Occidental Asset Management LLC Raises Position in NetApp, Inc. $NTAP

Key Points

• Occidental Asset Management LLC increased its position in NetApp, Inc. by 9.4%, owning a total of 46,747 shares valued at approximately $4.98 million as of its latest SEC filing.
• Several large investors have also raised their stakes in NetApp during the second quarter, with notable increases including 64.7% by GAMMA Investing LLC and 148.8% by UMB Bank n.a.
• NetApp announced a quarterly dividend of $0.52 per share, which will be paid on October 22nd, representing a 1.7% annual yield.

Occidental Asset Management LLC increased its holdings in NetApp, Inc. (NASDAQ:NTAP - Free Report) by 9.4% during the second quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 46,747 shares of the data storage provider's stock after purchasing an additional 4,014 shares during the quarter. Occidental Asset Management LLC's holdings in NetApp were worth $4,981,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other large investors also recently added to or reduced their stakes in the business. GAMMA Investing LLC raised its position in NetApp by 64.7% in the 2nd quarter. GAMMA Investing LLC now owns 4,480 shares of the data storage provider's stock worth $477,000 after purchasing an additional 1,760 shares during the period. Farther Finance Advisors LLC raised its position in NetApp by 60.2% in the 2nd quarter. Farther Finance Advisors LLC now owns 1,828 shares of the data storage provider's stock worth $195,000 after purchasing an additional 687 shares during the period. Wedge Capital Management L L P NC raised its position in NetApp by 3.6% in the 2nd quarter. Wedge Capital Management L L P NC now owns 595,757 shares of the data storage provider's stock worth $63,478,000 after purchasing an additional 20,630 shares during the period. UMB Bank n.a. raised its position in NetApp by 148.8% in the 2nd quarter. UMB Bank n.a. now owns 1,592 shares of the data storage provider's stock worth $170,000 after purchasing an additional 952 shares during the period. Finally, Miller Howard Investments Inc. NY purchased a new position in NetApp in the 2nd quarter worth $228,000. Hedge funds and other institutional investors own 92.17% of the company's stock.

Analyst Upgrades and Downgrades

NTAP has been the topic of a number of analyst reports. Northland Securities boosted their price objective on shares of NetApp from $119.00 to $120.00 and gave the company a "market perform" rating in a research report on Thursday, August 28th. Argus restated a "buy" rating and issued a $130.00 price objective on shares of NetApp in a research report on Friday, August 29th. JPMorgan Chase & Co. boosted their price objective on shares of NetApp from $115.00 to $130.00 and gave the company an "overweight" rating in a research report on Thursday, July 17th. Wells Fargo & Company decreased their price objective on shares of NetApp from $115.00 to $100.00 and set an "equal weight" rating on the stock in a research report on Friday, May 30th. Finally, Barclays boosted their price objective on shares of NetApp from $117.00 to $125.00 and gave the company an "overweight" rating in a research report on Thursday, August 28th. Seven research analysts have rated the stock with a Buy rating and ten have issued a Hold rating to the company's stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of "Hold" and an average target price of $124.07.

Insider Buying and Selling

In related news, EVP Elizabeth M. O'callahan sold 1,000 shares of the stock in a transaction that occurred on Wednesday, September 10th. The shares were sold at an average price of $123.67, for a total transaction of $123,670.00. Following the transaction, the executive vice president owned 23,628 shares in the company, valued at $2,922,074.76. This represents a 4.06% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO George Kurian sold 8,750 shares of the stock in a transaction that occurred on Wednesday, September 17th. The shares were 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 in the company, valued at approximately $33,792,629.58. This trade represents a 3.08% decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 28,750 shares of company stock worth $3,255,778. 0.28% of the stock is owned by insiders.

NetApp Trading Down 0.4%

Shares of NASDAQ NTAP opened at $124.61 on Tuesday. The firm's 50 day moving average price is $111.76 and its 200-day moving average price is $101.04. The company has a market cap of $24.87 billion, a PE ratio of 22.02, a P/E/G ratio of 2.73 and a beta of 1.46. NetApp, Inc. has a 52-week low of $71.84 and a 52-week high of $135.45. 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 Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, October 22nd. Investors of record on Friday, October 3rd will be given a dividend of $0.52 per share. The ex-dividend date 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 36.75%.

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.

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