Financial Gravity Companies Inc. Invests $75,000 in NetApp Inc. (NTAP) Stock

Financial Gravity Companies Inc. bought a new position in shares of NetApp Inc. (NASDAQ:NTAP) during the 4th quarter, HoldingsChannel reports. The fund bought 1,138 shares of the data storage provider’s stock, valued at approximately $75,000.

A number of other institutional investors and hedge funds have also made changes to their positions in NTAP. Pensionfund DSM Netherlands purchased a new stake in shares of NetApp in the 4th quarter valued at approximately $1,671,000. Federated Investors Inc. PA increased its position in shares of NetApp by 15.3% in the 3rd quarter. Federated Investors Inc. PA now owns 584,780 shares of the data storage provider’s stock valued at $50,227,000 after purchasing an additional 77,411 shares during the last quarter. Aperio Group LLC increased its position in shares of NetApp by 17.0% in the 3rd quarter. Aperio Group LLC now owns 169,691 shares of the data storage provider’s stock valued at $14,575,000 after purchasing an additional 24,601 shares during the last quarter. Xact Kapitalforvaltning AB increased its position in shares of NetApp by 1.5% in the 3rd quarter. Xact Kapitalforvaltning AB now owns 70,090 shares of the data storage provider’s stock valued at $6,020,000 after purchasing an additional 1,012 shares during the last quarter. Finally, Great Lakes Advisors LLC increased its position in shares of NetApp by 1.1% in the 3rd quarter. Great Lakes Advisors LLC now owns 67,985 shares of the data storage provider’s stock valued at $5,839,000 after purchasing an additional 723 shares during the last quarter. 93.60% of the stock is currently owned by hedge funds and other institutional investors.

A number of research analysts recently commented on the stock. Morgan Stanley increased their target price on shares of NetApp from $70.00 to $72.00 and gave the company a “weight” rating in a research report on Thursday, November 15th. Goldman Sachs Group raised shares of NetApp from a “neutral” rating to a “conviction-buy” rating and set a $91.00 target price on the stock in a research report on Wednesday, October 17th. Zacks Investment Research raised shares of NetApp from a “hold” rating to a “strong-buy” rating and set a $88.00 target price on the stock in a research report on Friday, October 26th. OTR Global downgraded shares of NetApp to a “positive” rating in a research report on Friday. Finally, Cowen assumed coverage on shares of NetApp in a research report on Tuesday, December 11th. They issued an “underperform” rating and a $53.00 target price on the stock. Five research analysts have rated the stock with a sell rating, eight have assigned a hold rating, seventeen have issued a buy rating and one has issued a strong buy rating to the company’s stock. The company has a consensus rating of “Hold” and an average target price of $79.54.



Shares of NASDAQ:NTAP opened at $66.00 on Monday. The firm has a market cap of $16.62 billion, a P/E ratio of 22.07, a price-to-earnings-growth ratio of 1.16 and a beta of 1.34. The company has a quick ratio of 1.63, a current ratio of 1.65 and a debt-to-equity ratio of 0.75. NetApp Inc. has a 1-year low of $52.00 and a 1-year high of $88.08.

NetApp (NASDAQ:NTAP) last issued its quarterly earnings results on Wednesday, November 14th. The data storage provider reported $1.06 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.99 by $0.07. The firm had revenue of $1.52 billion during the quarter, compared to analysts’ expectations of $1.51 billion. NetApp had a net margin of 4.70% and a return on equity of 51.50%. NetApp’s quarterly revenue was up 7.2% compared to the same quarter last year. During the same quarter in the prior year, the business earned $0.81 EPS. As a group, research analysts expect that NetApp Inc. will post 4.01 earnings per share for the current fiscal year.

The firm also recently declared a quarterly dividend, which was paid on Wednesday, January 23rd. Investors of record on Friday, January 4th were paid a dividend of $0.40 per share. This represents a $1.60 dividend on an annualized basis and a yield of 2.42%. The ex-dividend date of this dividend was Thursday, January 3rd. NetApp’s dividend payout ratio is currently 53.51%.

In related news, EVP Henri P. Richard sold 5,050 shares of the stock in a transaction on Friday, February 1st. The shares were sold at an average price of $66.01, for a total transaction of $333,350.50. Following the completion of the sale, the executive vice president now owns 56,707 shares in the company, valued at approximately $3,743,229.07. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, CEO George Kurian sold 10,000 shares of the stock in a transaction on Tuesday, November 20th. The stock was sold at an average price of $66.66, for a total transaction of $666,600.00. Following the sale, the chief executive officer now owns 10,244 shares of the company’s stock, valued at approximately $682,865.04. The disclosure for this sale can be found here. In the last quarter, insiders have sold 17,575 shares of company stock valued at $1,175,564. 0.19% of the stock is owned by company insiders.

TRADEMARK VIOLATION WARNING: “Financial Gravity Companies Inc. Invests $75,000 in NetApp Inc. (NTAP) Stock” was first reported by Dakota Financial News and is the property of of Dakota Financial News. If you are accessing this piece on another website, it was illegally copied and reposted in violation of United States & international copyright & trademark law. The original version of this piece can be accessed at https://dakotafinancialnews.com/2019/02/11/financial-gravity-companies-inc-invests-75000-in-netapp-inc-ntap-stock.html.

NetApp Profile

NetApp, Inc provides software, systems, and services to manage and share date on-premises, and private and public clouds worldwide. It offers cloud data services, such as ONTAP cloud storage data management and NetApp cloud sync data synchronization services; NetApp SaaS backup for Microsoft Office 365; NetApp cloud backup solutions; OnCommand management software and management integration tools; and NetApp private storage for cloud.

Recommended Story: Why is the ROA ratio important?

Want to see what other hedge funds are holding NTAP? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for NetApp Inc. (NASDAQ:NTAP).

Institutional Ownership by Quarter for NetApp (NASDAQ:NTAP)

Receive News & Ratings for NetApp Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for NetApp and related companies with MarketBeat.com's FREE daily email newsletter.

Leave a Reply