Gallacher Capital Management LLC Sells 5,162 Shares of NetApp, Inc. $NTAP

Key Points

• Gallacher Capital Management LLC reduced its holdings in NetApp, Inc. by 55.6% during Q2, resulting in ownership of 4,123 shares valued at approximately $439,000.
• Other institutional investors such as Pacer Advisors Inc. and Vanguard Group Inc. significantly increased their positions in NetApp, showcasing strong institutional interest.
• NetApp announced a quarterly dividend of $0.52 per share, indicating a dividend yield of 1.7% based on its annualized payout.

Gallacher Capital Management LLC trimmed its stake in NetApp, Inc. (NASDAQ:NTAP - Free Report) by 55.6% during the second quarter, according to its most recent disclosure with the SEC. The fund owned 4,123 shares of the data storage provider's stock after selling 5,162 shares during the quarter. Gallacher Capital Management LLC's holdings in NetApp were worth $439,000 as of its most recent SEC filing.

A number of other large investors also recently modified their holdings of NTAP. Pacer Advisors Inc. increased its holdings in shares of NetApp by 4,687.6% during the first quarter. Pacer Advisors Inc. now owns 1,068,694 shares of the data storage provider's stock valued at $93,874,000 after purchasing an additional 1,046,372 shares during the period. Vanguard Group Inc. increased its holdings in shares of NetApp by 2.3% during the first quarter. Vanguard Group Inc. now owns 27,041,930 shares of the data storage provider's stock valued at $2,375,363,000 after purchasing an additional 597,956 shares during the period. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC increased its holdings in shares of NetApp by 18.8% during the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 3,546,548 shares of the data storage provider's stock valued at $311,529,000 after purchasing an additional 560,218 shares during the period. Federated Hermes Inc. increased its holdings in shares of NetApp by 97.7% during the first quarter. Federated Hermes Inc. now owns 1,096,236 shares of the data storage provider's stock valued at $96,293,000 after purchasing an additional 541,837 shares during the period. Finally, Nuveen LLC acquired a new position in shares of NetApp in the 1st quarter worth approximately $46,096,000. 92.17% of the stock is owned by institutional investors and hedge funds.

Insider Activity at NetApp

In related news, EVP Elizabeth M. O'callahan sold 1,000 shares of the business's stock in a transaction that occurred 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 sale, the executive vice president directly owned 23,628 shares in the company, valued at approximately $2,922,074.76. The trade was a 4.06% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, CEO George Kurian sold 8,500 shares of the business's stock in a transaction that occurred on Monday, August 18th. The stock was sold at an average price of $108.85, for a total value of $925,225.00. Following the completion of the sale, the chief executive officer owned 283,688 shares of the company's stock, valued at approximately $30,879,438.80. This trade represents a 2.91% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 20,000 shares of company stock valued at $2,180,315. Corporate insiders own 0.28% of the company's stock.

Analysts Set New Price Targets

NTAP has been the topic of a number of research reports. Morgan Stanley set a $117.00 target price on shares of NetApp in a report on Thursday, August 28th. Wells Fargo & Company dropped their target price on shares of NetApp from $115.00 to $100.00 and set an "equal weight" rating on the stock in a report on Friday, May 30th. Argus reissued a "buy" rating and issued a $130.00 price target on shares of NetApp in a research note on Friday, August 29th. UBS Group boosted their price objective on NetApp from $108.00 to $114.00 and gave the stock a "neutral" rating in a report on Thursday, August 28th. Finally, Bank of America boosted their price objective on NetApp from $121.00 to $125.00 and gave the stock a "neutral" rating in a report on Monday, August 25th. Seven research analysts have rated the stock with a Buy rating and ten have given a Hold rating to the stock. According to data from MarketBeat, the stock presently has an average rating of "Hold" and a consensus price target of $124.07.

NetApp Stock Down 1.0%

Shares of NASDAQ NTAP traded down $1.20 during trading hours on Friday, hitting $125.16. The stock had a trading volume of 1,619,189 shares, compared to its average volume of 2,054,446. The company has a market capitalization of $24.98 billion, a P/E ratio of 22.11, a P/E/G ratio of 2.69 and a beta of 1.46. The firm's 50-day moving average price is $110.97 and its two-hundred day moving average price is $100.50. NetApp, Inc. has a 52 week low of $71.84 and a 52 week high of $135.45. The company has a debt-to-equity ratio of 2.55, a quick ratio of 1.28 and a current ratio of 1.31.

NetApp Announces Dividend

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

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.