9,707 Shares in NetApp, Inc. $NTAP Bought by Marshall Financial Group LLC

Key Points

• Marshall Financial Group LLC has acquired a new position in NetApp, purchasing 9,707 shares valued at approximately $1,024,000 during the second quarter.
• NetApp's recent quarterly dividend of $0.52 per share will be distributed on October 22nd, representing an annualized payout of $2.08 and a dividend yield of 1.7%.
• Analysts have set a consensus target price of $124.07 for NetApp shares, with a mix of buy and hold ratings reflecting positive market expectations.

Marshall Financial Group LLC bought a new position in shares of NetApp, Inc. (NASDAQ:NTAP - Free Report) during the 2nd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor bought 9,707 shares of the data storage provider's stock, valued at approximately $1,024,000.

A number of other large investors have also added to or reduced their stakes in the stock. NorthCrest Asset Manangement LLC lifted its position in NetApp by 15.4% during the second quarter. NorthCrest Asset Manangement LLC now owns 8,230 shares of the data storage provider's stock valued at $883,000 after purchasing an additional 1,096 shares during the last quarter. Wealth Enhancement Advisory Services LLC grew its holdings in NetApp by 17.9% during the 2nd quarter. Wealth Enhancement Advisory Services LLC now owns 61,243 shares of the data storage provider's stock valued at $6,569,000 after buying an additional 9,293 shares in the last quarter. Mn Services Vermogensbeheer B.V. purchased a new position in shares of NetApp in the second quarter valued at $8,226,000. Wedmont Private Capital lifted its position in shares of NetApp by 9.2% during the second quarter. Wedmont Private Capital now owns 4,764 shares of the data storage provider's stock worth $508,000 after purchasing an additional 403 shares during the last quarter. Finally, Swedbank AB raised its holdings in NetApp by 58.5% in the second quarter. Swedbank AB now owns 80,444 shares of the data storage provider's stock worth $8,571,000 after purchasing an additional 29,695 shares in the last quarter. Hedge funds and other institutional investors own 92.17% of the company's stock.

Wall Street Analysts Forecast Growth

Several analysts have issued reports on the company. Argus restated a "buy" rating and issued a $130.00 target price on shares of NetApp in a report on Friday, August 29th. Northland Securities upped their price objective on NetApp from $119.00 to $120.00 and gave the company a "market perform" rating in a research report on Thursday, August 28th. Barclays increased their price target on NetApp from $117.00 to $125.00 and gave the company an "overweight" rating in a report on Thursday, August 28th. JPMorgan Chase & Co. raised their target price on NetApp from $115.00 to $130.00 and gave the company an "overweight" rating in a research note on Thursday, July 17th. Finally, Wedbush reiterated a "neutral" rating and issued a $150.00 price objective on shares of NetApp in a research note on Thursday, August 28th. 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, NetApp currently has a consensus rating of "Hold" and an average target price of $124.07.

NetApp Price Performance

NetApp stock traded down $1.20 during trading on Friday, reaching $125.16. The company had a trading volume of 7,250,396 shares, compared to its average volume of 2,221,680. 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, Inc. has a 1-year low of $71.84 and a 1-year high of $135.45. The firm's 50-day simple moving average is $111.36 and its 200 day simple moving average is $100.76. The firm has a market capitalization of $24.98 billion, a PE ratio of 22.11, a price-to-earnings-growth ratio of 2.72 and a beta of 1.46.

NetApp Announces Dividend

The firm 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 $0.52 dividend. This represents a $2.08 dividend on an annualized basis and a yield of 1.7%. The ex-dividend date of this dividend is Friday, October 3rd. NetApp's dividend payout ratio (DPR) is presently 36.75%.

Insider Activity at NetApp

In other 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 sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CEO George Kurian sold 8,750 shares of the stock in a transaction dated Wednesday, September 17th. The stock was sold at an average price of $122.91, for a total value of $1,075,462.50. Following the completion of the sale, the chief executive officer directly owned 274,938 shares of the company's stock, valued at approximately $33,792,629.58. This represents a 3.08% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 28,750 shares of company stock worth $3,255,778 over the last three months. 0.28% of the stock is currently owned by corporate insiders.

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.