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Allworth Financial LP lifted its holdings in shares of NetApp, Inc. (NASDAQ:NTAP – Free Report) by 611.3% during the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 9,105 shares of the data storage provider’s stock after purchasing an additional 7,825 shares during the period. Allworth Financial LP’s holdings in NetApp were worth $1,148,000 at the end of the most recent reporting period.
A number of other hedge funds also recently made changes to their positions in the business. Principal Securities Inc. increased its holdings in NetApp by 111.8% in the 4th quarter. Principal Securities Inc. now owns 16,799 shares of the data storage provider’s stock worth $1,950,000 after acquiring an additional 8,869 shares during the last quarter. Montag A & Associates Inc. increased its holdings in NetApp by 47.0% in the 4th quarter. Montag A & Associates Inc. now owns 735 shares of the data storage provider’s stock worth $85,000 after acquiring an additional 235 shares during the last quarter. Rhumbline Advisers increased its holdings in NetApp by 2.0% in the 4th quarter. Rhumbline Advisers now owns 549,674 shares of the data storage provider’s stock worth $63,806,000 after acquiring an additional 11,015 shares during the last quarter. AustralianSuper Pty Ltd increased its holdings in NetApp by 27.4% in the 4th quarter. AustralianSuper Pty Ltd now owns 639,518 shares of the data storage provider’s stock worth $74,235,000 after acquiring an additional 137,430 shares during the last quarter. Finally, Banque Pictet & Cie SA purchased a new position in NetApp during the 4th quarter valued at about $4,329,000. 92.17% of the stock is currently owned by institutional investors.
Wall Street Analyst Weigh In
A number of research analysts have weighed in on NTAP shares. Bank of America raised NetApp from an “underperform” rating to a “neutral” rating and lifted their target price for the company from $121.00 to $128.00 in a report on Wednesday. StockNews.com raised NetApp from a “hold” rating to a “buy” rating in a report on Wednesday. TD Cowen lifted their target price on NetApp from $145.00 to $160.00 and gave the company a “buy” rating in a report on Friday, November 22nd. Stifel Nicolaus lifted their target price on NetApp from $140.00 to $145.00 and gave the company a “buy” rating in a report on Friday, November 22nd. Finally, Wedbush reaffirmed a “neutral” rating and set a $120.00 target price on shares of NetApp in a report on Friday, November 22nd. Eleven investment analysts have rated the stock with a hold rating and six have given a buy rating to the company’s stock. According to MarketBeat.com, the stock presently has a consensus rating of “Hold” and an average price target of $138.00.
Read Our Latest Research Report on NetApp
Insider Activity
In related news, CEO George Kurian sold 8,500 shares of the company’s stock in a transaction on Monday, December 16th. The stock was sold at an average price of $124.29, for a total value of $1,056,465.00. Following the sale, the chief executive officer now directly owns 279,782 shares of the company’s stock, valued at $34,774,104.78. This represents a 2.95 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, President Cesar Cernuda sold 22,000 shares of the company’s stock in a transaction on Monday, December 30th. The stock was sold at an average price of $114.99, for a total value of $2,529,780.00. Following the completion of the sale, the president now directly owns 27,099 shares in the company, valued at approximately $3,116,114.01. The trade was a 44.81 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders have sold 52,403 shares of company stock valued at $6,248,501. Company insiders own 0.47% of the company’s stock.
NetApp Stock Performance
Shares of NTAP stock opened at $124.53 on Thursday. The company has a debt-to-equity ratio of 1.39, a quick ratio of 0.84 and a current ratio of 0.91. NetApp, Inc. has a fifty-two week low of $83.80 and a fifty-two week high of $135.45. The stock has a 50 day moving average price of $120.01 and a two-hundred day moving average price of $121.82. The company has a market capitalization of $25.32 billion, a P/E ratio of 22.89, a PEG ratio of 2.83 and a beta of 1.23.
NetApp (NASDAQ:NTAP – Get Free Report) last posted its earnings results on Thursday, November 21st. The data storage provider reported $1.87 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.78 by $0.09. NetApp had a return on equity of 123.63% and a net margin of 17.78%. The firm had revenue of $1.66 billion for the quarter, compared to analysts’ expectations of $1.65 billion. During the same period in the previous year, the firm earned $1.23 earnings per share. The business’s revenue was up 6.1% compared to the same quarter last year. Analysts expect that NetApp, Inc. will post 5.89 earnings per share for the current year.
NetApp Company Profile
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.
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