AMJ Financial Wealth Management Grows Position in NetApp, Inc. (NASDAQ:NTAP)

AMJ Financial Wealth Management grew its stake in NetApp, Inc. (NASDAQ:NTAP) by 120.7% in the fourth quarter, HoldingsChannel reports. The institutional investor owned 68,897 shares of the data storage provider’s stock after buying an additional 37,684 shares during the period. NetApp makes up 2.2% of AMJ Financial Wealth Management’s investment portfolio, making the stock its 21st largest position. AMJ Financial Wealth Management’s holdings in NetApp were worth $7,998,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also made changes to their positions in the stock. Resonant Capital Advisors LLC increased its position in shares of NetApp by 1.8% in the 4th quarter. Resonant Capital Advisors LLC now owns 4,442 shares of the data storage provider’s stock valued at $516,000 after acquiring an additional 80 shares during the period. Geneos Wealth Management Inc. raised its stake in shares of NetApp by 22.3% in the fourth quarter. Geneos Wealth Management Inc. now owns 549 shares of the data storage provider’s stock worth $64,000 after purchasing an additional 100 shares during the last quarter. Steward Partners Investment Advisory LLC boosted its position in NetApp by 2.5% in the fourth quarter. Steward Partners Investment Advisory LLC now owns 4,597 shares of the data storage provider’s stock valued at $534,000 after buying an additional 111 shares during the last quarter. Wealthspire Advisors LLC boosted its position in NetApp by 4.1% in the fourth quarter. Wealthspire Advisors LLC now owns 3,132 shares of the data storage provider’s stock valued at $364,000 after buying an additional 123 shares during the last quarter. Finally, Tokio Marine Asset Management Co. Ltd. raised its position in NetApp by 2.0% during the 3rd quarter. Tokio Marine Asset Management Co. Ltd. now owns 6,448 shares of the data storage provider’s stock worth $796,000 after buying an additional 128 shares during the last quarter. 92.17% of the stock is currently owned by institutional investors and hedge funds.

NetApp Stock Performance

NASDAQ:NTAP opened at $95.73 on Tuesday. The company has a fifty day moving average of $119.41 and a two-hundred day moving average of $121.54. NetApp, Inc. has a fifty-two week low of $95.18 and a fifty-two week high of $135.45. The stock has a market capitalization of $19.46 billion, a PE ratio of 17.60, a P/E/G ratio of 2.45 and a beta of 1.23. The company has a debt-to-equity ratio of 1.39, a quick ratio of 0.84 and a current ratio of 0.91.

NetApp Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Wednesday, April 23rd. Investors of record on Friday, April 4th will be paid a $0.52 dividend. This represents a $2.08 dividend on an annualized basis and a yield of 2.17%. The ex-dividend date of this dividend is Friday, April 4th. NetApp’s dividend payout ratio is presently 38.52%.

Wall Street Analysts Forecast Growth

NTAP has been the topic of several recent research reports. Wells Fargo & Company dropped their price objective on shares of NetApp from $130.00 to $115.00 and set an “equal weight” rating on the stock in a report on Friday. StockNews.com lowered shares of NetApp from a “buy” rating to a “hold” rating in a report on Friday. Citigroup reduced their price objective on NetApp from $135.00 to $110.00 and set a “neutral” rating for the company in a research note on Monday. JPMorgan Chase & Co. lowered their target price on NetApp from $160.00 to $153.00 and set an “overweight” rating on the stock in a research note on Friday. Finally, Bank of America upgraded NetApp from an “underperform” rating to a “neutral” rating and lifted their price target for the company from $121.00 to $128.00 in a research report on Wednesday, February 19th. Twelve equities research analysts have rated the stock with a hold rating and six have assigned a buy rating to the company. Based on data from MarketBeat.com, the stock presently has an average rating of “Hold” and a consensus target price of $130.40.

Insider Buying and Selling

In other news, President Cesar Cernuda sold 22,000 shares of the firm’s stock in a transaction that occurred on Monday, December 30th. The stock was sold at an average price of $114.99, for a total value of $2,529,780.00. Following the transaction, the president now owns 27,099 shares in the company, valued at $3,116,114.01. This trade represents a 44.81 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, CEO George Kurian sold 8,500 shares of the business’s stock in a transaction that occurred on Monday, December 16th. The stock was sold at an average price of $124.29, for a total value of $1,056,465.00. Following the sale, the chief executive officer now owns 279,782 shares of the company’s stock, valued at $34,774,104.78. The trade was a 2.95 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders have sold 60,903 shares of company stock worth $7,260,341. 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.