SeaCrest Wealth Management LLC Invests $718,000 in NetApp, Inc. (NASDAQ:NTAP)

SeaCrest Wealth Management LLC bought a new stake in NetApp, Inc. (NASDAQ:NTAP) during the third quarter, Holdings Channel reports. The fund bought 5,812 shares of the data storage provider’s stock, valued at approximately $718,000.

A number of other institutional investors have also recently added to or reduced their stakes in the company. Nomura Holdings Inc. purchased a new stake in shares of NetApp during the 4th quarter worth about $372,000. Newbridge Financial Services Group Inc. grew its stake in NetApp by 59.3% during the fourth quarter. Newbridge Financial Services Group Inc. now owns 403 shares of the data storage provider’s stock worth $36,000 after buying an additional 150 shares during the period. CWM LLC increased its position in shares of NetApp by 15.2% in the first quarter. CWM LLC now owns 6,352 shares of the data storage provider’s stock worth $667,000 after acquiring an additional 839 shares in the last quarter. NBC Securities Inc. raised its stake in shares of NetApp by 6.4% in the 1st quarter. NBC Securities Inc. now owns 5,301 shares of the data storage provider’s stock valued at $556,000 after acquiring an additional 318 shares during the period. Finally, GAMMA Investing LLC lifted its holdings in shares of NetApp by 36.9% during the 1st quarter. GAMMA Investing LLC now owns 913 shares of the data storage provider’s stock valued at $96,000 after acquiring an additional 246 shares in the last quarter. Hedge funds and other institutional investors own 92.17% of the company’s stock.

NetApp Stock Performance

Shares of NTAP stock opened at $125.88 on Thursday. The stock has a market capitalization of $25.91 billion, a price-to-earnings ratio of 27.13, a PEG ratio of 4.77 and a beta of 1.23. NetApp, Inc. has a one year low of $70.82 and a one year high of $135.01. The company’s 50-day simple moving average is $123.61 and its 200-day simple moving average is $119.21. The company has a debt-to-equity ratio of 1.34, a quick ratio of 0.91 and a current ratio of 0.96.

NetApp (NASDAQ:NTAP) last released its earnings results on Wednesday, August 28th. The data storage provider reported $1.56 EPS for the quarter, topping analysts’ consensus estimates of $1.45 by $0.11. NetApp had a return on equity of 121.41% and a net margin of 17.01%. The company had revenue of $1.54 billion for the quarter, compared to the consensus estimate of $1.53 billion. During the same quarter last year, the business posted $0.84 EPS. NetApp’s quarterly revenue was up 7.6% compared to the same quarter last year. Equities analysts anticipate that NetApp, Inc. will post 5.71 earnings per share for the current fiscal year.

NetApp Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, October 23rd. Shareholders of record on Friday, October 4th will be paid a dividend of $0.52 per share. The ex-dividend date is Friday, October 4th. This represents a $2.08 annualized dividend and a yield of 1.65%. NetApp’s payout ratio is 44.83%.

Insiders Place Their Bets

In related news, CAO Lorenzo Daniel De sold 1,685 shares of the stock in a transaction dated Tuesday, September 24th. The shares were sold at an average price of $123.60, for a total transaction of $208,266.00. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. In other news, CAO Lorenzo Daniel De sold 1,685 shares of the company’s stock in a transaction that occurred on Tuesday, September 24th. The stock was sold at an average price of $123.60, for a total transaction of $208,266.00. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, EVP Elizabeth M. O’callahan sold 705 shares of the firm’s stock in a transaction that occurred on Thursday, October 10th. The stock was sold at an average price of $126.20, for a total value of $88,971.00. Following the completion of the sale, the executive vice president now directly owns 11,694 shares in the company, valued at approximately $1,475,782.80. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. 0.37% of the stock is owned by corporate insiders.

Analysts Set New Price Targets

Several research firms have commented on NTAP. Barclays raised their price objective on NetApp from $116.00 to $119.00 and gave the company an “equal weight” rating in a research report on Thursday, August 29th. UBS Group raised their target price on NetApp from $121.00 to $134.00 and gave the company a “neutral” rating in a report on Thursday, August 29th. Bank of America boosted their price target on NetApp from $105.00 to $110.00 and gave the stock an “underperform” rating in a research report on Thursday, August 29th. Susquehanna reaffirmed a “positive” rating and issued a $155.00 price objective on shares of NetApp in a research report on Monday, August 26th. Finally, Citigroup boosted their target price on shares of NetApp from $120.00 to $130.00 and gave the stock a “neutral” rating in a research report on Thursday, August 15th. One research analyst has rated the stock with a sell rating, ten have assigned a hold rating and six have given a buy rating to the stock. According to data from MarketBeat.com, NetApp has an average rating of “Hold” and an average target price of $129.06.

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.