NetApp, Inc. (NASDAQ:NTAP) Shares Bought by SteelPeak Wealth LLC

SteelPeak Wealth LLC boosted its holdings in shares of NetApp, Inc. (NASDAQ:NTAP) by 31.0% in the third quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 6,655 shares of the data storage provider’s stock after acquiring an additional 1,576 shares during the period. SteelPeak Wealth LLC’s holdings in NetApp were worth $822,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in the business. Hollencrest Capital Management acquired a new position in shares of NetApp in the second quarter valued at approximately $26,000. J.Safra Asset Management Corp raised its position in shares of NetApp by 706.3% in the first quarter. J.Safra Asset Management Corp now owns 258 shares of the data storage provider’s stock valued at $27,000 after buying an additional 226 shares during the last quarter. Northwest Investment Counselors LLC acquired a new position in shares of NetApp in the third quarter valued at approximately $27,000. New Covenant Trust Company N.A. acquired a new position in shares of NetApp in the first quarter valued at approximately $28,000. Finally, Redwood Wealth Management Group LLC acquired a new position in shares of NetApp in the second quarter valued at approximately $32,000. Institutional investors and hedge funds own 92.17% of the company’s stock.

Wall Street Analyst Weigh In

A number of research firms have recently weighed in on NTAP. Barclays boosted their price objective on shares of NetApp from $116.00 to $119.00 and gave the company an “equal weight” rating in a research report on Thursday, August 29th. Loop Capital raised shares of NetApp from a “hold” rating to a “buy” rating and boosted their price objective for the company from $121.00 to $150.00 in a research report on Tuesday, September 3rd. Evercore ISI upped their price target on shares of NetApp from $120.00 to $130.00 and gave the stock an “in-line” rating in a research report on Monday, August 12th. Stifel Nicolaus upped their price target on shares of NetApp from $138.00 to $140.00 and gave the stock a “buy” rating in a research report on Thursday, August 29th. Finally, Citigroup upped their price target 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 analyst has rated the stock with a sell rating, ten have issued a hold rating and six have assigned a buy rating to the company. According to MarketBeat, NetApp has a consensus rating of “Hold” and an average price target of $129.06.

NetApp Price Performance

NTAP opened at $118.76 on Thursday. The company has a quick ratio of 0.91, a current ratio of 0.96 and a debt-to-equity ratio of 1.34. NetApp, Inc. has a 52-week low of $71.18 and a 52-week high of $135.01. The company has a 50 day moving average of $122.43 and a two-hundred day moving average of $120.41. The company has a market cap of $24.32 billion, a P/E ratio of 23.20, a P/E/G ratio of 4.48 and a beta of 1.23.

NetApp (NASDAQ:NTAP) last released its quarterly earnings data on Wednesday, August 28th. The data storage provider reported $1.56 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.45 by $0.11. NetApp had a net margin of 17.01% and a return on equity of 121.41%. The company had revenue of $1.54 billion during the quarter, compared to the consensus estimate of $1.53 billion. During the same period in the previous year, the firm earned $0.84 earnings per share. NetApp’s revenue for the quarter was up 7.6% on a year-over-year basis. On average, analysts expect that NetApp, Inc. will post 5.71 earnings per share for the current year.

NetApp Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Wednesday, October 23rd. Stockholders of record on Friday, October 4th were paid a $0.52 dividend. The ex-dividend date of this dividend was Friday, October 4th. This represents a $2.08 annualized dividend and a dividend yield of 1.75%. NetApp’s dividend payout ratio (DPR) is presently 40.63%.

Insider Activity

In other news, CAO Lorenzo Daniel De sold 1,685 shares of the company’s stock in a transaction on Tuesday, September 24th. The shares were sold at an average price of $123.60, for a total value of $208,266.00. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. In related news, EVP Elizabeth M. O’callahan sold 705 shares of the company’s stock in a transaction on Thursday, October 10th. The shares were sold at an average price of $126.20, for a total value of $88,971.00. Following the sale, the executive vice president now directly owns 11,694 shares of the company’s stock, valued at $1,475,782.80. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, CAO Lorenzo Daniel De sold 1,685 shares of the company’s stock in a transaction on Tuesday, September 24th. The shares were sold at an average price of $123.60, for a total transaction of $208,266.00. The disclosure for this sale can be found here. Over the last three months, insiders sold 10,890 shares of company stock worth $1,369,172. 0.47% of the stock is currently owned by company insiders.

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.