GC Wealth Management RIA LLC Purchases New Stake in NetApp, Inc. $NTAP

Key Points

• GC Wealth Management RIA LLC has acquired a new stake in NetApp, Inc., purchasing 2,837 shares worth approximately $302,000 during the second quarter.
• Analysts have set new price targets for NetApp, with JPMorgan Chase raising its target from $115.00 to $130.00 and UBS Group setting a target of $114.00.
• NetApp recently announced a quarterly dividend of $0.52 per share, payable on October 22, with a yield of 1.8% and a dividend payout ratio of 36.75%.

GC Wealth Management RIA LLC purchased a new stake in NetApp, Inc. (NASDAQ:NTAP - Free Report) during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund purchased 2,837 shares of the data storage provider's stock, valued at approximately $302,000.

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. Assenagon Asset Management S.A. raised its holdings in NetApp by 39.6% during the first quarter. Assenagon Asset Management S.A. now owns 36,998 shares of the data storage provider's stock worth $3,250,000 after purchasing an additional 10,494 shares during the last quarter. Achmea Investment Management B.V. raised its holdings in NetApp by 55.8% during the first quarter. Achmea Investment Management B.V. now owns 221,907 shares of the data storage provider's stock worth $19,492,000 after purchasing an additional 79,457 shares during the last quarter. Burns Matteson Capital Management LLC acquired a new position in NetApp during the first quarter worth $321,000. UNICOM Systems Inc. acquired a new position in NetApp during the first quarter worth $13,483,000. Finally, Hennessy Advisors Inc. acquired a new position in NetApp during the first quarter worth $2,050,000. 92.17% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

Several equities analysts recently issued reports on NTAP shares. UBS Group lifted 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. JPMorgan Chase & Co. lifted their price objective on NetApp from $115.00 to $130.00 and gave the stock an "overweight" rating in a report on Thursday, July 17th. Morgan Stanley set a $117.00 price target on NetApp in a report on Thursday, August 28th. Northland Securities boosted their price target on NetApp from $119.00 to $120.00 and gave the stock a "market perform" rating in a report on Thursday, August 28th. Finally, Argus reissued a "buy" rating and issued a $130.00 price target on shares of NetApp in a report on Friday, August 29th. Seven analysts have rated the stock with a Buy rating and ten have given a Hold rating to the company. According to MarketBeat.com, the stock has an average rating of "Hold" and an average target price of $124.07.

NetApp Stock Performance

NetApp stock opened at $118.50 on Thursday. The firm has a market capitalization of $23.65 billion, a P/E ratio of 20.94, a PEG ratio of 2.57 and a beta of 1.45. The stock has a fifty day moving average price of $113.79 and a 200 day moving average price of $102.31. NetApp, Inc. has a 52 week low of $71.84 and a 52 week 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.

NetApp Dividend Announcement

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

Insiders Place Their Bets

In other NetApp news, CEO George Kurian sold 8,750 shares of the company's stock in a transaction dated Wednesday, September 17th. The stock was sold at an average price of $122.91, for a total transaction of $1,075,462.50. Following the completion of the sale, the chief executive officer directly owned 274,938 shares in the company, valued at $33,792,629.58. This represents a 3.08% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, EVP Elizabeth M. O'callahan sold 1,000 shares of the company's stock in a transaction dated Wednesday, September 10th. The stock was sold at an average price of $123.67, for a total value of $123,670.00. Following the sale, the executive vice president owned 23,628 shares of the company's stock, 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 worth $3,350,714 over the last three months. 0.28% of the stock is owned by insiders.

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.