally, Crewe Advisors LLC bought a new position in shares of NetApp during the first quarter worth about $35,000. 92.17% of the stock is currently owned by institutional investors.

Insiders Place Their Bets

In other NetApp news, EVP Elizabeth M. O’callahan sold 705 shares of the firm’s stock in a transaction on Thursday, October 10th. The stock was sold at an average price of $126.20, for a total transaction of $88,971.00. Following the transaction, the executive vice president now owns 11,694 shares in the company, valued at $1,475,782.80. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. In other NetApp news, CAO Lorenzo Daniel De sold 1,685 shares of the firm’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 transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, EVP Elizabeth M. O’callahan sold 705 shares of NetApp stock in a transaction on Thursday, October 10th. The shares were sold at an average price of $126.20, for a total value of $88,971.00. Following the completion of the transaction, the executive vice president now owns 11,694 shares in the company, valued at approximately $1,475,782.80. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. Corporate insiders own 0.37% of the company’s stock.

NetApp Stock Performance

NASDAQ:NTAP opened at $126.53 on Monday. The stock has a market cap of $26.04 billion, a P/E ratio of 27.27, a PEG ratio of 4.77 and a beta of 1.23. The stock has a 50 day simple moving average of $123.84 and a 200 day simple moving average of $119.61. The company has a current ratio of 0.96, a quick ratio of 0.91 and a debt-to-equity ratio of 1.34. NetApp, Inc. has a 1-year low of $70.82 and a 1-year high of $135.01.

NetApp (NASDAQ:NTAP) last released its quarterly earnings results on Wednesday, August 28th. The data storage provider reported $1.56 earnings per share for the quarter, topping the consensus estimate of $1.45 by $0.11. NetApp had a return on equity of 121.41% and a net margin of 17.01%. The business had revenue of $1.54 billion during the quarter, compared to analysts’ expectations of $1.53 billion. During the same period last year, the firm posted $0.84 EPS. The firm’s revenue for the quarter was up 7.6% compared to the same quarter last year. Research analysts anticipate that NetApp, Inc. will post 5.71 earnings per share for the current year.

NetApp Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, October 23rd. Shareholders of record on Friday, October 4th will be paid a dividend of $0.52 per share. The ex-dividend date of this dividend is Friday, October 4th. This represents a $2.08 dividend on an annualized basis and a yield of 1.64%. NetApp’s dividend payout ratio (DPR) is presently 44.83%.

Analyst Upgrades and Downgrades

A number of research analysts recently issued reports on the company. Stifel Nicolaus increased 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. JPMorgan Chase & Co. increased their price objective on NetApp from $146.00 to $147.00 and gave the stock a “neutral” rating in a report on Thursday, August 29th. Loop Capital upgraded NetApp from a “hold” rating to a “buy” rating and raised their price target for the company from $121.00 to $150.00 in a research note on Tuesday, September 3rd. Susquehanna restated a “positive” rating and issued a $155.00 price target on shares of NetApp in a research note on Monday, August 26th. Finally, Bank of America raised their price target on NetApp from $105.00 to $110.00 and gave the company an “underperform” rating in a research note on Thursday, August 29th. One equities research analyst has rated the stock with a sell rating, ten have given a hold rating and six have given a buy rating to the stock. According to MarketBeat, the stock presently has an average rating of “Hold” and a consensus target price of $129.06.

NetApp 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.