Franklin Resources Inc. Raises Stock Position in NetApp, Inc. (NASDAQ:NTAP)

Posted by Defense World Staff on Jun 2nd, 2023

Franklin Resources Inc. increased its holdings in shares of NetApp, Inc. (NASDAQ:NTAP – Get Rating) by 10.2% in the 4th quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 119,755 shares of the data storage provider’s stock after purchasing an additional 11,115 shares during the period. Franklin Resources Inc. owned approximately 0.06% of NetApp worth $7,192,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other institutional investors have also recently made changes to their positions in the company. Ten Capital Wealth Advisors LLC purchased a new position in shares of NetApp during the third quarter worth $27,000. CoreCap Advisors LLC purchased a new position in shares of NetApp during the fourth quarter worth $53,000. Romano Brothers AND Company purchased a new position in shares of NetApp during the fourth quarter worth $57,000. Global Wealth Strategies & Associates purchased a new position in NetApp in the fourth quarter valued at $72,000. Finally, Quadrant Capital Group LLC increased its holdings in NetApp by 12.6% in the third quarter. Quadrant Capital Group LLC now owns 1,321 shares of the data storage provider’s stock valued at $82,000 after buying an additional 148 shares in the last quarter. Hedge funds and other institutional investors own 87.92% of the company’s stock.

Analyst Ratings Changes

A number of research analysts have weighed in on the stock. Loop Capital cut their price objective on shares of NetApp from $67.00 to $65.00 and set a “hold” rating for the company in a report on Monday, February 27th. UBS Group cut their price objective on shares of NetApp from $78.00 to $74.00 and set a “neutral” rating for the company in a report on Thursday, February 23rd. Wedbush lifted their price objective on shares of NetApp from $70.00 to $75.00 in a report on Thursday. Northland Securities lifted their price objective on shares of NetApp from $86.00 to $89.00 in a report on Thursday. Finally, Stifel Nicolaus lifted their price objective on shares of NetApp from $75.00 to $80.00 in a report on Thursday. Three equities research analysts have rated the stock with a sell rating, eleven have given a hold rating and nine have assigned a buy rating to the company. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and a consensus price target of $74.81.

Insiders Place Their Bets

In other NetApp news, President Cesar Cernuda sold 18,000 shares of NetApp stock in a transaction dated Wednesday, March 15th. The shares were sold at an average price of $60.09, for a total transaction of $1,081,620.00. Following the transaction, the president now directly owns 44,829 shares of the company’s stock, valued at $2,693,774.61. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. In other NetApp news, President Cesar Cernuda sold 18,000 shares of NetApp stock in a transaction dated Wednesday, March 15th. The shares were sold at an average price of $60.09, for a total transaction of $1,081,620.00. Following the transaction, the president now directly owns 44,829 shares of the company’s stock, valued at $2,693,774.61. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CEO George Kurian sold 4,500 shares of NetApp stock in a transaction dated Tuesday, March 7th. The stock was sold at an average price of $65.04, for a total transaction of $292,680.00. Following the transaction, the chief executive officer now directly owns 147,170 shares in the company, valued at $9,571,936.80. The disclosure for this sale can be found here. Insiders have sold 29,250 shares of company stock valued at $1,806,885 over the last ninety days. Company insiders own 0.26% of the company’s stock.

NetApp Stock Performance

NTAP opened at $71.96 on Friday. The firm has a market capitalization of $15.39 billion, a PE ratio of 12.39, a PEG ratio of 1.71 and a beta of 1.19. NetApp, Inc. has a twelve month low of $58.08 and a twelve month high of $79.09. The firm’s 50-day moving average price is $64.71 and its 200 day moving average price is $65.08. The company has a current ratio of 1.34, a quick ratio of 1.29 and a debt-to-equity ratio of 2.17.

NetApp Company Profile

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NetApp, Inc provides software, systems, and services to manage and share data on-premises, and private and public clouds worldwide. The company offers cloud data services, including NetApp Cloud Volumes Service for AWS, NetApp Cloud Volumes ONTAP, NetApp Cloud Sync, NetApp Cloud Secure, NetApp Cloud Tiering, NetApp SaaS Backup, NetApp Kubernetes Service, and NetApp Cloud Insights.