26,919 Shares in NetApp, Inc. (NASDAQ:NTAP) Bought by SteelPeak Wealth LLC

SteelPeak Wealth LLC purchased a new position in shares of NetApp, Inc. (NASDAQ:NTAP - Free Report) in the 1st quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor purchased 26,919 shares of the data storage provider's stock, valued at approximately $2,365,000.

Several other large investors have also recently added to or reduced their stakes in the company. Assetmark Inc. increased its holdings in NetApp by 826.9% in the fourth quarter. Assetmark Inc. now owns 241 shares of the data storage provider's stock valued at $28,000 after buying an additional 215 shares in the last quarter. Olde Wealth Management LLC purchased a new position in NetApp in the first quarter valued at about $29,000. Itau Unibanco Holding S.A. increased its holdings in NetApp by 929.6% in the fourth quarter. Itau Unibanco Holding S.A. now owns 278 shares of the data storage provider's stock valued at $32,000 after buying an additional 251 shares in the last quarter. Coppell Advisory Solutions LLC increased its holdings in NetApp by 50.0% in the fourth quarter. Coppell Advisory Solutions LLC now owns 300 shares of the data storage provider's stock valued at $35,000 after buying an additional 100 shares in the last quarter. Finally, Park Square Financial Group LLC purchased a new position in NetApp in the fourth quarter valued at about $36,000. 92.17% of the stock is owned by hedge funds and other institutional investors.

Insiders Place Their Bets

In other news, CAO Lorenzo Daniel De sold 302 shares of the firm's stock in a transaction on Tuesday, June 3rd. The shares were sold at an average price of $98.77, for a total value of $29,828.54. Following the transaction, the chief accounting officer owned 455 shares of the company's stock, valued at approximately $44,940.35. This trade represents a 39.89% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, CEO George Kurian sold 8,500 shares of the firm's stock in a transaction 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 completion of the transaction, the chief executive officer directly owned 249,765 shares in the company, valued at approximately $20,438,269.95. This represents a 3.29% decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders sold 17,302 shares of company stock worth $1,590,514. Insiders own 0.47% of the company's stock.

NetApp Trading Down 1.1%

NASDAQ:NTAP traded down $1.15 during trading hours on Friday, reaching $105.27. 1,538,114 shares of the company were exchanged, compared to its average volume of 1,914,460. The company has a debt-to-equity ratio of 2.39, a current ratio of 1.25 and a quick ratio of 1.22. The firm has a market cap of $21.09 billion, a price-to-earnings ratio of 18.53, a PEG ratio of 2.43 and a beta of 1.42. NetApp, Inc. has a 52-week low of $71.84 and a 52-week high of $135.45. The stock has a 50 day simple moving average of $101.93 and a 200 day simple moving average of $103.21.

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

NetApp Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, July 23rd. Stockholders of record on Thursday, July 3rd will be paid a $0.52 dividend. This represents a $2.08 dividend on an annualized basis and a dividend yield of 1.98%. The ex-dividend date of this dividend is Thursday, July 3rd. NetApp's dividend payout ratio is presently 36.62%.

Wall Street Analysts Forecast Growth

Several analysts have recently commented on NTAP shares. Wedbush reiterated a "neutral" rating and issued a $110.00 price target on shares of NetApp in a research report on Friday, May 30th. Morgan Stanley reiterated a "cautious" rating on shares of NetApp in a research report on Tuesday, May 20th. Citigroup increased their price target on shares of NetApp from $105.00 to $110.00 and gave the company a "neutral" rating in a research report on Monday, June 2nd. Wells Fargo & Company lowered their price target 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 increased their price target on shares of NetApp from $115.00 to $117.00 and gave the company an "overweight" rating in a research 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 given a buy rating to the company's stock. Based on data from MarketBeat, the stock currently has an average rating of "Hold" and an average price target of $117.79.

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.