Wealth Enhancement Advisory Services LLC Has $6.57 Million Holdings in NetApp, Inc. $NTAP

Key Points

• Wealth Enhancement Advisory Services LLC increased its stake in NetApp, Inc. by 17.9% during the second quarter, now holding shares worth approximately $6.57 million.
• The stock has recently experienced significant interest from institutional investors, with hedge funds collectively owning 92.17% of NetApp's stock.
• NetApp announced a quarterly dividend of $0.52 per share, representing a yield of 1.7%, with payments scheduled for October 22nd.

Wealth Enhancement Advisory Services LLC raised its stake in NetApp, Inc. (NASDAQ:NTAP - Free Report) by 17.9% in the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 61,243 shares of the data storage provider's stock after acquiring an additional 9,293 shares during the quarter. Wealth Enhancement Advisory Services LLC's holdings in NetApp were worth $6,569,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Assenagon Asset Management S.A. increased its position in NetApp by 39.6% in the 1st quarter. Assenagon Asset Management S.A. now owns 36,998 shares of the data storage provider's stock valued at $3,250,000 after acquiring an additional 10,494 shares in the last quarter. Achmea Investment Management B.V. increased its position in NetApp by 55.8% in the 1st quarter. Achmea Investment Management B.V. now owns 221,907 shares of the data storage provider's stock valued at $19,492,000 after acquiring an additional 79,457 shares in the last quarter. Burns Matteson Capital Management LLC bought a new stake in shares of NetApp during the first quarter worth approximately $321,000. UNICOM Systems Inc. bought a new stake in shares of NetApp during the first quarter worth approximately $13,483,000. Finally, Hennessy Advisors Inc. bought a new stake in shares of NetApp during the first quarter worth approximately $2,050,000. Institutional investors and hedge funds own 92.17% of the company's stock.

NetApp Stock Performance

Shares of NTAP opened at $123.44 on Wednesday. NetApp, Inc. has a 12 month low of $71.84 and a 12 month high of $135.45. The firm has a fifty day simple moving average of $112.16 and a 200 day simple moving average of $101.19. The stock has a market capitalization of $24.64 billion, a price-to-earnings ratio of 21.81, a PEG ratio of 2.72 and a beta of 1.46. The company has a current ratio of 1.31, a quick ratio of 1.28 and a debt-to-equity ratio of 2.55.

NetApp Announces Dividend

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

Analyst Upgrades and Downgrades

NTAP has been the subject of a number of recent research reports. Argus reissued a "buy" rating and set a $130.00 price target on shares of NetApp in a research note on Friday, August 29th. Wedbush restated a "neutral" rating and set a $150.00 price objective on shares of NetApp in a report on Thursday, August 28th. Barclays boosted their price objective on shares of NetApp from $117.00 to $125.00 and gave the company an "overweight" rating in a report on Thursday, August 28th. Citigroup boosted their price objective on shares of NetApp from $110.00 to $115.00 and gave the company a "neutral" rating in a report on Monday, August 11th. Finally, 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 report on Thursday, July 17th. Seven research analysts have rated the stock with a Buy rating and ten have given a Hold rating to the company. According to MarketBeat.com, the stock presently has an average rating of "Hold" and an average price target of $124.07.

Insider Buying and Selling at NetApp

In other news, EVP Elizabeth M. O'callahan sold 1,000 shares of NetApp stock in a transaction dated Wednesday, September 10th. The shares were sold at an average price of $123.67, for a total value of $123,670.00. Following the completion of the transaction, the executive vice president owned 23,628 shares of the company's stock, valued at $2,922,074.76. This trade represents a 4.06% 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 8,750 shares of the company's stock in a transaction dated 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 completion of the sale, the chief executive officer directly owned 274,938 shares in the company, valued at approximately $33,792,629.58. The trade was a 3.08% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 28,750 shares of company stock valued at $3,255,778 in the last 90 days. 0.28% of the stock is currently owned by corporate insiders.

About NetApp

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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