Newbridge Financial Services Group Inc. Sells 1,532 Shares of NetApp, Inc. (NASDAQ:NTAP)

Newbridge Financial Services Group Inc. lowered its holdings in NetApp, Inc. (NASDAQ:NTAP) by 20.6% during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 5,910 shares of the data storage provider’s stock after selling 1,532 shares during the quarter. Newbridge Financial Services Group Inc.’s holdings in NetApp were worth $686,000 at the end of the most recent quarter.

Several other hedge funds have also recently added to or reduced their stakes in NTAP. Migdal Insurance & Financial Holdings Ltd. bought a new position in shares of NetApp during the 4th quarter worth approximately $26,000. Northwest Investment Counselors LLC bought a new position in shares of NetApp during the third quarter valued at $27,000. Golden State Wealth Management LLC acquired a new stake in shares of NetApp in the 4th quarter valued at $35,000. True Wealth Design LLC grew its holdings in shares of NetApp by 2,833.3% in the 3rd quarter. True Wealth Design LLC now owns 352 shares of the data storage provider’s stock worth $43,000 after purchasing an additional 340 shares during the last quarter. Finally, Capital Performance Advisors LLP acquired a new stake in shares of NetApp during the 3rd quarter worth about $44,000. Institutional investors and hedge funds own 92.17% of the company’s stock.

Wall Street Analyst Weigh In

A number of research firms have commented on NTAP. Wedbush restated a “neutral” rating and issued a $120.00 price target on shares of NetApp in a research report on Friday, November 22nd. Wells Fargo & Company increased their price target on NetApp from $135.00 to $140.00 and gave the stock an “equal weight” rating in a research report on Friday, November 22nd. JPMorgan Chase & Co. upgraded NetApp from a “neutral” rating to an “overweight” rating and set a $160.00 price objective for the company in a research report on Monday, December 16th. Bank of America increased their target price on NetApp from $115.00 to $121.00 and gave the stock an “underperform” rating in a report on Friday, November 22nd. Finally, Oppenheimer initiated coverage on shares of NetApp in a research report on Wednesday, November 13th. They set a “market perform” rating on the stock. One equities research analyst has rated the stock with a sell rating, nine have assigned a hold rating and seven have issued a buy rating to the company. According to data from MarketBeat, the stock has a consensus rating of “Hold” and an average target price of $139.20.

NetApp Stock Down 0.9 %

Shares of NetApp stock opened at $122.91 on Friday. NetApp, Inc. has a 12 month low of $83.80 and a 12 month high of $135.45. The business has a fifty day simple moving average of $120.99 and a 200 day simple moving average of $122.12. The company has a quick ratio of 0.84, a current ratio of 0.91 and a debt-to-equity ratio of 1.39. The stock 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 (NASDAQ:NTAP) last posted its earnings results on Thursday, November 21st. The data storage provider reported $1.87 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.78 by $0.09. The company had revenue of $1.66 billion during the quarter, compared to analyst estimates of $1.65 billion. NetApp had a return on equity of 123.63% and a net margin of 17.78%. The company’s revenue for the quarter was up 6.1% compared to the same quarter last year. During the same period in the previous year, the company earned $1.23 EPS. Research analysts predict 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. Stockholders of record on Friday, January 3rd were given a dividend of $0.52 per share. The ex-dividend date was Friday, January 3rd. This represents a $2.08 dividend on an annualized basis and a dividend yield of 1.69%. NetApp’s dividend payout ratio is 38.24%.

Insider Activity

In related news, CAO Lorenzo Daniel De sold 326 shares of the stock in a transaction that occurred on Monday, November 18th. The stock was sold at an average price of $117.44, for a total transaction of $38,285.44. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, President Cesar Cernuda sold 22,000 shares of NetApp stock in a transaction that occurred on Monday, December 30th. The shares were sold at an average price of $114.99, for a total transaction of $2,529,780.00. Following the completion of the transaction, the president now directly owns 27,099 shares in the company, valued at approximately $3,116,114.01. The trade was a 44.81 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 64,110 shares of company stock valued at $7,632,601 in the last quarter. Company insiders own 0.47% of the company’s stock.

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.