Burney Co. Acquires Shares of 34,863 NetApp, Inc. (NASDAQ:NTAP)

Burney Co. bought a new stake in NetApp, Inc. (NASDAQ:NTAP - Free Report) during the 1st quarter, according to its most recent Form 13F filing with the SEC. The firm bought 34,863 shares of the data storage provider's stock, valued at approximately $3,062,000.

A number of other hedge funds also recently made changes to their positions in NTAP. Itau Unibanco Holding S.A. increased its stake in shares of NetApp by 929.6% in the 4th quarter. Itau Unibanco Holding S.A. now owns 278 shares of the data storage provider's stock valued at $32,000 after acquiring an additional 251 shares in the last quarter. Coppell Advisory Solutions LLC increased its position in shares of NetApp by 50.0% in the fourth quarter. Coppell Advisory Solutions LLC now owns 300 shares of the data storage provider's stock worth $35,000 after purchasing an additional 100 shares during the last quarter. Park Square Financial Group LLC bought a new position in NetApp during the fourth quarter valued at approximately $36,000. Olde Wealth Management LLC purchased a new stake in shares of NetApp during the first quarter valued at approximately $29,000. Finally, Migdal Insurance & Financial Holdings Ltd. raised its stake in NetApp by 54.9% in the first quarter. Migdal Insurance & Financial Holdings Ltd. now owns 350 shares of the data storage provider's stock worth $31,000 after buying an additional 124 shares in the last quarter. 92.17% of the stock is currently owned by institutional investors and hedge funds.

NetApp Price Performance

NTAP traded up $0.28 during trading on Friday, hitting $104.94. The company's stock had a trading volume of 893,151 shares, compared to its average volume of 2,098,068. The company has a current ratio of 1.25, a quick ratio of 1.22 and a debt-to-equity ratio of 2.39. NetApp, Inc. has a twelve month low of $71.84 and a twelve month high of $135.45. The business's fifty day simple moving average is $103.68 and its 200 day simple moving average is $102.61. The firm has a market capitalization of $21.03 billion, a price-to-earnings ratio of 18.48, a P/E/G ratio of 2.44 and a beta of 1.42.

NetApp (NASDAQ:NTAP - Get Free Report) last released its quarterly earnings data on Thursday, May 29th. The data storage provider reported $1.93 earnings per share for the quarter, topping analysts' consensus estimates of $1.90 by $0.03. The company had revenue of $1.73 billion for the quarter, compared to analyst estimates of $1.72 billion. NetApp had a return on equity of 126.96% and a net margin of 18.05%. The firm's revenue for the quarter was up 3.8% compared to the same quarter last year. During the same quarter in the previous year, the company posted $1.80 earnings per share. On average, equities research analysts forecast that NetApp, Inc. will post 5.89 EPS for the current fiscal year.

NetApp Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Wednesday, July 23rd. Investors of record on Thursday, July 3rd were paid a dividend of $0.52 per share. This represents a $2.08 annualized dividend and a yield of 1.98%. The ex-dividend date of this dividend was Thursday, July 3rd. NetApp's payout ratio is 36.62%.

Insider Buying and Selling

In related news, CEO George Kurian sold 8,500 shares of the company's stock in a transaction dated Monday, June 16th. The stock was sold at an average price of $101.78, for a total value of $865,130.00. Following the completion of the sale, the chief executive officer directly owned 296,805 shares of the company's stock, valued at $30,208,812.90. This represents a 2.78% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, CAO Lorenzo Daniel De sold 302 shares of NetApp stock in a transaction that occurred on Tuesday, June 3rd. The shares were sold at an average price of $98.77, for a total value of $29,828.54. Following the completion of the transaction, the chief accounting officer owned 455 shares in the company, valued at $44,940.35. This trade represents a 39.89% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 18,302 shares of company stock valued at $1,920,479. Corporate insiders own 0.47% of the company's stock.

Wall Street Analysts Forecast Growth

NTAP has been the subject of several recent analyst reports. Morgan Stanley reaffirmed a "cautious" rating on shares of NetApp in a research report on Tuesday, May 20th. Wells Fargo & Company lowered their price objective on NetApp from $115.00 to $100.00 and set an "equal weight" rating on the stock in a research report on Friday, May 30th. Evercore ISI lowered their price target on NetApp from $120.00 to $100.00 and set an "in-line" rating on the stock in a report on Monday, April 28th. Barclays increased their price target on NetApp from $115.00 to $117.00 and gave the company an "overweight" rating in a report on Friday, May 30th. Finally, UBS Group dropped their price target on NetApp from $115.00 to $108.00 and set a "neutral" rating on the stock in a research report on Friday, May 30th. One equities research analyst has rated the stock with a sell rating, ten have assigned a hold rating and six have issued a buy rating to the stock. According to MarketBeat.com, NetApp currently has a consensus rating of "Hold" and an average price target of $118.86.

About NetApp

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.