Procyon Advisors LLC Makes New $686,000 Investment in NetApp, Inc. (NASDAQ:NTAP)

Procyon Advisors LLC purchased a new stake in NetApp, Inc. (NASDAQ:NTAP - Free Report) in the first quarter, according to its most recent Form 13F filing with the SEC. The institutional investor purchased 7,811 shares of the data storage provider's stock, valued at approximately $686,000.

Other large investors also recently made changes to their positions in the company. Consilio Wealth Advisors LLC acquired a new stake in NetApp during the first quarter valued at approximately $802,000. Curat Global LLC bought a new position in shares of NetApp in the first quarter valued at $65,000. E. Ohman J or Asset Management AB increased its holdings in shares of NetApp by 51.5% in the first quarter. E. Ohman J or Asset Management AB now owns 8,483 shares of the data storage provider's stock valued at $745,000 after buying an additional 2,883 shares in the last quarter. Unigestion Holding SA lifted its position in shares of NetApp by 6.5% during the 1st quarter. Unigestion Holding SA now owns 323,266 shares of the data storage provider's stock valued at $28,392,000 after acquiring an additional 19,710 shares during the last quarter. Finally, RFG Advisory LLC boosted its stake in shares of NetApp by 9.7% during the 1st quarter. RFG Advisory LLC now owns 5,020 shares of the data storage provider's stock worth $441,000 after acquiring an additional 443 shares in the last quarter. Institutional investors own 92.17% of the company's stock.

Analyst Upgrades and Downgrades

NTAP has been the topic of a number of recent analyst reports. Wedbush reaffirmed a "neutral" rating and set a $110.00 target price on shares of NetApp in a research report on Friday, May 30th. Evercore ISI dropped their price target on NetApp from $120.00 to $100.00 and set an "in-line" rating on the stock in a research note on Monday, April 28th. Keefe, Bruyette & Woods raised shares of NetApp to an "outperform" rating in a research note on Wednesday, February 19th. Citigroup raised their target price on shares of NetApp from $105.00 to $110.00 and gave the stock a "neutral" rating in a report on Monday, June 2nd. Finally, Bank of America upgraded shares of NetApp from an "underperform" rating to a "neutral" rating and boosted their price target for the company from $121.00 to $128.00 in a report on Wednesday, February 19th. One analyst has rated the stock with a sell rating, ten have assigned a hold rating and six have given a buy rating to the company. According to MarketBeat, NetApp has an average rating of "Hold" and an average target price of $117.79.

NetApp Stock Performance

Shares of NTAP opened at $106.25 on Friday. The company has a market capitalization of $21.61 billion, a PE ratio of 19.53, a PEG ratio of 2.45 and a beta of 1.42. The company has a debt-to-equity ratio of 1.39, a quick ratio of 0.84 and a current ratio of 0.91. The company's 50 day moving average price is $91.54 and its 200 day moving average price is $106.44. NetApp, Inc. has a 52 week low of $71.84 and a 52 week high of $135.45.

NetApp (NASDAQ:NTAP - Get Free Report) last issued its earnings results on Thursday, May 29th. The data storage provider reported $1.93 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $1.90 by $0.03. NetApp had a net margin of 17.78% and a return on equity of 123.63%. The company had revenue of $1.73 billion during the quarter, compared to analyst estimates of $1.72 billion. During the same quarter last year, the business posted $1.80 EPS. The company's revenue for the quarter was up 3.8% on a year-over-year basis. Research analysts expect 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. Investors of record on Thursday, July 3rd will be given a dividend of $0.52 per share. The ex-dividend date is Thursday, July 3rd. This represents a $2.08 dividend on an annualized basis and a yield of 1.96%. NetApp's payout ratio is 36.62%.

Insider Buying and Selling at NetApp

In related news, CAO Lorenzo Daniel De sold 302 shares of the stock in a transaction that occurred on Tuesday, June 3rd. The stock was sold at an average price of $98.77, for a total value of $29,828.54. Following the transaction, the chief accounting officer now owns 455 shares in the company, valued at approximately $44,940.35. This represents a 39.89% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Also, CEO George Kurian sold 8,500 shares of the firm's stock in a transaction that occurred on Monday, April 21st. The shares were sold at an average price of $81.83, for a total transaction of $695,555.00. Following the transaction, the chief executive officer now directly owns 249,765 shares in the company, valued at approximately $20,438,269.95. The trade was a 3.29% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 29,026 shares of company stock worth $2,549,860 over the last 90 days. 0.47% 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.

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