GAMMA Investing LLC Increases Stock Holdings in NetApp, Inc. $NTAP

GAMMA Investing LLC lifted its position in NetApp, Inc. (NASDAQ:NTAP) by 64.7% during the second quarter, HoldingsChannel reports. The institutional investor owned 4,480 shares of the data storage provider’s stock after purchasing an additional 1,760 shares during the period. GAMMA Investing LLC’s holdings in NetApp were worth $477,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also recently modified their holdings of the company. Manchester Capital Management LLC lifted its holdings in shares of NetApp by 375.0% in the first quarter. Manchester Capital Management LLC now owns 285 shares of the data storage provider’s stock worth $25,000 after buying an additional 225 shares in the last quarter. 1248 Management LLC purchased a new stake in shares of NetApp in the first quarter worth about $25,000. Olde Wealth Management LLC purchased a new stake in shares of NetApp in the first quarter worth about $29,000. Migdal Insurance & Financial Holdings Ltd. lifted its holdings in shares of NetApp by 54.9% in the first quarter. Migdal Insurance & Financial Holdings Ltd. now owns 350 shares of the data storage provider’s stock worth $31,000 after buying an additional 124 shares in the last quarter. Finally, Park Square Financial Group LLC purchased a new stake in shares of NetApp in the fourth quarter worth about $36,000. 92.17% of the stock is owned by hedge funds and other institutional investors.

NetApp Trading Down 2.0%

NTAP stock opened at $120.78 on Friday. The company has a debt-to-equity ratio of 2.55, a quick ratio of 1.28 and a current ratio of 1.31. NetApp, Inc. has a one year low of $71.84 and a one year high of $135.45. The company has a market capitalization of $24.11 billion, a PE ratio of 21.34, a price-to-earnings-growth ratio of 2.68 and a beta of 1.46. The company’s 50 day moving average price is $112.81 and its two-hundred day moving average price is $101.54.

NetApp Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Wednesday, October 22nd. Stockholders of record on Friday, October 3rd will be issued a $0.52 dividend. The ex-dividend date is Friday, October 3rd. This represents a $2.08 annualized dividend and a dividend yield of 1.7%. NetApp’s dividend payout ratio (DPR) is currently 36.75%.

Insider Activity at NetApp

In other news, CEO George Kurian sold 8,750 shares of the firm’s stock in a transaction that occurred on Wednesday, September 17th. The shares were sold at an average price of $122.91, for a total value of $1,075,462.50. Following the transaction, the chief executive officer owned 274,938 shares in the company, valued at approximately $33,792,629.58. This trade represents a 3.08% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, EVP Elizabeth M. O’callahan sold 1,000 shares of the firm’s stock in a transaction that occurred on Wednesday, September 10th. The stock was sold at an average price of $123.67, for a total transaction of $123,670.00. Following the completion of the transaction, the executive vice president owned 23,628 shares in the company, valued at $2,922,074.76. This represents a 4.06% decrease in their position. The disclosure for this sale can be found here. Insiders sold 28,750 shares of company stock worth $3,255,778 in the last 90 days. Company insiders own 0.28% of the company’s stock.

Wall Street Analysts Forecast Growth

NTAP has been the topic of a number of recent analyst reports. Morgan Stanley set a $117.00 target price on shares of NetApp in a research note on Thursday, August 28th. Citigroup raised their target price on shares of NetApp from $110.00 to $115.00 and gave the company a “neutral” rating in a research note on Monday, August 11th. Northland Securities lifted their price target on shares of NetApp from $119.00 to $120.00 and gave the stock a “market perform” rating in a research note on Thursday, August 28th. UBS Group lifted their price target on shares of NetApp from $108.00 to $114.00 and gave the stock a “neutral” rating in a research note on Thursday, August 28th. Finally, Bank of America lifted their price target on shares of NetApp from $121.00 to $125.00 and gave the stock a “neutral” rating in a research note on Monday, August 25th. Seven equities research analysts have rated the stock with a Buy rating and ten have issued a Hold rating to the company’s stock. According to data from MarketBeat.com, NetApp has a consensus rating of “Hold” and an average target price of $124.07.

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.