Moran Wealth Management LLC Has $17.86 Million Stock Position in NetApp, Inc. (NASDAQ:NTAP)

Moran Wealth Management LLC lowered its position in NetApp, Inc. (NASDAQ:NTAP - Free Report) by 1.8% during the first quarter, according to its most recent Form 13F filing with the SEC. The fund owned 203,345 shares of the data storage provider's stock after selling 3,644 shares during the period. Moran Wealth Management LLC owned 0.10% of NetApp worth $17,862,000 at the end of the most recent reporting period.

A number of other institutional investors have also recently added to or reduced their stakes in the business. GHP Investment Advisors Inc. boosted its position in NetApp by 0.6% during the first quarter. GHP Investment Advisors Inc. now owns 121,239 shares of the data storage provider's stock worth $10,650,000 after purchasing an additional 769 shares during the period. Intact Investment Management Inc. boosted its holdings in shares of NetApp by 37.4% during the 1st quarter. Intact Investment Management Inc. now owns 35,300 shares of the data storage provider's stock worth $3,101,000 after buying an additional 9,600 shares during the period. Suncoast Equity Management grew its stake in NetApp by 14.1% in the 1st quarter. Suncoast Equity Management now owns 6,365 shares of the data storage provider's stock valued at $559,000 after buying an additional 785 shares during the last quarter. Retirement Systems of Alabama raised its holdings in NetApp by 79.5% in the 1st quarter. Retirement Systems of Alabama now owns 519,615 shares of the data storage provider's stock worth $45,643,000 after acquiring an additional 230,111 shares during the period. Finally, ORG Wealth Partners LLC raised its holdings in NetApp by 112.9% in the 1st quarter. ORG Wealth Partners LLC now owns 1,224 shares of the data storage provider's stock worth $110,000 after acquiring an additional 649 shares during the period. 92.17% of the stock is currently owned by institutional investors and hedge funds.

Insider Transactions at NetApp

In related news, President Cesar Cernuda sold 19,696 shares of NetApp stock in a transaction dated Friday, March 28th. The stock was sold at an average price of $90.15, for a total value of $1,775,594.40. Following the completion of the transaction, the president now directly owns 11,928 shares of the company's stock, valued at $1,075,309.20. The trade was a 62.28% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Also, CAO Lorenzo Daniel De sold 302 shares of the stock in a transaction dated Tuesday, June 3rd. The stock was sold at an average price of $98.77, for a total transaction of $29,828.54. Following the sale, the chief accounting officer now directly owns 455 shares in the company, valued at approximately $44,940.35. This represents a 39.89% decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 36,998 shares of company stock valued at $3,366,108. Corporate insiders own 0.47% of the company's stock.

NetApp Price Performance

Shares of NTAP stock traded up $1.86 during trading hours on Tuesday, hitting $106.13. The company had a trading volume of 1,905,372 shares, compared to its average volume of 2,185,807. NetApp, Inc. has a 12 month low of $71.84 and a 12 month high of $135.45. The firm has a market capitalization of $21.27 billion, a price-to-earnings ratio of 18.68, a PEG ratio of 2.35 and a beta of 1.42. The firm's fifty day moving average is $96.21 and its 200 day moving average is $104.54. The company has a debt-to-equity ratio of 2.39, a quick ratio of 1.22 and a current ratio of 1.25.

NetApp (NASDAQ:NTAP - Get Free Report) last announced its quarterly earnings results on Thursday, May 29th. The data storage provider reported $1.93 earnings per share for the quarter, beating analysts' consensus estimates of $1.90 by $0.03. The firm had revenue of $1.73 billion for the quarter, compared to analysts' expectations of $1.72 billion. NetApp had a return on equity of 126.96% and a net margin of 18.05%. The business's revenue was up 3.8% compared to the same quarter last year. During the same period in the prior year, the business posted $1.80 earnings per share. On average, sell-side analysts predict that NetApp, Inc. will post 5.89 EPS for the current fiscal year.

NetApp Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, July 23rd. Shareholders of record on Thursday, July 3rd will be paid a dividend of $0.52 per share. 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 is 36.62%.

Wall Street Analysts Forecast Growth

A number of equities analysts have recently commented on NTAP shares. Barclays lifted their price objective on NetApp from $115.00 to $117.00 and gave the stock an "overweight" rating in a research note on Friday, May 30th. JPMorgan Chase & Co. cut their price target on NetApp from $120.00 to $115.00 and set an "overweight" rating for the company in a report on Friday, May 30th. Loop Capital reduced their price objective on NetApp from $150.00 to $130.00 and set a "buy" rating for the company in a research report on Tuesday, March 4th. Citigroup boosted their target price on shares of NetApp from $105.00 to $110.00 and gave the stock a "neutral" rating in a research report on Monday, June 2nd. Finally, Wells Fargo & Company reduced their price target on shares of NetApp from $115.00 to $100.00 and set an "equal weight" rating for the company in a report on Friday, May 30th. One research analyst has rated the stock with a sell rating, ten have issued a hold rating and six have assigned a buy rating to the company's stock. Based on data from MarketBeat, the stock currently has a consensus rating of "Hold" and a consensus target price of $117.79.

NetApp Company 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.