Pallas Capital Advisors LLC Makes New Investment in NetApp, Inc. $NTAP

Key Points

• Pallas Capital Advisors LLC has acquired 5,010 shares of NetApp, Inc., valued at approximately $534,000, highlighting increasing interest from institutional investors.
• Analyst ratings for NetApp have been mostly positive, with several firms setting target prices around $130.00, signaling bullish sentiment among equity analysts.
• NetApp recently declared a quarterly dividend of $0.52 per share, with a yield of 1.7%, reflecting the company's commitment to returning capital to its shareholders.

Pallas Capital Advisors LLC purchased a new position in shares of NetApp, Inc. (NASDAQ:NTAP - Free Report) during the second quarter, according to its most recent disclosure with the SEC. The institutional investor purchased 5,010 shares of the data storage provider's stock, valued at approximately $534,000.

Other institutional investors and hedge funds have also added to or reduced their stakes in the company. Assenagon Asset Management S.A. raised its position in shares of NetApp by 39.6% during the first quarter. Assenagon Asset Management S.A. now owns 36,998 shares of the data storage provider's stock worth $3,250,000 after purchasing an additional 10,494 shares during the period. Achmea Investment Management B.V. raised its holdings in NetApp by 55.8% during the first quarter. Achmea Investment Management B.V. now owns 221,907 shares of the data storage provider's stock worth $19,492,000 after buying an additional 79,457 shares during the last quarter. Burns Matteson Capital Management LLC bought a new position in shares of NetApp in the first quarter valued at $321,000. UNICOM Systems Inc. acquired a new position in shares of NetApp during the first quarter valued at about $13,483,000. Finally, Hennessy Advisors Inc. bought a new stake in shares of NetApp during the first quarter worth about $2,050,000. Institutional investors own 92.17% of the company's stock.

Insider Transactions at NetApp

In other NetApp news, CEO George Kurian sold 8,750 shares of the stock in a transaction on Wednesday, September 17th. The stock was sold at an average price of $122.91, for a total transaction of $1,075,462.50. Following the completion of the transaction, the chief executive officer directly owned 274,938 shares of the company's stock, valued at approximately $33,792,629.58. This represents a 3.08% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, EVP Elizabeth M. O'callahan sold 1,000 shares of the business's stock in a transaction on Wednesday, September 10th. The shares were sold at an average price of $123.67, for a total value of $123,670.00. Following the completion of the sale, the executive vice president owned 23,628 shares in the company, valued at approximately $2,922,074.76. The trade was a 4.06% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders sold 28,750 shares of company stock worth $3,255,778. Corporate insiders own 0.28% of the company's stock.

Analysts Set New Price Targets

Several equities analysts recently weighed in on the stock. UBS Group raised their price target on shares of NetApp from $108.00 to $114.00 and gave the company a "neutral" rating in a research report on Thursday, August 28th. Morgan Stanley set a $117.00 target price on NetApp in a report on Thursday, August 28th. Bank of America upped their price target on NetApp from $121.00 to $125.00 and gave the stock a "neutral" rating in a report on Monday, August 25th. JPMorgan Chase & Co. increased their price target on NetApp from $115.00 to $130.00 and gave the company an "overweight" rating in a research report on Thursday, July 17th. Finally, Wells Fargo & Company dropped their price objective on NetApp from $115.00 to $100.00 and set an "equal weight" rating on the stock in a research note on Friday, May 30th. Seven research analysts have rated the stock with a Buy rating and ten have issued a Hold rating to the company's stock. According to MarketBeat, the stock presently has a consensus rating of "Hold" and a consensus target price of $124.07.

NetApp Stock Performance

Shares of NetApp stock traded down $0.70 during trading hours on Tuesday, hitting $123.92. 458,063 shares of the company's stock traded hands, compared to its average volume of 2,075,698. The stock has a market capitalization of $24.74 billion, a price-to-earnings ratio of 21.89, a PEG ratio of 2.73 and a beta of 1.46. NetApp, Inc. has a 12-month low of $71.84 and a 12-month high of $135.45. The company has a debt-to-equity ratio of 2.55, a current ratio of 1.31 and a quick ratio of 1.28. The company has a fifty day simple moving average of $111.76 and a 200-day simple moving average of $101.04.

NetApp Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, October 22nd. Shareholders of record on Friday, October 3rd will be given a $0.52 dividend. The ex-dividend date of this dividend is Friday, October 3rd. This represents a $2.08 annualized dividend and a yield of 1.7%. NetApp's payout ratio is currently 36.75%.

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.