Redwood Wealth Management Group LLC Takes $32,000 Position in NetApp, Inc. (NASDAQ:NTAP)

Redwood Wealth Management Group LLC purchased a new position in NetApp, Inc. (NASDAQ:NTAP) in the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor purchased 246 shares of the data storage provider’s stock, valued at approximately $32,000.

Other hedge funds also recently bought and sold shares of the company. TD Asset Management Inc raised its stake in shares of NetApp by 127.0% during the 4th quarter. TD Asset Management Inc now owns 1,698,277 shares of the data storage provider’s stock worth $149,720,000 after buying an additional 950,204 shares during the period. Bessemer Group Inc. raised its position in NetApp by 46.1% during the first quarter. Bessemer Group Inc. now owns 16,720 shares of the data storage provider’s stock worth $1,754,000 after acquiring an additional 5,273 shares during the period. Headlands Technologies LLC purchased a new position in NetApp during the first quarter valued at $473,000. Alpha DNA Investment Management LLC acquired a new stake in shares of NetApp in the fourth quarter valued at about $802,000. Finally, Cubist Systematic Strategies LLC increased its stake in shares of NetApp by 189.2% during the fourth quarter. Cubist Systematic Strategies LLC now owns 263,103 shares of the data storage provider’s stock worth $23,195,000 after purchasing an additional 172,132 shares in the last quarter. Hedge funds and other institutional investors own 92.17% of the company’s stock.

Analyst Ratings Changes

NTAP has been the topic of several research analyst reports. Evercore ISI lifted their price objective on NetApp from $120.00 to $130.00 and gave the stock an “in-line” rating in a report on Monday, August 12th. Morgan Stanley boosted their price target on NetApp from $106.00 to $127.00 and gave the stock an “equal weight” rating in a research report on Wednesday, June 12th. Loop Capital upgraded NetApp from a “hold” rating to a “buy” rating and raised their price objective for the company from $121.00 to $150.00 in a report on Tuesday, September 3rd. Stifel Nicolaus lifted their target price on shares of NetApp from $138.00 to $140.00 and gave the stock a “buy” rating in a research note on Thursday, August 29th. Finally, Argus increased their target price on shares of NetApp from $130.00 to $140.00 and gave the company a “buy” rating in a research report on Wednesday, June 5th. One research analyst has rated the stock with a sell rating, eleven have assigned a hold rating and six have assigned a buy rating to the company’s stock. Based on data from MarketBeat, NetApp has an average rating of “Hold” and a consensus price target of $129.06.

NetApp Stock Up 0.7 %

NTAP stock opened at $117.32 on Monday. NetApp, Inc. has a one year low of $70.82 and a one year high of $135.01. The firm has a market cap of $24.02 billion, a PE ratio of 25.28, a PEG ratio of 4.31 and a beta of 1.23. The firm’s 50 day moving average price is $124.94 and its 200-day moving average price is $116.08. The company has a debt-to-equity ratio of 1.34, a quick ratio of 0.91 and a current ratio of 0.96.

NetApp (NASDAQ:NTAP) last posted its earnings results on Wednesday, August 28th. The data storage provider reported $1.56 EPS for the quarter, beating analysts’ consensus estimates of $1.45 by $0.11. The company had revenue of $1.54 billion for the quarter, compared to the consensus estimate of $1.53 billion. NetApp had a return on equity of 121.41% and a net margin of 17.01%. The company’s revenue for the quarter was up 7.6% on a year-over-year basis. During the same quarter in the previous year, the business earned $0.84 earnings per share. On average, equities research analysts anticipate that NetApp, Inc. will post 5.74 EPS for the current year.

NetApp Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Wednesday, October 23rd. Shareholders of record on Friday, October 4th will be given a dividend of $0.52 per share. This represents a $2.08 dividend on an annualized basis and a dividend yield of 1.77%. The ex-dividend date of this dividend is Friday, October 4th. NetApp’s dividend payout ratio is presently 44.83%.

NetApp declared that its Board of Directors has approved a stock buyback plan on Thursday, May 30th that allows the company to repurchase $1.00 billion in shares. This repurchase authorization allows the data storage provider to reacquire up to 4% of its shares through open market purchases. Shares repurchase plans are generally a sign that the company’s leadership believes its stock is undervalued.

Insider Activity

In related news, Director Thomas Michael Nevens sold 3,334 shares of NetApp stock in a transaction that occurred on Friday, June 21st. The shares were sold at an average price of $127.33, for a total value of $424,518.22. Following the completion of the sale, the director now owns 11,455 shares in the company, valued at approximately $1,458,565.15. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In related news, Director Thomas Michael Nevens sold 3,334 shares of the firm’s stock in a transaction dated Friday, June 21st. The stock was sold at an average price of $127.33, for a total transaction of $424,518.22. Following the completion of the transaction, the director now directly owns 11,455 shares in the company, valued at approximately $1,458,565.15. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CFO Michael J. Berry sold 7,500 shares of NetApp stock in a transaction dated Tuesday, June 25th. The shares were sold at an average price of $127.24, for a total value of $954,300.00. Following the completion of the transaction, the chief financial officer now directly owns 193,369 shares of the company’s stock, valued at $24,604,271.56. The disclosure for this sale can be found here. In the last three months, insiders have sold 41,786 shares of company stock valued at $5,395,146. Company insiders own 0.37% 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.