ABLE Financial Group LLC Purchases 1,134 Shares of NetApp, Inc. (NASDAQ:NTAP)

ABLE Financial Group LLC increased its position in NetApp, Inc. (NASDAQ:NTAP) by 13.9% during the third quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 9,311 shares of the data storage provider’s stock after purchasing an additional 1,134 shares during the period. ABLE Financial Group LLC’s holdings in NetApp were worth $1,150,000 at the end of the most recent quarter.

Other hedge funds have also bought and sold shares of the company. Capital Performance Advisors LLP bought a new position in shares of NetApp in the third quarter valued at approximately $44,000. Philip James Wealth Mangement LLC bought a new position in NetApp during the third quarter valued at about $2,094,000. Beacon Harbor Wealth Advisors Inc. purchased a new stake in NetApp during the third quarter worth about $5,187,000. Olympiad Research LP boosted its stake in NetApp by 14.9% in the third quarter. Olympiad Research LP now owns 5,104 shares of the data storage provider’s stock valued at $630,000 after acquiring an additional 662 shares during the last quarter. Finally, Principal Financial Group Inc. increased its stake in shares of NetApp by 0.5% during the 3rd quarter. Principal Financial Group Inc. now owns 282,467 shares of the data storage provider’s stock worth $34,888,000 after purchasing an additional 1,271 shares during the last quarter. Institutional investors and hedge funds own 92.17% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of equities research analysts have issued reports on the stock. Stifel Nicolaus boosted their target price on shares of NetApp from $138.00 to $140.00 and gave the company a “buy” rating in a report on Thursday, August 29th. JPMorgan Chase & Co. increased their price objective on NetApp from $146.00 to $147.00 and gave the stock a “neutral” rating in a report on Thursday, August 29th. Citigroup lifted their target price on NetApp from $120.00 to $130.00 and gave the company a “neutral” rating in a report on Thursday, August 15th. UBS Group increased their price target on shares of NetApp from $121.00 to $134.00 and gave the stock a “neutral” rating in a report on Thursday, August 29th. Finally, Bank of America raised their price objective on shares of NetApp from $105.00 to $110.00 and gave the company an “underperform” rating in a research report on Thursday, August 29th. One analyst has rated the stock with a sell rating, ten have assigned a hold rating and six have assigned a buy rating to the company’s stock. According to MarketBeat, the stock currently has a consensus rating of “Hold” and an average target price of $129.06.

NetApp Trading Up 1.0 %

NASDAQ NTAP traded up $1.18 during trading on Friday, hitting $124.01. 182,925 shares of the company’s stock traded hands, compared to its average volume of 1,809,906. The stock has a fifty day moving average of $120.87 and a two-hundred day moving average of $120.98. NetApp, Inc. has a 12-month low of $75.32 and a 12-month high of $135.01. The firm has a market cap of $25.39 billion, a P/E ratio of 23.99, a PEG ratio of 4.33 and a beta of 1.24. The company has a debt-to-equity ratio of 1.34, a current ratio of 0.96 and a quick ratio of 0.91.

NetApp (NASDAQ:NTAP) last posted its quarterly earnings results on Wednesday, August 28th. The data storage provider reported $1.56 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.45 by $0.11. NetApp had a return on equity of 121.41% and a net margin of 17.01%. The business had revenue of $1.54 billion for the quarter, compared to analyst estimates of $1.53 billion. During the same period last year, the company earned $0.84 EPS. NetApp’s revenue for the quarter was up 7.6% compared to the same quarter last year. As a group, sell-side analysts expect that NetApp, Inc. will post 5.71 EPS for the current year.

NetApp Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Wednesday, October 23rd. Shareholders of record on Friday, October 4th were issued a $0.52 dividend. This represents a $2.08 dividend on an annualized basis and a yield of 1.68%. The ex-dividend date was Friday, October 4th. NetApp’s dividend payout ratio (DPR) is presently 40.63%.

Insiders Place Their Bets

In other news, EVP Elizabeth M. O’callahan sold 705 shares of the stock in a transaction dated Thursday, October 10th. The shares were sold at an average price of $126.20, for a total transaction of $88,971.00. Following the completion of the sale, the executive vice president now directly owns 11,694 shares in the company, valued at approximately $1,475,782.80. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. In related news, CEO George Kurian sold 8,500 shares of the stock in a transaction dated Monday, October 21st. The shares were sold at an average price of $126.11, for a total value of $1,071,935.00. Following the completion of the transaction, the chief executive officer now directly owns 292,778 shares in the company, valued at $36,922,233.58. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, EVP Elizabeth M. O’callahan sold 705 shares of NetApp stock in a transaction that occurred on Thursday, October 10th. The shares were sold at an average price of $126.20, for a total transaction of $88,971.00. Following the transaction, the executive vice president now owns 11,694 shares of the company’s stock, valued at $1,475,782.80. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 10,890 shares of company stock valued at $1,369,172 in the last quarter. Insiders own 0.47% of the company’s stock.

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.