NorthCrest Asset Manangement LLC Acquires 1,925 Shares of NetApp, Inc. (NASDAQ:NTAP)

Posted by Defense World Staff on Jul 13th, 2023

NorthCrest Asset Manangement LLC lifted its position in shares of NetApp, Inc. (NASDAQ:NTAP – Free Report) by 41.1% during the first quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 6,604 shares of the data storage provider’s stock after purchasing an additional 1,925 shares during the quarter. NorthCrest Asset Manangement LLC’s holdings in NetApp were worth $422,000 at the end of the most recent reporting period.

Other institutional investors also recently modified their holdings of the company. Massmutual Trust Co. FSB ADV raised its position in shares of NetApp by 52.2% during the first quarter. Massmutual Trust Co. FSB ADV now owns 443 shares of the data storage provider’s stock worth $28,000 after purchasing an additional 152 shares during the period. Fuller & Thaler Asset Management Inc. acquired a new position in shares of NetApp during the fourth quarter worth approximately $31,000. CoreCap Advisors LLC acquired a new position in shares of NetApp during the fourth quarter worth approximately $53,000. Romano Brothers AND Company acquired a new position in shares of NetApp during the fourth quarter worth approximately $57,000. Finally, Global Wealth Strategies & Associates acquired a new position in shares of NetApp during the fourth quarter worth approximately $72,000. 89.53% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

A number of equities analysts have recently weighed in on NTAP shares. Citigroup assumed coverage on NetApp in a research report on Thursday, June 29th. They set a “neutral” rating and a $80.00 target price on the stock. Northland Securities increased their price target on NetApp from $86.00 to $89.00 in a research report on Thursday, June 1st. Wedbush increased their price target on NetApp from $70.00 to $75.00 in a research report on Thursday, June 1st. StockNews.com assumed coverage on NetApp in a research report on Thursday, May 18th. They issued a “hold” rating for the company. Finally, Deutsche Bank Aktiengesellschaft increased their price target on NetApp from $70.00 to $75.00 in a research report on Thursday, June 1st. Three research analysts have rated the stock with a sell rating, eleven have assigned a hold rating and seven have given a buy rating to the stock. Based on data from MarketBeat, NetApp presently has a consensus rating of “Hold” and an average price target of $73.95.

NetApp Stock Down 1.8 %

NTAP stock opened at $77.35 on Thursday. The company has a debt-to-equity ratio of 2.06, a quick ratio of 1.30 and a current ratio of 1.35. The company has a market capitalization of $16.43 billion, a price-to-earnings ratio of 13.34, a PEG ratio of 1.99 and a beta of 1.22. NetApp, Inc. has a fifty-two week low of $58.08 and a fifty-two week high of $79.45. The stock has a fifty day moving average of $70.64 and a 200-day moving average of $66.45.

NetApp (NASDAQ:NTAP – Get Free Report) last issued its earnings results on Wednesday, May 31st. The data storage provider reported $1.54 EPS for the quarter, topping the consensus estimate of $1.34 by $0.20. NetApp had a return on equity of 93.62% and a net margin of 20.02%. The business had revenue of $1.58 billion during the quarter, compared to the consensus estimate of $1.54 billion. During the same quarter last year, the company earned $1.21 EPS. As a group, equities research analysts predict that NetApp, Inc. will post 4.51 earnings per share for the current year.

NetApp Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Wednesday, July 26th. Shareholders of record on Friday, July 7th will be paid a $0.50 dividend. The ex-dividend date is Thursday, July 6th. This represents a $2.00 annualized dividend and a yield of 2.59%. NetApp’s dividend payout ratio is currently 34.48%.

Insiders Place Their Bets

In other NetApp news, CEO George Kurian sold 2,250 shares of the firm’s stock in a transaction dated Tuesday, May 9th. The stock was sold at an average price of $63.49, for a total value of $142,852.50. Following the completion of the transaction, the chief executive officer now owns 140,420 shares in the company, valued at approximately $8,915,265.80. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. In other news, EVP Elizabeth M. O’callahan sold 872 shares of NetApp stock in a transaction dated Monday, June 26th. The stock was sold at an average price of $73.58, for a total transaction of $64,161.76. Following the completion of the sale, the executive vice president now owns 13,953 shares in the company, valued at approximately $1,026,661.74. The sale was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, CEO George Kurian sold 2,250 shares of NetApp stock in a transaction dated Tuesday, May 9th. The shares were sold at an average price of $63.49, for a total value of $142,852.50. Following the sale, the chief executive officer now owns 140,420 shares of the company’s stock, valued at approximately $8,915,265.80. The disclosure for this sale can be found here. Insiders sold a total of 12,994 shares of company stock worth $941,478 in the last quarter. 0.26% of the stock is owned by company insiders.

NetApp Company Profile

(Free Report)

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.