Beacon Pointe Advisors LLC Grows Stock Holdings in NetApp, Inc. (NASDAQ:NTAP)

Beacon Pointe Advisors LLC increased its stake in NetApp, Inc. (NASDAQ:NTAP) by 4.0% during the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 52,626 shares of the data storage provider’s stock after purchasing an additional 2,021 shares during the quarter. Beacon Pointe Advisors LLC’s holdings in NetApp were worth $6,109,000 at the end of the most recent quarter.

A number of other large investors have also added to or reduced their stakes in NTAP. Barclays PLC grew its position in NetApp by 31.4% during the third quarter. Barclays PLC now owns 784,339 shares of the data storage provider’s stock valued at $96,873,000 after buying an additional 187,638 shares during the period. World Investment Advisors LLC grew its position in shares of NetApp by 6.1% during the 3rd quarter. World Investment Advisors LLC now owns 7,998 shares of the data storage provider’s stock valued at $988,000 after acquiring an additional 459 shares during the period. Wilmington Savings Fund Society FSB purchased a new stake in shares of NetApp in the 3rd quarter worth $160,000. Tidal Investments LLC raised its holdings in NetApp by 343.1% in the 3rd quarter. Tidal Investments LLC now owns 227,933 shares of the data storage provider’s stock worth $28,152,000 after purchasing an additional 176,495 shares during the period. Finally, Franklin Resources Inc. lifted its position in NetApp by 19.6% during the third quarter. Franklin Resources Inc. now owns 433,616 shares of the data storage provider’s stock valued at $55,009,000 after purchasing an additional 71,165 shares in the last quarter. Institutional investors own 92.17% of the company’s stock.

Wall Street Analyst Weigh In

NTAP has been the topic of a number of analyst reports. Susquehanna cut NetApp from a “positive” rating to a “neutral” rating and lowered their price objective for the company from $155.00 to $130.00 in a research report on Monday, February 10th. Citigroup lowered their target price on shares of NetApp from $110.00 to $90.00 and set a “neutral” rating on the stock in a research note on Monday, April 14th. Wells Fargo & Company decreased their price target on NetApp from $130.00 to $115.00 and set an “equal weight” rating on the stock in a report on Friday, February 28th. Barclays cut their target price on NetApp from $132.00 to $115.00 and set an “equal weight” rating for the company in a research report on Friday, February 28th. Finally, StockNews.com cut NetApp from a “buy” rating to a “hold” rating in a report on Friday, February 28th. Twelve analysts have rated the stock with a hold rating and six have issued a buy rating to the company’s stock. According to data from MarketBeat, NetApp currently has a consensus rating of “Hold” and a consensus price target of $123.07.

NetApp Trading Down 0.2 %

Shares of NASDAQ NTAP opened at $87.86 on Wednesday. NetApp, Inc. has a 1-year low of $71.84 and a 1-year high of $135.45. The company has a debt-to-equity ratio of 1.39, a current ratio of 0.91 and a quick ratio of 0.84. The business’s 50 day moving average is $91.41 and its two-hundred day moving average is $110.88. The stock has a market capitalization of $17.87 billion, a P/E ratio of 16.15, a PEG ratio of 2.45 and a beta of 1.31.

NetApp Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Wednesday, April 23rd. Investors of record on Friday, April 4th were given a $0.52 dividend. The ex-dividend date was Friday, April 4th. This represents a $2.08 dividend on an annualized basis and a yield of 2.37%. NetApp’s dividend payout ratio is presently 38.52%.

Insiders Place Their Bets

In other news, President Cesar Cernuda sold 19,696 shares of the firm’s stock in a transaction dated Friday, March 28th. The shares were sold at an average price of $90.15, for a total value of $1,775,594.40. Following the completion of the sale, the president now owns 11,928 shares in the company, valued at approximately $1,075,309.20. This trade represents a 62.28 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO George Kurian sold 8,500 shares of the company’s stock in a transaction dated Monday, April 21st. The shares were sold at an average price of $81.83, for a total transaction of $695,555.00. Following the transaction, the chief executive officer now owns 249,765 shares in the company, valued at $20,438,269.95. The trade was a 3.29 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 50,176 shares of company stock valued at $5,095,701 over the last three months. 0.47% of the stock is 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.