Parallel Advisors LLC Has $585,000 Holdings in NetApp, Inc. $NTAP

Key Points

• Parallel Advisors LLC increased its stake in NetApp, Inc. by 81.1%, owning 5,486 shares worth $585,000 after buying an additional 2,457 shares in the second quarter.
• NetApp announced a quarterly dividend of $0.52 per share, with a 1.7% dividend yield, to be paid on October 22nd.
• The company has a market capitalization of $24.98 billion and recently experienced a stock price decline of 0.9%, currently trading at around $125.16.

Parallel Advisors LLC increased its stake in shares of NetApp, Inc. (NASDAQ:NTAP - Free Report) by 81.1% during the second quarter, according to the company in its most recent filing with the SEC. The fund owned 5,486 shares of the data storage provider's stock after acquiring an additional 2,457 shares during the period. Parallel Advisors LLC's holdings in NetApp were worth $585,000 as of its most recent filing with the SEC.

Other hedge funds have also made changes to their positions in the company. 1248 Management LLC acquired a new position in shares of NetApp during the 1st quarter valued at about $25,000. Manchester Capital Management LLC increased its holdings in shares of NetApp by 375.0% during the 1st 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 last quarter. Park Square Financial Group LLC acquired a new position in shares of NetApp during the 4th quarter valued at about $36,000. Olde Wealth Management LLC acquired a new stake in NetApp in the 1st quarter valued at approximately $29,000. Finally, Migdal Insurance & Financial Holdings Ltd. grew its holdings in NetApp by 54.9% in the 1st 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. Institutional investors and hedge funds own 92.17% of the company's stock.

NetApp Trading Down 0.4%

Shares of NASDAQ NTAP traded down $0.53 during midday trading on Tuesday, hitting $124.08. The stock had a trading volume of 128,200 shares, compared to its average volume of 2,073,718. The company's 50-day simple moving average is $111.76 and its 200 day simple moving average is $101.04. The firm has a market cap of $24.77 billion, a P/E ratio of 21.96, a price-to-earnings-growth ratio of 2.73 and a beta of 1.46. NetApp, Inc. has a fifty-two week low of $71.84 and a fifty-two week high of $135.45. The company has a debt-to-equity ratio of 2.55, a current ratio of 1.31 and a quick ratio of 1.28.

NetApp Announces Dividend

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

Insider Buying and Selling at NetApp

In other news, EVP Elizabeth M. O'callahan sold 1,000 shares of NetApp 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 of the company's stock, valued at approximately $2,922,074.76. This trade represents a 4.06% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CEO George Kurian sold 8,750 shares of NetApp stock in a transaction on 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 sale, the chief executive officer directly owned 274,938 shares of the company's stock, valued at approximately $33,792,629.58. This trade represents a 3.08% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 28,750 shares of company stock valued at $3,255,778 over the last three months. Insiders own 0.28% of the company's stock.

Analyst Ratings Changes

NTAP has been the topic of a number of research analyst reports. Argus reaffirmed a "buy" rating and issued a $130.00 target price on shares of NetApp in a report on Friday, August 29th. Wedbush reaffirmed a "neutral" rating and issued a $150.00 target price on shares of NetApp in a report on Thursday, August 28th. Wells Fargo & Company lowered their target price on NetApp from $115.00 to $100.00 and set an "equal weight" rating on the stock in a report on Friday, May 30th. Northland Securities raised their target price on NetApp from $119.00 to $120.00 and gave the company a "market perform" rating in a report on Thursday, August 28th. Finally, Barclays raised their target price on NetApp from $117.00 to $125.00 and gave the company an "overweight" rating in a report on Thursday, August 28th. Seven analysts have rated the stock with a Buy rating and ten have assigned a Hold rating to the stock. According to data from MarketBeat.com, NetApp has a consensus rating of "Hold" and an average price target of $124.07.

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.