Insight Wealth Strategies LLC Sells 2,905 Shares of NetApp, Inc. (NASDAQ:NTAP)

Insight Wealth Strategies LLC trimmed its holdings in NetApp, Inc. (NASDAQ:NTAP) by 11.7% in the 1st quarter, according to its most recent filing with the SEC. The institutional investor owned 21,852 shares of the data storage provider’s stock after selling 2,905 shares during the quarter. Insight Wealth Strategies LLC’s holdings in NetApp were worth $2,294,000 at the end of the most recent reporting period.

A number of other hedge funds have also bought and sold shares of NTAP. CWM LLC raised its holdings in shares of NetApp by 15.2% during the first quarter. CWM LLC now owns 6,352 shares of the data storage provider’s stock valued at $667,000 after purchasing an additional 839 shares during the last quarter. Strategic Advocates LLC bought a new stake in shares of NetApp during the 1st quarter valued at about $551,000. Newbridge Financial Services Group Inc. increased its position in shares of NetApp by 59.3% during the 4th quarter. Newbridge Financial Services Group Inc. now owns 403 shares of the data storage provider’s stock valued at $36,000 after purchasing an additional 150 shares during the last quarter. Nomura Holdings Inc. purchased a new position in shares of NetApp in the fourth quarter worth approximately $372,000. Finally, Napatree Capital LLC bought a new stake in NetApp during the fourth quarter valued at approximately $875,000. Hedge funds and other institutional investors own 92.17% of the company’s stock.

Insider Activity at NetApp

In other NetApp news, EVP Elizabeth M. O’callahan sold 871 shares of the firm’s stock in a transaction dated Wednesday, April 10th. The shares were sold at an average price of $103.02, for a total value of $89,730.42. Following the completion of the sale, the executive vice president now owns 9,601 shares of the company’s stock, valued at $989,095.02. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. In other NetApp news, CEO George Kurian sold 8,500 shares of the business’s stock in a transaction dated Monday, April 15th. The shares were sold at an average price of $103.16, for a total value of $876,860.00. Following the completion of the sale, the chief executive officer now directly owns 252,702 shares of the company’s stock, valued at approximately $26,068,738.32. The transaction was disclosed in a filing with the SEC, which is available through this link. Also, EVP Elizabeth M. O’callahan sold 871 shares of the firm’s stock in a transaction that occurred on Wednesday, April 10th. The stock was sold at an average price of $103.02, for a total transaction of $89,730.42. Following the transaction, the executive vice president now directly owns 9,601 shares in the company, valued at $989,095.02. The disclosure for this sale can be found here. 0.37% of the stock is currently owned by insiders.

NetApp Price Performance

Shares of NASDAQ:NTAP traded up $2.67 on Wednesday, reaching $128.71. The company’s stock had a trading volume of 2,575,785 shares, compared to its average volume of 2,313,379. The company has a 50-day simple moving average of $111.14 and a 200 day simple moving average of $99.29. The company has a debt-to-equity ratio of 1.74, a quick ratio of 1.15 and a current ratio of 1.19. The company has a market cap of $26.49 billion, a P/E ratio of 27.74, a PEG ratio of 5.08 and a beta of 1.25. NetApp, Inc. has a 52-week low of $70.82 and a 52-week high of $129.65.

NetApp (NASDAQ:NTAP) last issued its quarterly earnings data on Thursday, May 30th. The data storage provider reported $1.80 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.48 by $0.32. The business had revenue of $1.67 billion for the quarter, compared to the consensus estimate of $1.65 billion. NetApp had a return on equity of 114.54% and a net margin of 15.73%. The company’s quarterly revenue was up 5.5% compared to the same quarter last year. During the same period in the prior year, the business posted $1.20 earnings per share. As a group, equities research analysts anticipate that NetApp, Inc. will post 5.49 EPS for the current fiscal year.

NetApp announced that its Board of Directors has authorized a stock buyback program on Thursday, May 30th that permits the company to repurchase $1.00 billion in shares. This repurchase authorization permits the data storage provider to purchase up to 4% of its stock through open market purchases. Stock repurchase programs are generally a sign that the company’s management believes its shares are undervalued.

NetApp Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Wednesday, July 24th. Stockholders of record on Friday, July 5th will be issued a $0.52 dividend. This represents a $2.08 annualized dividend and a dividend yield of 1.62%. The ex-dividend date of this dividend is Friday, July 5th. This is a positive change from NetApp’s previous quarterly dividend of $0.50. NetApp’s dividend payout ratio (DPR) is 43.10%.

Analyst Upgrades and Downgrades

NTAP has been the topic of several analyst reports. Citigroup lifted their price target on shares of NetApp from $110.00 to $120.00 and gave the stock a “neutral” rating in a research note on Tuesday, May 21st. Wells Fargo & Company upped their price target on NetApp from $120.00 to $135.00 and gave the stock an “equal weight” rating in a research report on Wednesday, June 12th. Argus lifted their price objective on NetApp from $130.00 to $140.00 and gave the company a “buy” rating in a research report on Wednesday, June 5th. Wedbush reiterated a “neutral” rating and set a $120.00 price objective on shares of NetApp in a research note on Wednesday, June 12th. Finally, Evercore ISI raised their target price on shares of NetApp from $95.00 to $105.00 and gave the stock an “in-line” rating in a research note on Friday, March 1st. One analyst has rated the stock with a sell rating, eleven have assigned a hold rating and six have given a buy rating to the stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Hold” and an average target price of $117.81.

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.