Financial Gravity Wealth Inc. Lowers Holdings in NetApp Inc. (NASDAQ:NTAP)

Financial Gravity Wealth Inc. lessened its stake in NetApp Inc. (NASDAQ:NTAP) by 9.6% in the 3rd quarter, Holdings Channel.com reports. The firm owned 1,850 shares of the data storage provider’s stock after selling 196 shares during the quarter. Financial Gravity Wealth Inc.’s holdings in NetApp were worth $97,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds also recently bought and sold shares of the company. Invesco Ltd. raised its position in shares of NetApp by 18.3% in the 2nd quarter. Invesco Ltd. now owns 6,050,117 shares of the data storage provider’s stock worth $373,291,000 after purchasing an additional 937,586 shares during the last quarter. Amundi Pioneer Asset Management Inc. raised its position in shares of NetApp by 87.8% in the 2nd quarter. Amundi Pioneer Asset Management Inc. now owns 3,221,610 shares of the data storage provider’s stock worth $878,488,000 after purchasing an additional 1,505,804 shares during the last quarter. UBS Asset Management Americas Inc. raised its position in shares of NetApp by 10.1% in the 2nd quarter. UBS Asset Management Americas Inc. now owns 2,096,462 shares of the data storage provider’s stock worth $129,352,000 after purchasing an additional 192,312 shares during the last quarter. FMR LLC raised its position in shares of NetApp by 24.3% in the 1st quarter. FMR LLC now owns 1,699,118 shares of the data storage provider’s stock worth $117,816,000 after purchasing an additional 332,665 shares during the last quarter. Finally, Clearbridge Investments LLC raised its position in shares of NetApp by 14.8% in the 1st quarter. Clearbridge Investments LLC now owns 1,126,583 shares of the data storage provider’s stock worth $78,117,000 after purchasing an additional 144,973 shares during the last quarter. 96.23% of the stock is owned by hedge funds and other institutional investors.

NASDAQ NTAP opened at $53.22 on Thursday. NetApp Inc. has a one year low of $44.55 and a one year high of $83.95. The stock has a 50-day moving average of $52.28 and a 200 day moving average of $59.88. The company has a market capitalization of $12.42 billion, a price-to-earnings ratio of 14.58, a PEG ratio of 1.26 and a beta of 1.55. The company has a debt-to-equity ratio of 1.33, a quick ratio of 1.39 and a current ratio of 1.42.

NetApp (NASDAQ:NTAP) last released its quarterly earnings results on Wednesday, August 14th. The data storage provider reported $0.65 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $0.46 by $0.19. The business had revenue of $1.24 billion during the quarter, compared to the consensus estimate of $1.23 billion. NetApp had a return on equity of 77.11% and a net margin of 16.74%. The business’s quarterly revenue was down 16.1% compared to the same quarter last year. During the same period in the previous year, the company posted $1.04 EPS. On average, equities analysts predict that NetApp Inc. will post 3.48 earnings per share for the current fiscal year.

The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, October 23rd. Investors of record on Friday, October 4th will be paid a dividend of $0.48 per share. The ex-dividend date of this dividend is Thursday, October 3rd. This represents a $1.92 dividend on an annualized basis and a dividend yield of 3.61%. NetApp’s dividend payout ratio (DPR) is presently 47.76%.

In related news, VP Joel D. Reich sold 3,963 shares of the business’s stock in a transaction that occurred on Wednesday, August 21st. The stock was sold at an average price of $47.29, for a total value of $187,410.27. Following the transaction, the vice president now directly owns 12,249 shares of the company’s stock, valued at approximately $579,255.21. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, Director Gerald Held sold 7,000 shares of the business’s stock in a transaction that occurred on Wednesday, August 21st. The stock was sold at an average price of $47.23, for a total value of $330,610.00. Following the completion of the transaction, the director now directly owns 14,391 shares in the company, valued at $679,686.93. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 20,963 shares of company stock valued at $987,420. 0.33% of the stock is currently owned by corporate insiders.

Several research firms have recently issued reports on NTAP. Loop Capital lowered their price target on NetApp to $60.00 and set a “buy” rating for the company in a research report on Friday, August 2nd. JPMorgan Chase & Co. lifted their price target on NetApp from $64.00 to $67.00 and gave the stock a “neutral” rating in a research report on Tuesday, June 25th. Credit Suisse Group reaffirmed an “outperform” rating and issued a $60.00 price target (down previously from $62.00) on shares of NetApp in a research report on Thursday, August 15th. ValuEngine raised NetApp from a “sell” rating to a “hold” rating in a research report on Wednesday, October 2nd. Finally, Cross Research lowered NetApp from a “buy” rating to a “hold” rating in a research report on Friday, August 2nd. Three research analysts have rated the stock with a sell rating, seventeen have assigned a hold rating and nine have assigned a buy rating to the company’s stock. The stock has an average rating of “Hold” and a consensus target price of $59.75.

NetApp Company Profile

NetApp, Inc provides software, systems, and services to manage and share data 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.

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Institutional Ownership by Quarter for NetApp (NASDAQ:NTAP)

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