NewEdge Advisors LLC Purchases 5,472 Shares of NetApp, Inc. $NTAP

Key Points

• NewEdge Advisors LLC increased its position in NetApp, Inc. by 44.1% during the first quarter, owning 17,884 shares valued at $1,571,000.
• NetApp recently declared a quarterly dividend of $0.52, with an annualized yield of 1.7%, payable on October 22nd.
• Analysts have issued mixed ratings on NetApp, with seven rating it a "Buy" and ten a "Hold," as the stock currently has a consensus price target of $124.07.

NewEdge Advisors LLC grew its holdings in NetApp, Inc. (NASDAQ:NTAP - Free Report) by 44.1% in the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 17,884 shares of the data storage provider's stock after acquiring an additional 5,472 shares during the quarter. NewEdge Advisors LLC's holdings in NetApp were worth $1,571,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds also recently modified their holdings of the company. Manchester Capital Management LLC boosted its position in shares of NetApp by 375.0% in the first quarter. Manchester Capital Management LLC now owns 285 shares of the data storage provider's stock valued at $25,000 after acquiring an additional 225 shares during the period. 1248 Management LLC bought a new stake in shares of NetApp in the first quarter valued at approximately $25,000. Olde Wealth Management LLC bought a new stake in shares of NetApp in the first quarter valued at approximately $29,000. Migdal Insurance & Financial Holdings Ltd. boosted its position in shares of NetApp by 54.9% in the first quarter. Migdal Insurance & Financial Holdings Ltd. now owns 350 shares of the data storage provider's stock valued at $31,000 after acquiring an additional 124 shares during the period. Finally, Park Square Financial Group LLC bought a new position in NetApp in the fourth quarter worth $36,000. 92.17% of the stock is owned by institutional investors.

Insiders Place Their Bets

In other news, EVP Elizabeth M. O'callahan sold 1,000 shares of the firm's stock in a transaction 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. This trade represents a 4.06% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through this link. Also, CEO George Kurian sold 8,500 shares of the firm's stock in a transaction on Monday, August 18th. The shares were sold at an average price of $108.85, for a total value of $925,225.00. Following the completion of the sale, the chief executive officer owned 283,688 shares of the company's stock, valued at approximately $30,879,438.80. This trade represents a 2.91% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 20,000 shares of company stock valued at $2,180,315. 0.28% of the stock is currently owned by corporate insiders.

Analyst Ratings Changes

Several research analysts recently commented on the company. JPMorgan Chase & Co. raised their target price on NetApp from $115.00 to $130.00 and gave the stock an "overweight" rating in a research report on Thursday, July 17th. Citigroup raised their target price on NetApp from $110.00 to $115.00 and gave the stock a "neutral" rating in a research report on Monday, August 11th. Wedbush reaffirmed a "neutral" rating and issued a $150.00 target price on shares of NetApp in a research report on Thursday, August 28th. Argus reaffirmed a "buy" rating and issued a $130.00 target price on shares of NetApp in a research report on Friday, August 29th. Finally, Wells Fargo & Company reduced their target price on NetApp from $115.00 to $100.00 and set an "equal weight" rating for the company in a research report on Friday, May 30th. Seven analysts have rated the stock with a Buy rating and ten have issued a Hold rating to the stock. According to MarketBeat.com, the company currently has a consensus rating of "Hold" and a consensus target price of $124.07.

NetApp Price Performance

Shares of NASDAQ:NTAP traded up $2.44 during midday trading on Thursday, reaching $126.36. The company's stock had a trading volume of 1,842,369 shares, compared to its average volume of 2,205,027. NetApp, Inc. has a fifty-two week low of $71.84 and a fifty-two week high of $135.45. The company has a market capitalization of $25.22 billion, a P/E ratio of 22.33, a P/E/G ratio of 2.69 and a beta of 1.46. The company has a debt-to-equity ratio of 2.55, a current ratio of 1.31 and a quick ratio of 1.28. The business's fifty day simple moving average is $110.97 and its 200-day simple moving average is $100.50.

NetApp Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, October 22nd. Stockholders of record on Friday, October 3rd will be paid a $0.52 dividend. The ex-dividend date is Friday, October 3rd. This represents a $2.08 dividend on an annualized basis and a dividend yield of 1.6%. NetApp's dividend payout ratio (DPR) is 36.75%.

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.