Beacon Pointe Advisors LLC Buys Shares of 14,015 NetApp, Inc. $NTAP

Beacon Pointe Advisors LLC purchased a new stake in shares of NetApp, Inc. (NASDAQ:NTAP - Free Report) during the 2nd quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor purchased 14,015 shares of the data storage provider's stock, valued at approximately $2,169,000.

A number of other institutional investors and hedge funds have also recently modified their holdings of the company. Livforsakringsbolaget Skandia Omsesidigt purchased a new position in NetApp during the second quarter valued at approximately $25,798,000. Rakuten Investment Management Inc. purchased a new stake in NetApp in the 2nd quarter worth approximately $5,005,000. Empowered Funds LLC bought a new position in NetApp in the 2nd quarter valued at $18,442,000. United Capital Financial Advisors LLC bought a new position in NetApp in the 2nd quarter valued at $1,831,000. Finally, Equitable Holdings Inc. purchased a new position in shares of NetApp during the 2nd quarter valued at $220,000. 92.17% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

Several research analysts have recently weighed in on the stock. Weiss Ratings raised shares of NetApp from a "hold (c+)" rating to a "buy (b-)" rating in a report on Monday, June 8th. Argus lifted their price objective on NetApp from $130.00 to $200.00 and gave the company a "buy" rating in a research note on Monday, June 1st. Susquehanna boosted their target price on NetApp from $110.00 to $185.00 and gave the stock a "neutral" rating in a research report on Friday, May 29th. Bank of America upped their target price on NetApp from $125.00 to $150.00 and gave the stock a "neutral" rating in a research note on Friday, May 29th. Finally, Barclays raised their price target on NetApp from $120.00 to $199.00 and gave the company an "overweight" rating in a report on Friday, May 29th. Five equities research analysts have rated the stock with a Buy rating and ten have assigned a Hold rating to the stock. According to MarketBeat.com, the stock currently has an average rating of "Hold" and an average price target of $179.77.

Insiders Place Their Bets

In related news, CAO Lorenzo Daniel De sold 225 shares of the firm's stock in a transaction dated Monday, June 1st. The stock was sold at an average price of $171.09, for a total transaction of $38,495.25. Following the transaction, the chief accounting officer directly owned 1,090 shares of the company's stock, valued at approximately $186,488.10. This trade represents a 17.11% decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through this link. Also, EVP Elizabeth M. O'callahan sold 1,000 shares of the firm's stock in a transaction dated Monday, August 10th. The shares were sold at an average price of $193.82, for a total value of $193,820.00. Following the transaction, the executive vice president directly owned 30,297 shares in the company, valued at approximately $5,872,164.54. This represents a 3.20% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders sold a total of 55,297 shares of company stock valued at $8,758,016 over the last 90 days. Insiders own 0.36% of the company's stock.

NetApp Stock Performance

NASDAQ NTAP opened at $187.02 on Friday. NetApp, Inc. has a 52-week low of $93.69 and a 52-week high of $209.06. The company has a debt-to-equity ratio of 1.84, a quick ratio of 1.39 and a current ratio of 1.44. The company has a market capitalization of $36.70 billion, a P/E ratio of 29.41, a P/E/G ratio of 3.33 and a beta of 1.45. The company has a fifty day moving average of $175.90 and a 200-day moving average of $138.03.

NetApp (NASDAQ:NTAP - Get Free Report) last announced its earnings results on Thursday, May 28th. The data storage provider reported $2.03 earnings per share (EPS) for the quarter, missing the consensus estimate of $2.27 by ($0.24). The company had revenue of $1.95 billion during the quarter, compared to analysts' expectations of $1.87 billion. NetApp had a return on equity of 117.23% and a net margin of 18.43%.The firm's revenue was up 12.5% on a year-over-year basis. During the same quarter last year, the firm posted $1.93 earnings per share. As a group, equities research analysts predict that NetApp, Inc. will post 7.34 EPS for the current fiscal year.

NetApp Company Profile

NetApp, Inc NASDAQ: NTAP is a data management and storage company that delivers hybrid cloud data services for applications and data. Founded in 1992 as Network Appliance and rebranded as NetApp in 2008, the company is headquartered in Sunnyvale, California. NetApp's offering focuses on enabling organizations to store, manage, protect and move data across on-premises environments and major public clouds.

The company's product portfolio centers on the ONTAP data management software and a range of storage systems and services built around it.

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