Hennessy Advisors Inc. Sells 346 Shares of NetApp, Inc. $NTAP

Hennessy Advisors Inc. decreased its holdings in shares of NetApp, Inc. (NASDAQ:NTAP) by 1.5% in the 2nd quarter, Holdings Channel.com reports. The firm owned 22,996 shares of the data storage provider’s stock after selling 346 shares during the quarter. Hennessy Advisors Inc.’s holdings in NetApp were worth $2,450,000 as of its most recent filing with the Securities & Exchange Commission.

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. 1248 Management LLC bought a new position in NetApp during the first quarter valued at about $25,000. Manchester Capital Management LLC increased its stake in NetApp by 375.0% during the first quarter. Manchester Capital Management LLC now owns 285 shares of the data storage provider’s stock valued at $25,000 after acquiring an additional 225 shares during the period. Olde Wealth Management LLC bought a new position in NetApp during the first quarter valued at about $29,000. Migdal Insurance & Financial Holdings Ltd. increased its stake in NetApp by 54.9% during the first quarter. Migdal Insurance & Financial Holdings Ltd. now owns 350 shares of the data storage provider’s stock valued at $31,000 after acquiring an additional 124 shares during the period. Finally, Summit Securities Group LLC bought a new position in NetApp during the first quarter valued at about $36,000. 92.17% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

NTAP has been the topic of several research reports. Barclays boosted their price target on NetApp from $117.00 to $125.00 and gave the company an “overweight” rating in a research note on Thursday, August 28th. Bank of America lifted their price objective on NetApp from $121.00 to $125.00 and gave the company a “neutral” rating in a report on Monday, August 25th. Wedbush reaffirmed a “neutral” rating and set a $150.00 price objective on shares of NetApp in a report on Thursday, August 28th. Citigroup lifted their price objective on NetApp from $110.00 to $115.00 and gave the company a “neutral” rating in a report on Monday, August 11th. Finally, JPMorgan Chase & Co. lifted their price objective on NetApp from $115.00 to $130.00 and gave the company an “overweight” rating in a report on Thursday, July 17th. Seven research analysts have rated the stock with a Buy rating and eleven have assigned a Hold rating to the company. According to data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and an average target price of $124.07.

Insider Buying and Selling

In other NetApp news, CAO Lorenzo Daniel De sold 779 shares of the company’s stock in a transaction on Thursday, September 25th. The shares were sold at an average price of $121.87, for a total transaction of $94,936.73. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, EVP Elizabeth M. O’callahan sold 1,000 shares of the company’s stock in a transaction on Monday, August 11th. The shares were sold at an average price of $105.90, for a total transaction of $105,900.00. Following the sale, the executive vice president owned 23,251 shares of the company’s stock, valued at $2,462,280.90. The trade was a 4.12% decrease in their position. The disclosure for this sale can be found here. Insiders sold 29,529 shares of company stock worth $3,350,714 in the last quarter. Insiders own 0.28% of the company’s stock.

NetApp Stock Performance

NTAP stock opened at $118.72 on Friday. The company has a debt-to-equity ratio of 2.55, a current ratio of 1.31 and a quick ratio of 1.28. The company has a 50 day moving average price of $114.37 and a 200 day moving average price of $102.74. NetApp, Inc. has a fifty-two week low of $71.84 and a fifty-two week high of $135.45. The stock has a market capitalization of $23.70 billion, a PE ratio of 20.98, a price-to-earnings-growth ratio of 2.58 and a beta of 1.45.

NetApp Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, October 22nd. Investors of record on Friday, October 3rd will be given a $0.52 dividend. This represents a $2.08 annualized dividend and a yield of 1.8%. The ex-dividend date is Friday, October 3rd. NetApp’s payout ratio is 36.75%.

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.