True Wealth Design LLC Raises Stock Position in NetApp, Inc. (NASDAQ:NTAP)

True Wealth Design LLC raised its stake in shares of NetApp, Inc. (NASDAQ:NTAP) by 2,833.3% during the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 352 shares of the data storage provider’s stock after purchasing an additional 340 shares during the period. True Wealth Design LLC’s holdings in NetApp were worth $43,000 at the end of the most recent quarter.

Several other institutional investors have also modified their holdings of the stock. Hollencrest Capital Management purchased a new position in NetApp in the 2nd quarter valued at about $26,000. Northwest Investment Counselors LLC acquired a new position in shares of NetApp during the third quarter valued at approximately $27,000. Redwood Wealth Management Group LLC acquired a new position in shares of NetApp during the second quarter valued at approximately $32,000. Robbins Farley purchased a new position in shares of NetApp in the second quarter valued at approximately $44,000. Finally, Capital Performance Advisors LLP acquired a new stake in shares of NetApp in the third quarter worth approximately $44,000. Institutional investors and hedge funds own 92.17% of the company’s stock.

Insider Activity

In other news, CAO Lorenzo Daniel De sold 326 shares of the firm’s stock in a transaction that occurred on Monday, November 18th. The shares were sold at an average price of $117.44, for a total value of $38,285.44. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, CEO George Kurian sold 8,500 shares of NetApp stock in a transaction that occurred on Monday, October 21st. The shares were sold at an average price of $126.11, for a total transaction of $1,071,935.00. Following the completion of the transaction, the chief executive officer now owns 292,778 shares of the company’s stock, valued at $36,922,233.58. This trade represents a 2.82 % decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 23,049 shares of company stock valued at $2,807,851. 0.47% of the stock is currently owned by corporate insiders.

Wall Street Analyst Weigh In

NTAP has been the topic of a number of research reports. Oppenheimer initiated coverage on NetApp in a report on Wednesday, November 13th. They issued a “market perform” rating on the stock. Northland Securities increased their target price on shares of NetApp from $108.00 to $120.00 and gave the company a “market perform” rating in a research report on Friday, November 22nd. JPMorgan Chase & Co. boosted their price target on shares of NetApp from $146.00 to $147.00 and gave the stock a “neutral” rating in a research report on Thursday, August 29th. Wedbush reiterated a “neutral” rating and issued a $120.00 price objective on shares of NetApp in a report on Friday, November 22nd. Finally, Wells Fargo & Company raised their target price on shares of NetApp from $135.00 to $140.00 and gave the stock an “equal weight” rating in a research note on Friday, November 22nd. One research analyst has rated the stock with a sell rating, eleven have given a hold rating and six have given a buy rating to the stock. According to MarketBeat, the stock currently has a consensus rating of “Hold” and a consensus target price of $137.40.

NetApp Stock Up 0.2 %

Shares of NTAP opened at $122.64 on Monday. The company has a current ratio of 0.91, a quick ratio of 0.84 and a debt-to-equity ratio of 1.39. The firm has a market cap of $24.93 billion, a P/E ratio of 22.54, a price-to-earnings-growth ratio of 2.94 and a beta of 1.24. The company’s 50-day moving average price is $122.37 and its 200 day moving average price is $123.24. NetApp, Inc. has a 12-month low of $83.62 and a 12-month high of $135.45.

NetApp (NASDAQ:NTAP) last released its quarterly earnings results on Thursday, November 21st. The data storage provider reported $1.87 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.78 by $0.09. The business had revenue of $1.66 billion for the quarter, compared to the consensus estimate of $1.65 billion. NetApp had a net margin of 17.78% and a return on equity of 123.63%. The business’s revenue was up 6.1% on a year-over-year basis. During the same period in the previous year, the firm earned $1.23 EPS. On average, sell-side analysts forecast that NetApp, Inc. will post 5.83 earnings per share for the current year.

NetApp Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Wednesday, January 22nd. Stockholders of record on Friday, January 3rd will be given a dividend of $0.52 per share. The ex-dividend date is Friday, January 3rd. This represents a $2.08 annualized dividend and a dividend yield of 1.70%. NetApp’s dividend payout ratio is currently 38.24%.

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.