Silvercrest Asset Management Group LLC Invests $7.16 Million in NetApp, Inc. (NASDAQ:NTAP)

Silvercrest Asset Management Group LLC acquired a new position in shares of NetApp, Inc. (NASDAQ:NTAP - Free Report) in the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund acquired 61,644 shares of the data storage provider's stock, valued at approximately $7,156,000.

Other institutional investors and hedge funds have also recently modified their holdings of the company. Resonant Capital Advisors LLC grew its position in shares of NetApp by 1.8% during the 4th quarter. Resonant Capital Advisors LLC now owns 4,442 shares of the data storage provider's stock valued at $516,000 after acquiring an additional 80 shares during the period. Larson Financial Group LLC raised its stake in shares of NetApp by 2.5% in the fourth quarter. Larson Financial Group LLC now owns 3,778 shares of the data storage provider's stock valued at $438,000 after buying an additional 92 shares during the period. Geneos Wealth Management Inc. raised its stake in shares of NetApp by 22.3% in the fourth quarter. Geneos Wealth Management Inc. now owns 549 shares of the data storage provider's stock valued at $64,000 after buying an additional 100 shares during the period. Moors & Cabot Inc. lifted its position in shares of NetApp by 3.6% during the 4th quarter. Moors & Cabot Inc. now owns 2,906 shares of the data storage provider's stock valued at $337,000 after buying an additional 100 shares during the last quarter. Finally, Coppell Advisory Solutions LLC increased its holdings in NetApp by 50.0% in the 4th quarter. Coppell Advisory Solutions LLC now owns 300 shares of the data storage provider's stock worth $35,000 after acquiring an additional 100 shares during the last quarter. 92.17% of the stock is owned by hedge funds and other institutional investors.

Insider Activity

In other news, CEO George Kurian sold 8,500 shares of NetApp stock in a transaction dated Monday, April 21st. The shares were sold at an average price of $81.83, for a total value of $695,555.00. Following the sale, the chief executive officer now owns 249,765 shares in the company, valued at $20,438,269.95. This trade represents a 3.29% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, Director Anders Gustafsson bought 2,800 shares of the company's stock in a transaction dated Thursday, March 27th. The shares were acquired at an average cost of $91.00 per share, with a total value of $254,800.00. Following the acquisition, the director now directly owns 6,348 shares of the company's stock, valued at approximately $577,668. This represents a 78.92% increase in their ownership of the stock. The disclosure for this purchase can be found here. Insiders sold a total of 28,724 shares of company stock valued at $2,520,032 in the last quarter. 0.47% of the stock is currently owned by company insiders.

Analyst Ratings Changes

Several equities analysts have recently weighed in on the stock. Wedbush reiterated a "neutral" rating and issued a $110.00 target price (down previously from $120.00) on shares of NetApp in a research note on Friday, February 28th. TD Cowen decreased their target price on shares of NetApp from $160.00 to $130.00 and set a "buy" rating on the stock in a report on Friday, February 28th. Wall Street Zen lowered NetApp from a "buy" rating to a "hold" rating in a report on Friday, February 28th. Morgan Stanley upped their price objective on NetApp from $84.00 to $106.00 and gave the stock an "equal weight" rating in a report on Tuesday. Finally, Citigroup upped their price objective on shares of NetApp from $90.00 to $105.00 and gave the company a "neutral" rating in a research note on Friday, May 16th. Eleven research analysts have rated the stock with a hold rating and seven have issued a buy rating to the company. Based on data from MarketBeat, NetApp currently has a consensus rating of "Hold" and an average target price of $121.40.

NetApp Stock Up 0.2%

NTAP stock traded up $0.21 on Thursday, hitting $99.78. 1,520,228 shares of the company's stock were exchanged, compared to its average volume of 1,915,412. 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 1.39, a quick ratio of 0.84 and a current ratio of 0.91. The stock has a market cap of $20.30 billion, a P/E ratio of 18.34, a price-to-earnings-growth ratio of 2.45 and a beta of 1.40. The firm has a 50 day moving average price of $89.38 and a two-hundred day moving average price of $108.13.

NetApp Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Wednesday, April 23rd. Stockholders of record on Friday, April 4th were paid a $0.52 dividend. The ex-dividend date was Friday, April 4th. This represents a $2.08 dividend on an annualized basis and a dividend yield of 2.08%. NetApp's payout ratio is currently 38.52%.

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.