GAMMA Investing LLC Buys 235,634 Shares of NetApp, Inc. (NASDAQ:NTAP)

GAMMA Investing LLC boosted its holdings in shares of NetApp, Inc. (NASDAQ:NTAP - Free Report) by 7,160.0% during the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 238,925 shares of the data storage provider's stock after purchasing an additional 235,634 shares during the period. GAMMA Investing LLC owned about 0.12% of NetApp worth $20,987,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also bought and sold shares of the company. Boston Common Asset Management LLC grew its position in shares of NetApp by 42.8% in the 1st quarter. Boston Common Asset Management LLC now owns 69,312 shares of the data storage provider's stock worth $6,088,000 after buying an additional 20,770 shares during the last quarter. MassMutual Private Wealth & Trust FSB lifted its stake in NetApp by 32.2% in the first quarter. MassMutual Private Wealth & Trust FSB now owns 976 shares of the data storage provider's stock worth $86,000 after acquiring an additional 238 shares during the period. Wellington Management Group LLP boosted its holdings in NetApp by 16.4% in the fourth quarter. Wellington Management Group LLP now owns 17,461 shares of the data storage provider's stock valued at $2,027,000 after acquiring an additional 2,463 shares in the last quarter. DSG Capital Advisors LLC purchased a new position in NetApp during the 4th quarter valued at $1,385,000. Finally, 111 Capital purchased a new position in NetApp during the 4th quarter valued at $475,000. Institutional investors own 92.17% of the company's stock.

Insider Transactions at NetApp

In other NetApp news, Director Anders Gustafsson bought 2,800 shares of NetApp stock in a transaction on Thursday, March 27th. The stock was acquired at an average price of $91.00 per share, with a total value of $254,800.00. Following the acquisition, the director now owns 6,348 shares in the company, valued at approximately $577,668. This trade represents a 78.92% increase in their ownership of the stock. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO George Kurian sold 8,500 shares of the business's stock in a transaction on Monday, April 21st. The stock was sold at an average price of $81.83, for a total value of $695,555.00. Following the completion of the transaction, the chief executive officer now owns 249,765 shares of the company's stock, valued at $20,438,269.95. This represents a 3.29% decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 29,026 shares of company stock worth $2,549,860. Corporate insiders own 0.47% of the company's stock.

NetApp Stock Up 1.6%

NASDAQ:NTAP traded up $1.65 during trading hours on Friday, reaching $106.25. 2,872,672 shares of the company traded hands, compared to its average volume of 1,924,374. The company has a current ratio of 0.91, a quick ratio of 0.84 and a debt-to-equity ratio of 1.39. The business's 50-day moving average price is $91.54 and its two-hundred day moving average price is $106.55. NetApp, Inc. has a 1 year low of $71.84 and a 1 year high of $135.45. The stock has a market capitalization of $21.61 billion, a P/E ratio of 19.53, a P/E/G ratio of 2.45 and a beta of 1.40.

NetApp (NASDAQ:NTAP - Get Free Report) last issued its quarterly earnings results on Thursday, May 29th. The data storage provider reported $1.93 earnings per share for the quarter, beating the consensus estimate of $1.90 by $0.03. The firm had revenue of $1.73 billion during the quarter, compared to the consensus estimate of $1.72 billion. NetApp had a return on equity of 123.63% and a net margin of 17.78%. The company's revenue was up 3.8% on a year-over-year basis. During the same period last year, the company earned $1.80 earnings per share. Analysts predict that NetApp, Inc. will post 5.89 earnings per share for the current year.

NetApp Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Wednesday, July 23rd. Shareholders of record on Thursday, July 3rd will be issued a $0.52 dividend. The ex-dividend date is Thursday, July 3rd. This represents a $2.08 annualized dividend and a yield of 1.96%. NetApp's dividend payout ratio (DPR) is presently 36.62%.

Analysts Set New Price Targets

Several equities research analysts have recently commented on NTAP shares. Evercore ISI dropped their target price on shares of NetApp from $120.00 to $100.00 and set an "in-line" rating for the company in a research report on Monday, April 28th. Wall Street Zen lowered shares of NetApp from a "buy" rating to a "hold" rating in a report on Friday, February 28th. UBS Group reduced their target price on NetApp from $115.00 to $108.00 and set a "neutral" rating on the stock in a report on Friday, May 30th. Bank of America raised NetApp from an "underperform" rating to a "neutral" rating and increased their target price for the stock from $121.00 to $128.00 in a research report on Wednesday, February 19th. Finally, JPMorgan Chase & Co. dropped their price target on NetApp from $120.00 to $115.00 and set an "overweight" rating on the stock in a research report on Friday, May 30th. One investment analyst has rated the stock with a sell rating, ten have issued a hold rating and six have given a buy rating to the company. According to data from MarketBeat.com, NetApp presently has a consensus rating of "Hold" and an average target price of $117.79.

NetApp 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.