Free Trial

Marks Group Wealth Management Inc Makes New $225,000 Investment in NetApp, Inc. $NTAP

NetApp logo with Computer and Technology background

Key Points

  • Marks Group Wealth Management Inc made a significant investment of $225,000 in NetApp, purchasing 2,110 shares, reflecting strong interest from institutional investors in the company.
  • NetApp's CEO, George Kurian, recently sold 8,750 shares for over $1 million, impacting his ownership by a 3.08% decrease, highlighting potential insider trading activity.
  • Recent analyst reports have set varied price targets for NetApp, with an average target of $124.07, indicating mixed sentiment among market experts regarding the stock's future performance.
  • Interested in NetApp? Here are five stocks we like better.

Marks Group Wealth Management Inc purchased a new position in shares of NetApp, Inc. (NASDAQ:NTAP - Free Report) in the second quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund purchased 2,110 shares of the data storage provider's stock, valued at approximately $225,000.

Other hedge funds and other institutional investors have also modified their holdings of the company. Manchester Capital Management LLC increased its position in NetApp by 375.0% during the first quarter. Manchester Capital Management LLC now owns 285 shares of the data storage provider's stock worth $25,000 after acquiring an additional 225 shares during the period. 1248 Management LLC acquired a new stake in NetApp in the 1st quarter worth $25,000. Olde Wealth Management LLC bought a new position in shares of NetApp during the 1st quarter worth about $29,000. Migdal Insurance & Financial Holdings Ltd. raised its position in shares of 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 last quarter. Finally, Summit Securities Group LLC bought a new stake in shares of NetApp in the first quarter valued at about $36,000. Institutional investors and hedge funds own 92.17% of the company's stock.

Insider Buying and Selling at NetApp

In other NetApp news, CEO George Kurian sold 8,750 shares of the company's stock in a transaction on 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 transaction, the chief executive officer owned 274,938 shares of the company's stock, valued at approximately $33,792,629.58. This represents a 3.08% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CAO Lorenzo Daniel De sold 779 shares of the company's stock in a transaction on Thursday, September 25th. The shares were sold at an average price of $121.87, for a total value of $94,936.73. The disclosure for this sale can be found here. In the last 90 days, insiders sold 29,529 shares of company stock worth $3,350,714. 0.28% of the stock is currently owned by corporate insiders.

Analysts Set New Price Targets

Several equities analysts recently issued reports on NTAP shares. Northland Securities boosted their price target on NetApp from $119.00 to $120.00 and gave the company a "market perform" rating in a research note on Thursday, August 28th. Citigroup upped 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. UBS Group lifted their price target on shares of NetApp from $108.00 to $114.00 and gave the stock a "neutral" rating in a research note on Thursday, August 28th. Argus restated a "buy" rating and issued a $130.00 price objective on shares of NetApp in a research note on Friday, August 29th. Finally, Morgan Stanley set a $117.00 price objective on shares of NetApp in a report on Thursday, August 28th. Seven analysts have rated the stock with a Buy rating and eleven have issued a Hold rating to the company's stock. According to MarketBeat.com, the company has an average rating of "Hold" and an average price target of $124.07.

Check Out Our Latest Report on NetApp

NetApp Price Performance

NetApp stock opened at $120.42 on Tuesday. The business's fifty day moving average is $114.64 and its two-hundred day moving average is $103.01. The company has a debt-to-equity ratio of 2.55, a quick ratio of 1.28 and a current ratio of 1.31. The firm has a market cap of $24.04 billion, a P/E ratio of 21.28, a P/E/G ratio of 2.58 and a beta of 1.45. NetApp, Inc. has a 52 week low of $71.84 and a 52 week high of $135.45.

NetApp Announces Dividend

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

About NetApp

(Free Report)

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.

Featured Articles

Institutional Ownership by Quarter for NetApp (NASDAQ:NTAP)

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.

Should You Invest $1,000 in NetApp Right Now?

Before you consider NetApp, you'll want to hear this.

MarketBeat keeps track of Wall Street's top-rated and best performing research analysts and the stocks they recommend to their clients on a daily basis. MarketBeat has identified the five stocks that top analysts are quietly whispering to their clients to buy now before the broader market catches on... and NetApp wasn't on the list.

While NetApp currently has a Hold rating among analysts, top-rated analysts believe these five stocks are better buys.

View The Five Stocks Here

Options Trading Made Easy - Download Now Cover

Learn the basics of options trading and how to use them to boost returns and manage risk with this free report from MarketBeat. Click the link below to get your free copy.

Get This Free Report
Like this article? Share it with a colleague.