Voleon Capital Management LP Takes $758,000 Position in NetApp, Inc. $NTAP

Key Points

• Voleon Capital Management LP has acquired a new position in NetApp, Inc., spending approximately $758,000 to acquire 8,635 shares of the data storage company.
• Institutional investors hold a significant portion of NetApp stock, owning 92.17% of the company, with notable investments from firms like Baird Financial Group and Lazard Asset Management.
• Analysts have adjusted price targets for NetApp, with expectations ranging from $117.00 to $150.00 per share, reflecting a consensus rating of "Hold" and a target price of $124.07.

Voleon Capital Management LP bought a new position in shares of NetApp, Inc. (NASDAQ:NTAP - Free Report) in the 1st quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The institutional investor bought 8,635 shares of the data storage provider's stock, valued at approximately $758,000.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in NTAP. Manchester Capital Management LLC lifted its stake in NetApp by 375.0% during the first quarter. Manchester Capital Management LLC now owns 285 shares of the data storage provider's stock worth $25,000 after purchasing an additional 225 shares during the last quarter. 1248 Management LLC bought a new stake in NetApp during the first quarter worth $25,000. Olde Wealth Management LLC bought a new position in shares of NetApp in the 1st quarter valued at $29,000. Migdal Insurance & Financial Holdings Ltd. lifted its stake in shares of 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 acquiring an additional 124 shares during the last quarter. Finally, Park Square Financial Group LLC bought a new position in shares of NetApp in the 4th quarter valued at $36,000. 92.17% of the stock is currently owned by institutional investors.

NetApp Trading Down 0.9%

NetApp stock traded down $1.09 during trading hours on Friday, reaching $124.00. 1,868,584 shares of the company's stock were exchanged, compared to its average volume of 2,189,446. The company has a quick ratio of 1.28, a current ratio of 1.31 and a debt-to-equity ratio of 2.55. The firm's 50 day simple moving average is $109.52 and its 200 day simple moving average is $99.92. NetApp, Inc. has a twelve month low of $71.84 and a twelve month high of $135.45. The firm has a market capitalization of $24.75 billion, a PE ratio of 21.91, a PEG ratio of 2.72 and a beta of 1.46.

NetApp Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Wednesday, October 22nd. Shareholders of record on Friday, October 3rd will be issued a dividend of $0.52 per share. This represents a $2.08 dividend on an annualized basis and a yield of 1.7%. The ex-dividend date is Friday, October 3rd. NetApp's dividend payout ratio (DPR) is presently 36.75%.

Wall Street Analysts Forecast Growth

A number of brokerages have recently commented on NTAP. Wells Fargo & Company dropped their price target on NetApp from $115.00 to $100.00 and set an "equal weight" rating for the company in a research note on Friday, May 30th. Argus reiterated a "buy" rating and issued a $130.00 price target on shares of NetApp in a research note on Friday, August 29th. Wedbush reiterated a "neutral" rating and issued a $150.00 price target on shares of NetApp in a research note on Thursday, August 28th. Northland Securities increased their price target on NetApp from $119.00 to $120.00 and gave the company a "market perform" rating in a research note on Thursday, August 28th. Finally, Barclays raised their target price on NetApp from $117.00 to $125.00 and gave the stock 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 given a Hold rating to the stock. According to data from MarketBeat.com, the stock currently has a consensus rating of "Hold" and a consensus price target of $124.07.

Insider Transactions at NetApp

In other NetApp news, CEO George Kurian sold 8,500 shares of the stock in a transaction dated Monday, August 18th. The stock was sold at an average price of $108.85, for a total transaction of $925,225.00. Following the completion of the sale, the chief executive officer directly owned 283,688 shares in the company, valued at approximately $30,879,438.80. This trade represents a 2.91% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, EVP Elizabeth M. O'callahan sold 1,000 shares of the stock in a transaction dated Wednesday, September 10th. The stock was sold at an average price of $123.67, for a total value of $123,670.00. Following the sale, the executive vice president owned 23,628 shares of the company's stock, valued at approximately $2,922,074.76. The trade was a 4.06% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 28,500 shares of company stock valued at $3,045,445. Company insiders own 0.28% of the company's stock.

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.