Kingsview Wealth Management LLC Acquires 16,311 Shares of NetApp, Inc. (NASDAQ:NTAP)

Kingsview Wealth Management LLC raised its holdings in shares of NetApp, Inc. (NASDAQ:NTAP) by 208.3% during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 24,141 shares of the data storage provider’s stock after acquiring an additional 16,311 shares during the quarter. Kingsview Wealth Management LLC’s holdings in NetApp were worth $2,802,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors have also recently made changes to their positions in NTAP. Migdal Insurance & Financial Holdings Ltd. bought a new stake in shares of NetApp during the 4th quarter valued at $26,000. Northwest Investment Counselors LLC purchased a new position in NetApp during the 3rd quarter valued at about $27,000. Golden State Wealth Management LLC bought a new stake in shares of NetApp during the fourth quarter valued at about $35,000. True Wealth Design LLC increased its position in shares of NetApp by 2,833.3% during the third quarter. True Wealth Design LLC now owns 352 shares of the data storage provider’s stock valued at $43,000 after buying an additional 340 shares during the period. Finally, Capital Performance Advisors LLP purchased a new stake in shares of NetApp in the third quarter worth about $44,000. Hedge funds and other institutional investors own 92.17% of the company’s stock.

NetApp Trading Down 0.9 %

NASDAQ NTAP opened at $122.91 on Monday. The firm has a market cap of $24.99 billion, a PE ratio of 22.59, a price-to-earnings-growth ratio of 2.94 and a beta of 1.23. NetApp, Inc. has a 1-year low of $83.80 and a 1-year high of $135.45. The stock has a 50-day moving average of $120.99 and a 200-day moving average of $122.07. 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 announced its quarterly earnings data on Thursday, November 21st. The data storage provider reported $1.87 earnings per share 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 during the quarter, compared to the consensus estimate of $1.65 billion. During the same quarter in the previous year, the company posted $1.23 earnings per share. The business’s revenue was up 6.1% on a year-over-year basis. As a group, sell-side analysts forecast that NetApp, Inc. will post 5.89 EPS for the current year.

NetApp Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Wednesday, January 22nd. Shareholders of record on Friday, January 3rd were issued a $0.52 dividend. This represents a $2.08 dividend on an annualized basis and a yield of 1.69%. The ex-dividend date was Friday, January 3rd. NetApp’s dividend payout ratio (DPR) is presently 38.24%.

Wall Street Analyst Weigh In

A number of research firms recently weighed in on NTAP. Citigroup upped their target price on shares of NetApp from $130.00 to $135.00 and gave the stock a “neutral” rating in a report on Friday, November 22nd. Bank of America upped their price target on shares of NetApp from $115.00 to $121.00 and gave the stock an “underperform” rating in a report on Friday, November 22nd. StockNews.com upgraded NetApp from a “hold” rating to a “buy” rating in a research report on Tuesday, January 28th. JPMorgan Chase & Co. raised NetApp from a “neutral” rating to an “overweight” rating and set a $160.00 price target on the stock in a report on Monday, December 16th. Finally, Stifel Nicolaus lifted their price target on NetApp from $140.00 to $145.00 and gave the company a “buy” rating in a research report on Friday, November 22nd. One investment analyst has rated the stock with a sell rating, nine have issued a hold rating and seven have given a buy rating to the company’s stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Hold” and an average price target of $139.20.

Insider Buying and Selling at NetApp

In related news, President Cesar Cernuda sold 22,000 shares of the business’s stock in a transaction dated Monday, December 30th. The stock was sold at an average price of $114.99, for a total transaction of $2,529,780.00. Following the transaction, the president now owns 27,099 shares in the company, valued at $3,116,114.01. The trade was a 44.81 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, Director Thomas Michael Nevens sold 3,333 shares of the company’s stock in a transaction that occurred on Monday, November 18th. The shares were sold at an average price of $119.23, for a total value of $397,393.59. Following the transaction, the director now directly owns 9,277 shares of the company’s stock, valued at $1,106,096.71. The trade was a 26.43 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 64,110 shares of company stock worth $7,632,601. 0.47% of the stock is currently owned by company insiders.

NetApp 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.