Wedge Capital Management L L P NC Has $63.48 Million Holdings in NetApp, Inc. $NTAP

Key Points

• Wedge Capital Management L L P NC increased its stake in NetApp, Inc. by 3.6% during the 2nd quarter, now holding 595,757 shares valued at approximately $63.5 million.
• NetApp recently announced a quarterly dividend of $0.52, representing an annualized yield of 1.7%, with payment scheduled for October 22nd.
• Insider trading activity included CEO George Kurian selling 8,750 shares at an average price of $122.91, decreasing his stake by 3.08%.

Wedge Capital Management L L P NC grew its stake in NetApp, Inc. (NASDAQ:NTAP - Free Report) by 3.6% during the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 595,757 shares of the data storage provider's stock after purchasing an additional 20,630 shares during the period. NetApp makes up approximately 1.1% of Wedge Capital Management L L P NC's holdings, making the stock its 18th largest holding. Wedge Capital Management L L P NC owned approximately 0.30% of NetApp worth $63,478,000 as of its most recent SEC filing.

Several other large investors have also recently bought and sold shares of the company. Voloridge Investment Management LLC acquired a new stake in NetApp during the 4th quarter worth $3,336,000. Focus Partners Advisor Solutions LLC bought a new position in shares of NetApp in the 4th quarter valued at about $251,000. Vise Technologies Inc. bought a new position in shares of NetApp in the 4th quarter valued at about $249,000. Toronto Dominion Bank grew its holdings in NetApp by 36.3% during the fourth quarter. Toronto Dominion Bank now owns 125,740 shares of the data storage provider's stock worth $14,594,000 after purchasing an additional 33,500 shares during the period. Finally, Mackenzie Financial Corp grew its holdings in NetApp by 373.4% during the fourth quarter. Mackenzie Financial Corp now owns 243,504 shares of the data storage provider's stock worth $28,266,000 after purchasing an additional 192,062 shares during the period. Institutional investors and hedge funds own 92.17% of the company's stock.

NetApp Trading Down 0.9%

NASDAQ NTAP traded down $1.20 on Friday, reaching $125.16. The company had a trading volume of 7,250,396 shares, compared to its average volume of 2,517,637. 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, Inc. has a fifty-two week low of $71.84 and a fifty-two week high of $135.45. The business has a 50 day moving average of $111.36 and a two-hundred day moving average of $100.82. The firm has a market cap of $24.98 billion, a price-to-earnings ratio of 22.11, a P/E/G ratio of 2.73 and a beta of 1.46.

NetApp Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, October 22nd. Stockholders of record on Friday, October 3rd will be given a dividend of $0.52 per share. This represents a $2.08 dividend on an annualized basis and a dividend yield of 1.7%. The ex-dividend date of this dividend is Friday, October 3rd. NetApp's dividend payout ratio is 36.75%.

Insider Transactions at NetApp

In other news, EVP Elizabeth M. O'callahan sold 1,000 shares of the stock in a transaction dated Wednesday, September 10th. The shares were sold at an average price of $123.67, for a total transaction of $123,670.00. Following the transaction, the executive vice president owned 23,628 shares of the company's stock, valued at $2,922,074.76. This represents a 4.06% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, CEO George Kurian sold 8,750 shares of the stock in a transaction dated Wednesday, September 17th. The stock was sold at an average price of $122.91, for a total transaction of $1,075,462.50. Following the transaction, the chief executive officer directly owned 274,938 shares in the company, valued at $33,792,629.58. This trade represents a 3.08% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 28,750 shares of company stock worth $3,255,778 in the last three months. Insiders own 0.28% of the company's stock.

Wall Street Analysts Forecast Growth

Several brokerages have issued reports on NTAP. Wells Fargo & Company cut their price objective on shares of NetApp from $115.00 to $100.00 and set an "equal weight" rating for the company in a research report on Friday, May 30th. Northland Securities raised their price objective on shares of NetApp from $119.00 to $120.00 and gave the stock a "market perform" rating in a research report on Thursday, August 28th. JPMorgan Chase & Co. raised their price objective on shares of NetApp from $115.00 to $130.00 and gave the stock an "overweight" rating in a research report on Thursday, July 17th. UBS Group raised their price objective on shares of NetApp from $108.00 to $114.00 and gave the stock a "neutral" rating in a research report on Thursday, August 28th. Finally, Wedbush restated a "neutral" rating and set a $150.00 price objective on shares of NetApp in a research report on Thursday, August 28th. Seven analysts have rated the stock with a Buy rating and ten have issued a Hold rating to the stock. According to MarketBeat.com, NetApp currently has an average rating of "Hold" and a consensus price target of $124.07.

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.