Moran Wealth Management LLC reduced its position in NetApp, Inc. (NASDAQ:NTAP – Free Report) by 7.4% in the first quarter, Holdings Channel.com reports. The fund owned 225,310 shares of the data storage provider’s stock after selling 17,889 shares during the period. NetApp makes up about 0.7% of Moran Wealth Management LLC’s investment portfolio, making the stock its 25th largest position. Moran Wealth Management LLC’s holdings in NetApp were worth $23,069,000 as of its most recent filing with the Securities & Exchange Commission.
A number of other hedge funds also recently added to or reduced their stakes in NTAP. Park Square Financial Group LLC boosted its stake in NetApp by 68.7% during the 4th quarter. Park Square Financial Group LLC now owns 253 shares of the data storage provider’s stock valued at $29,000 after purchasing an additional 103 shares during the last quarter. Gen Wealth Partners Inc purchased a new position in shares of NetApp in the fourth quarter worth $30,000. DV Equities LLC purchased a new position in shares of NetApp in the fourth quarter worth $30,000. Roble Belko & Company Inc bought a new position in shares of NetApp during the first quarter valued at $31,000. Finally, JFS Wealth Advisors LLC lifted its holdings in shares of NetApp by 176.3% during the fourth quarter. JFS Wealth Advisors LLC now owns 315 shares of the data storage provider’s stock valued at $34,000 after purchasing an additional 201 shares in the last quarter. 92.17% of the stock is currently owned by hedge funds and other institutional investors.
NetApp Stock Performance
NASDAQ:NTAP opened at $154.17 on Friday. NetApp, Inc. has a one year low of $93.69 and a one year high of $192.83. The business has a fifty day moving average price of $142.29 and a 200-day moving average price of $116.71. The firm has a market capitalization of $30.20 billion, a price-to-earnings ratio of 24.24, a price-to-earnings-growth ratio of 2.82 and a beta of 1.46. The company has a debt-to-equity ratio of 1.84, a current ratio of 1.44 and a quick ratio of 1.39.
NetApp Dividend Announcement
The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, July 29th. Stockholders of record on Friday, July 10th will be paid a $0.52 dividend. The ex-dividend date of this dividend is Friday, July 10th. This represents a $2.08 annualized dividend and a dividend yield of 1.3%. NetApp’s dividend payout ratio (DPR) is 32.70%.
Wall Street Analyst Weigh In
NTAP has been the subject of several research analyst reports. Argus lifted their price objective on NetApp from $130.00 to $200.00 and gave the stock a “buy” rating in a report on Monday, June 1st. Barclays upped their target price on shares of NetApp from $120.00 to $199.00 and gave the company an “overweight” rating in a research note on Friday, May 29th. Wall Street Zen downgraded shares of NetApp from a “strong-buy” rating to a “buy” rating in a report on Saturday, June 27th. Wells Fargo & Company raised their price target on shares of NetApp from $115.00 to $180.00 and gave the company an “equal weight” rating in a report on Friday, May 29th. Finally, Morgan Stanley lifted their price target on shares of NetApp from $88.00 to $137.00 and gave the stock an “underweight” rating in a research note on Friday, May 29th. Five investment analysts have rated the stock with a Buy rating, nine have assigned a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat.com, NetApp has a consensus rating of “Hold” and an average price target of $169.33.
View Our Latest Research Report on NTAP
Insider Activity
In related news, President Cesar Cernuda sold 49,464 shares of the business’s stock in a transaction that occurred on Tuesday, June 23rd. The stock was sold at an average price of $154.82, for a total transaction of $7,658,016.48. Following the completion of the transaction, the president directly owned 46,806 shares in the company, valued at approximately $7,246,504.92. The trade was a 51.38% decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, EVP Elizabeth M. O’callahan sold 1,000 shares of the business’s stock in a transaction that occurred on Monday, May 11th. The shares were sold at an average price of $117.73, for a total value of $117,730.00. Following the transaction, the executive vice president owned 18,382 shares of the company’s stock, valued at approximately $2,164,112.86. This trade represents a 5.16% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders have sold a total of 52,964 shares of company stock valued at $8,106,972 in the last ninety days. Corporate insiders own 0.28% of the company’s stock.
About NetApp
NetApp, Inc (NASDAQ: NTAP) is a data management and storage company that delivers hybrid cloud data services for applications and data. Founded in 1992 as Network Appliance and rebranded as NetApp in 2008, the company is headquartered in Sunnyvale, California. NetApp’s offering focuses on enabling organizations to store, manage, protect and move data across on-premises environments and major public clouds.
The company’s product portfolio centers on the ONTAP data management software and a range of storage systems and services built around it.
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