Summit Global Investments Makes New $412,000 Investment in NetApp, Inc. (NASDAQ:NTAP)

Summit Global Investments purchased a new stake in NetApp, Inc. (NASDAQ:NTAP) during the 4th quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm purchased 4,671 shares of the data storage provider’s stock, valued at approximately $412,000.

Other hedge funds also recently made changes to their positions in the company. ORG Partners LLC increased its position in NetApp by 14,650.0% in the 4th quarter. ORG Partners LLC now owns 295 shares of the data storage provider’s stock valued at $26,000 after acquiring an additional 293 shares during the period. Larson Financial Group LLC bought a new position in shares of NetApp in the third quarter worth $27,000. First Horizon Advisors Inc. increased its holdings in shares of NetApp by 58.7% during the fourth quarter. First Horizon Advisors Inc. now owns 311 shares of the data storage provider’s stock valued at $27,000 after purchasing an additional 115 shares during the period. UMB Bank n.a. raised its stake in shares of NetApp by 82.9% during the fourth quarter. UMB Bank n.a. now owns 331 shares of the data storage provider’s stock valued at $29,000 after purchasing an additional 150 shares in the last quarter. Finally, Planned Solutions Inc. acquired a new stake in NetApp in the fourth quarter worth about $34,000. Institutional investors own 92.17% of the company’s stock.

Analyst Ratings Changes

A number of research firms have commented on NTAP. Stifel Nicolaus restated a “buy” rating and set a $120.00 price target (up from $105.00) on shares of NetApp in a research report on Friday, March 1st. Evercore ISI increased their price target on NetApp from $95.00 to $105.00 and gave the company an “in-line” rating in a research note on Friday, March 1st. Citigroup boosted their price objective on NetApp from $90.00 to $110.00 and gave the stock a “neutral” rating in a research note on Tuesday, March 5th. Wedbush raised their target price on NetApp from $85.00 to $100.00 and gave the company a “neutral” rating in a research note on Friday, March 1st. Finally, UBS Group boosted their price target on shares of NetApp from $93.00 to $96.00 and gave the stock a “neutral” rating in a research report on Friday, March 1st. One investment analyst has rated the stock with a sell rating, ten have issued a hold rating and six have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Hold” and an average target price of $100.60.

NetApp Stock Up 2.5 %

NTAP opened at $104.64 on Monday. The business has a 50-day moving average of $101.88 and a 200-day moving average of $90.39. NetApp, Inc. has a fifty-two week low of $61.54 and a fifty-two week high of $112.48. The company has a market capitalization of $21.60 billion, a PE ratio of 23.78, a price-to-earnings-growth ratio of 2.18 and a beta of 1.27. The company has a debt-to-equity ratio of 2.00, a current ratio of 1.15 and a quick ratio of 1.11.

NetApp (NASDAQ:NTAP) last posted its earnings results on Thursday, February 29th. The data storage provider reported $1.94 EPS for the quarter, topping the consensus estimate of $1.69 by $0.25. The company had revenue of $1.61 billion during the quarter, compared to the consensus estimate of $1.59 billion. NetApp had a net margin of 15.21% and a return on equity of 109.49%. The company’s revenue for the quarter was up 5.2% compared to the same quarter last year. During the same period in the previous year, the firm posted $1.02 earnings per share. Equities research analysts forecast that NetApp, Inc. will post 5.16 EPS for the current fiscal year.

NetApp Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Wednesday, April 24th. Shareholders of record on Friday, April 5th were given a $0.50 dividend. The ex-dividend date was Thursday, April 4th. This represents a $2.00 dividend on an annualized basis and a dividend yield of 1.91%. NetApp’s dividend payout ratio is currently 45.45%.

Insider Transactions at NetApp

In related news, CFO Michael J. Berry sold 7,500 shares of the firm’s stock in a transaction that occurred on Tuesday, March 12th. The stock was sold at an average price of $102.75, for a total value of $770,625.00. Following the transaction, the chief financial officer now directly owns 152,409 shares of the company’s stock, valued at approximately $15,660,024.75. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. In other NetApp news, CFO Michael J. Berry sold 7,500 shares of the stock in a transaction that occurred on Tuesday, March 12th. The stock was sold at an average price of $102.75, for a total transaction of $770,625.00. Following the transaction, the chief financial officer now owns 152,409 shares in the company, valued at $15,660,024.75. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, EVP Elizabeth M. O’callahan sold 871 shares of NetApp stock in a transaction on Wednesday, April 10th. The stock was sold at an average price of $103.02, for a total transaction of $89,730.42. Following the completion of the transaction, the executive vice president now owns 9,601 shares in the company, valued at approximately $989,095.02. The disclosure for this sale can be found here. In the last quarter, insiders sold 40,371 shares of company stock worth $4,139,505. 0.37% of the stock is owned by corporate insiders.

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.