Wedge Capital Management L L P NC Buys 28,485 Shares of NetApp, Inc. (NASDAQ:NTAP)

Wedge Capital Management L L P NC increased its stake in shares of NetApp, Inc. (NASDAQ:NTAP - Free Report) by 5.2% during the 1st quarter, according to its most recent disclosure with the SEC. The institutional investor owned 575,127 shares of the data storage provider's stock after acquiring an additional 28,485 shares during the period. NetApp comprises approximately 1.0% of Wedge Capital Management L L P NC's investment portfolio, making the stock its 23rd largest holding. Wedge Capital Management L L P NC owned 0.28% of NetApp worth $50,519,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also bought and sold shares of NTAP. Spire Wealth Management raised its stake in shares of NetApp by 13.6% during the 4th quarter. Spire Wealth Management now owns 1,674 shares of the data storage provider's stock worth $194,000 after purchasing an additional 201 shares in the last quarter. Mirae Asset Global Investments Co. Ltd. raised its position in NetApp by 39.4% during the fourth quarter. Mirae Asset Global Investments Co. Ltd. now owns 49,277 shares of the data storage provider's stock worth $5,749,000 after acquiring an additional 13,923 shares in the last quarter. Choreo LLC raised its position in NetApp by 16.6% during the fourth quarter. Choreo LLC now owns 4,336 shares of the data storage provider's stock worth $505,000 after acquiring an additional 618 shares in the last quarter. Migdal Insurance & Financial Holdings Ltd. bought a new stake in NetApp during the fourth quarter worth $26,000. Finally, Sumitomo Mitsui DS Asset Management Company Ltd raised its position in NetApp by 3.3% during the fourth quarter. Sumitomo Mitsui DS Asset Management Company Ltd now owns 39,746 shares of the data storage provider's stock worth $4,614,000 after acquiring an additional 1,268 shares in the last quarter. Institutional investors own 92.17% of the company's stock.

Analysts Set New Price Targets

A number of equities research analysts have recently issued reports on NTAP shares. Bank of America raised shares of NetApp from an "underperform" rating to a "neutral" rating and upped their target price for the company from $121.00 to $128.00 in a report on Wednesday, February 19th. Citigroup upped their target price on shares of NetApp from $105.00 to $110.00 and gave the company a "neutral" rating in a report on Monday, June 2nd. TD Cowen dropped their price objective on NetApp from $160.00 to $130.00 and set a "buy" rating on the stock in a research note on Friday, February 28th. Loop Capital dropped their price objective on NetApp from $150.00 to $130.00 and set a "buy" rating on the stock in a research note on Tuesday, March 4th. Finally, JPMorgan Chase & Co. dropped their price objective on NetApp from $120.00 to $115.00 and set an "overweight" rating on the stock in a research note on Friday, May 30th. One research analyst has rated the stock with a sell rating, ten have given a hold rating and six have assigned a buy rating to the company. According to data from MarketBeat.com, the stock has an average rating of "Hold" and an average price target of $117.79.

NetApp Price Performance

Shares of NASDAQ NTAP opened at $106.25 on Friday. The firm has a market cap of $21.61 billion, a P/E ratio of 19.53, a price-to-earnings-growth ratio of 2.45 and a beta of 1.42. The company has a current ratio of 0.91, a quick ratio of 0.84 and a debt-to-equity ratio of 1.39. NetApp, Inc. has a 1-year low of $71.84 and a 1-year high of $135.45. The business's 50 day moving average is $91.54 and its 200-day moving average is $106.44.

NetApp (NASDAQ:NTAP - Get Free Report) last posted its quarterly earnings data on Thursday, May 29th. The data storage provider reported $1.93 earnings per share for the quarter, topping the consensus estimate of $1.90 by $0.03. The firm had revenue of $1.73 billion for the quarter, compared to analysts' expectations of $1.72 billion. NetApp had a return on equity of 123.63% and a net margin of 17.78%. The company's quarterly revenue was up 3.8% compared to the same quarter last year. During the same quarter last year, the business earned $1.80 EPS. Equities research analysts predict that NetApp, Inc. will post 5.89 earnings per share for the current year.

NetApp Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, July 23rd. Shareholders of record on Thursday, July 3rd will be paid a $0.52 dividend. This represents a $2.08 annualized dividend and a yield of 1.96%. The ex-dividend date of this dividend is Thursday, July 3rd. NetApp's dividend payout ratio (DPR) is 36.62%.

Insider Buying and Selling at NetApp

In other NetApp news, President Cesar Cernuda sold 19,696 shares of the business's stock in a transaction dated Friday, March 28th. The shares were sold at an average price of $90.15, for a total value of $1,775,594.40. Following the completion of the sale, the president now owns 11,928 shares of the company's stock, valued at $1,075,309.20. The trade was a 62.28% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, CAO Lorenzo Daniel De sold 302 shares of the business's stock in a transaction dated Tuesday, June 3rd. The shares were sold at an average price of $98.77, for a total transaction of $29,828.54. Following the completion of the sale, the chief accounting officer now directly owns 455 shares of the company's stock, valued at $44,940.35. This represents a 39.89% decrease in their position. The disclosure for this sale can be found here. Insiders sold 29,026 shares of company stock valued at $2,549,860 in the last quarter. Company insiders own 0.47% of the company's stock.

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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