Deltec Asset Management LLC Acquires New Shares in NetApp, Inc. $NTAP

Key Points

• Deltec Asset Management LLC has acquired a new position in NetApp, Inc. by purchasing 5,500 shares valued at approximately $586,000 during the second quarter.
• NetApp recently announced a quarterly dividend of $0.52 per share, resulting in an annualized yield of 1.8%, with an upcoming payment date of October 22nd.
• Analysts have mixed ratings on NetApp, with an average target price of $124.07, indicating a consensus of "Hold" based on recent research reports.

Deltec Asset Management LLC purchased a new position in shares of NetApp, Inc. (NASDAQ:NTAP - Free Report) in the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund purchased 5,500 shares of the data storage provider's stock, valued at approximately $586,000.

A number of other institutional investors also recently added to or reduced their stakes in the business. Horizon Investments LLC increased its stake in NetApp by 3.8% in the 1st quarter. Horizon Investments LLC now owns 2,919 shares of the data storage provider's stock worth $255,000 after purchasing an additional 107 shares in the last quarter. MassMutual Private Wealth & Trust FSB raised its position in NetApp by 11.0% during the second quarter. MassMutual Private Wealth & Trust FSB now owns 1,083 shares of the data storage provider's stock valued at $115,000 after buying an additional 107 shares during the period. Migdal Insurance & Financial Holdings Ltd. raised its position in NetApp by 54.9% during the first quarter. Migdal Insurance & Financial Holdings Ltd. now owns 350 shares of the data storage provider's stock valued at $31,000 after buying an additional 124 shares during the period. Hohimer Wealth Management LLC increased its position in NetApp by 0.4% in the 1st quarter. Hohimer Wealth Management LLC now owns 29,694 shares of the data storage provider's stock worth $2,608,000 after purchasing an additional 131 shares during the last quarter. Finally, Nissay Asset Management Corp Japan ADV increased its position in NetApp by 0.5% in the 1st quarter. Nissay Asset Management Corp Japan ADV now owns 26,827 shares of the data storage provider's stock worth $2,356,000 after purchasing an additional 137 shares during the last quarter. Institutional investors and hedge funds own 92.17% of the company's stock.

NetApp Trading Down 0.1%

Shares of NTAP opened at $118.46 on Wednesday. NetApp, Inc. has a 1 year low of $71.84 and a 1 year high of $135.45. The company has a current ratio of 1.31, a quick ratio of 1.28 and a debt-to-equity ratio of 2.55. The stock has a 50 day simple moving average of $113.54 and a 200-day simple moving average of $102.20. The stock has a market cap of $23.65 billion, a PE ratio of 20.93, a PEG ratio of 2.58 and a beta of 1.46.

NetApp Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Wednesday, October 22nd. Investors of record on Friday, October 3rd will be issued a dividend of $0.52 per share. This represents a $2.08 dividend on an annualized basis and a yield of 1.8%. The ex-dividend date of this dividend is Friday, October 3rd. NetApp's dividend payout ratio (DPR) is currently 36.75%.

Wall Street Analyst Weigh In

NTAP has been the topic of several research reports. Argus reaffirmed a "buy" rating and issued a $130.00 target price on shares of NetApp in a research report on Friday, August 29th. Citigroup increased their target price on NetApp from $110.00 to $115.00 and gave the company a "neutral" rating in a research note on Monday, August 11th. Bank of America increased their target price on NetApp from $121.00 to $125.00 and gave the company a "neutral" rating in a research note on Monday, August 25th. Wedbush restated a "neutral" rating and set a $150.00 target price on shares of NetApp in a research note on Thursday, August 28th. Finally, Northland Securities increased their target price on NetApp from $119.00 to $120.00 and gave the company a "market perform" rating in a research note on Thursday, August 28th. Seven equities research analysts have rated the stock with a Buy rating and ten have issued a Hold rating to the company. Based on data from MarketBeat, the company has an average rating of "Hold" and a consensus target price of $124.07.

Insider Activity at NetApp

In other news, CAO Lorenzo Daniel De sold 779 shares of NetApp stock in a transaction on Thursday, September 25th. The stock was sold at an average price of $121.87, for a total value of $94,936.73. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, EVP Elizabeth M. O'callahan sold 1,000 shares of the firm's stock in a transaction on Wednesday, September 10th. The stock was sold at an average price of $123.67, for a total value of $123,670.00. Following the completion of the transaction, the executive vice president owned 23,628 shares in the company, valued at $2,922,074.76. This represents a 4.06% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 29,529 shares of company stock valued at $3,350,714 in the last three months. Corporate insiders own 0.28% of the company's stock.

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.

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