Centric Wealth Management Grows Stock Position in NetApp, Inc. (NASDAQ:NTAP)

Centric Wealth Management raised its position in NetApp, Inc. (NASDAQ:NTAP) by 2.7% during the third quarter, HoldingsChannel.com reports. The firm owned 26,572 shares of the data storage provider’s stock after purchasing an additional 693 shares during the period. Centric Wealth Management’s holdings in NetApp were worth $3,219,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also recently modified their holdings of NTAP. Hollencrest Capital Management bought a new stake in NetApp during the 2nd quarter valued at about $26,000. Northwest Investment Counselors LLC bought a new stake in NetApp during the 3rd quarter valued at $27,000. Redwood Wealth Management Group LLC bought a new position in shares of NetApp during the 2nd quarter worth $32,000. Robbins Farley purchased a new position in shares of NetApp during the second quarter valued at $44,000. Finally, Hershey Financial Advisers LLC bought a new stake in shares of NetApp in the second quarter valued at about $45,000. 92.17% of the stock is owned by institutional investors.

NetApp Price Performance

Shares of NTAP opened at $122.43 on Friday. The firm has a market capitalization of $24.89 billion, a price-to-earnings ratio of 22.51, a PEG ratio of 2.93 and a beta of 1.24. The firm’s fifty day simple moving average is $122.36 and its 200-day simple moving average is $122.95. NetApp, Inc. has a twelve month low of $77.56 and a twelve month high of $135.45. The company has a current ratio of 0.91, a quick ratio of 0.84 and a debt-to-equity ratio of 1.39.

NetApp (NASDAQ:NTAP) last released its quarterly earnings data on Thursday, November 21st. The data storage provider reported $1.87 EPS for the quarter, beating analysts’ consensus estimates of $1.78 by $0.09. The business had revenue of $1.66 billion for the quarter, compared to the consensus estimate of $1.65 billion. NetApp had a return on equity of 123.63% and a net margin of 17.78%. The business’s revenue for the quarter was up 6.1% on a year-over-year basis. During the same quarter in the prior year, the business posted $1.23 EPS. Equities analysts forecast that NetApp, Inc. will post 5.83 EPS for the current fiscal year.

NetApp Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Wednesday, January 22nd. Stockholders of record on Friday, January 3rd will be issued a $0.52 dividend. This represents a $2.08 annualized dividend and a dividend yield of 1.70%. The ex-dividend date is Friday, January 3rd. NetApp’s payout ratio is currently 38.24%.

Wall Street Analyst Weigh In

Several research analysts have recently commented on the company. UBS Group boosted their price target on NetApp from $121.00 to $134.00 and gave the stock a “neutral” rating in a research report on Thursday, August 29th. Loop Capital upgraded shares of NetApp from a “hold” rating to a “buy” rating and increased their price objective for the stock from $121.00 to $150.00 in a research note on Tuesday, September 3rd. Susquehanna reiterated a “positive” rating and set a $155.00 price target on shares of NetApp in a research report on Monday, August 26th. TD Cowen increased their target price on shares of NetApp from $145.00 to $160.00 and gave the stock a “buy” rating in a research note on Friday, November 22nd. Finally, Oppenheimer assumed coverage on NetApp in a report on Wednesday, November 13th. They issued a “market perform” rating on the stock. One analyst has rated the stock with a sell rating, eleven have issued a hold rating and six have assigned a buy rating to the stock. According to data from MarketBeat, the company currently has a consensus rating of “Hold” and an average target price of $134.00.

Insider Activity at NetApp

In other NetApp news, CAO Lorenzo Daniel De sold 1,685 shares of the stock in a transaction that occurred on Tuesday, September 24th. The stock was sold at an average price of $123.60, for a total transaction of $208,266.00. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Thomas Michael Nevens sold 3,333 shares of the business’s stock in a transaction on Monday, November 18th. The shares were sold at an average price of $119.23, for a total transaction of $397,393.59. Following the completion of the transaction, the director now directly owns 9,277 shares in the company, valued at $1,106,096.71. This represents a 26.43 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 23,049 shares of company stock valued at $2,807,851 in the last three months. 0.47% of the stock is currently owned by company 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.