NetApp, Inc. $NTAP Shares Purchased by Confluence Wealth Services Inc.

Confluence Wealth Services Inc. raised its holdings in NetApp, Inc. (NASDAQ:NTAP) by 25.3% in the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 6,567 shares of the data storage provider’s stock after acquiring an additional 1,325 shares during the quarter. Confluence Wealth Services Inc.’s holdings in NetApp were worth $700,000 as of its most recent filing with the Securities and Exchange Commission.

Several other large investors also recently made changes to their positions in NTAP. Vanguard Group Inc. raised its holdings in shares of NetApp by 2.3% in the 1st quarter. Vanguard Group Inc. now owns 27,041,930 shares of the data storage provider’s stock worth $2,375,363,000 after purchasing an additional 597,956 shares in the last quarter. Ameriprise Financial Inc. grew its position in NetApp by 1.0% in the first quarter. Ameriprise Financial Inc. now owns 7,096,679 shares of the data storage provider’s stock worth $623,383,000 after buying an additional 72,223 shares during the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC increased its holdings in shares of NetApp by 18.8% in the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 3,546,548 shares of the data storage provider’s stock valued at $311,529,000 after buying an additional 560,218 shares in the last quarter. Invesco Ltd. lifted its position in shares of NetApp by 12.3% during the 1st quarter. Invesco Ltd. now owns 3,507,590 shares of the data storage provider’s stock valued at $308,107,000 after acquiring an additional 384,362 shares during the last quarter. Finally, Amundi boosted its stake in shares of NetApp by 11.8% during the 1st quarter. Amundi now owns 2,179,710 shares of the data storage provider’s stock worth $183,209,000 after acquiring an additional 230,793 shares in the last quarter. Institutional investors own 92.17% of the company’s stock.

NetApp Stock Performance

NTAP stock opened at $120.42 on Tuesday. The firm has a 50 day simple moving average of $114.64 and a 200 day simple moving average of $103.01. NetApp, Inc. has a 52 week low of $71.84 and a 52 week high of $135.45. The stock has a market cap of $24.04 billion, a P/E ratio of 21.28, a P/E/G ratio of 2.58 and a beta of 1.45. The company has a debt-to-equity ratio of 2.55, a quick ratio of 1.28 and a current ratio of 1.31.

NetApp Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Wednesday, October 22nd. Stockholders of record on Friday, October 3rd will be issued a dividend of $0.52 per share. This represents a $2.08 annualized dividend and a dividend yield of 1.7%. The ex-dividend date is Friday, October 3rd. NetApp’s payout ratio is currently 36.75%.

Wall Street Analysts Forecast Growth

A number of equities research analysts have recently issued reports on the company. Argus reaffirmed a “buy” rating and set a $130.00 target price on shares of NetApp in a research report on Friday, August 29th. UBS Group boosted their price objective on NetApp from $108.00 to $114.00 and gave the stock a “neutral” rating in a report on Thursday, August 28th. Morgan Stanley set a $117.00 price objective on shares of NetApp in a research note on Thursday, August 28th. Citigroup lifted their target price on shares of NetApp from $110.00 to $115.00 and gave the stock a “neutral” rating in a research report on Monday, August 11th. Finally, JPMorgan Chase & Co. upped their price target on shares of NetApp from $115.00 to $130.00 and gave the company an “overweight” rating in a research report on Thursday, July 17th. Seven analysts have rated the stock with a Buy rating and eleven have issued a Hold rating to the company. According to data from MarketBeat.com, NetApp has an average rating of “Hold” and a consensus target price of $124.07.

Insider Activity at NetApp

In related news, EVP Elizabeth M. O’callahan sold 1,000 shares of the stock in a transaction that occurred on Wednesday, September 10th. The stock was sold at an average price of $123.67, for a total value of $123,670.00. Following the transaction, the executive vice president owned 23,628 shares in the company, valued at approximately $2,922,074.76. This represents a 4.06% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Also, CAO Lorenzo Daniel De sold 779 shares of the firm’s stock in a transaction that occurred on Thursday, September 25th. The shares were sold at an average price of $121.87, for a total transaction of $94,936.73. The disclosure for this sale can be found here. In the last quarter, insiders sold 29,529 shares of company stock valued at $3,350,714. 0.28% of the stock is owned by corporate insiders.

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.