NetApp, Inc. (NASDAQ:NTAP) Shares Bought by Smithbridge Asset Management Inc. DE

Smithbridge Asset Management Inc. DE increased its stake in NetApp, Inc. (NASDAQ:NTAP) by 85.5% during the third quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 7,010 shares of the data storage provider’s stock after acquiring an additional 3,232 shares during the quarter. Smithbridge Asset Management Inc. DE’s holdings in NetApp were worth $866,000 at the end of the most recent quarter.

A number of other hedge funds have also modified their holdings of the stock. Hollencrest Capital Management acquired a new position in NetApp during the second quarter valued at $26,000. J.Safra Asset Management Corp grew its stake in NetApp by 706.3% during the 1st quarter. J.Safra Asset Management Corp now owns 258 shares of the data storage provider’s stock valued at $27,000 after acquiring an additional 226 shares in the last quarter. Northwest Investment Counselors LLC purchased a new stake in shares of NetApp in the third quarter worth approximately $27,000. New Covenant Trust Company N.A. acquired a new stake in shares of NetApp during the first quarter worth approximately $28,000. Finally, Redwood Wealth Management Group LLC acquired a new stake in shares of NetApp during the second quarter worth approximately $32,000. 92.17% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity at NetApp

In other news, EVP Elizabeth M. O’callahan sold 705 shares of the company’s stock in a transaction dated Thursday, October 10th. The shares were sold at an average price of $126.20, for a total value of $88,971.00. Following the sale, the executive vice president now owns 11,694 shares of the company’s stock, valued at approximately $1,475,782.80. This represents a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. In other news, CAO Lorenzo Daniel De sold 1,685 shares of NetApp stock in a transaction on Tuesday, September 24th. The stock was sold at an average price of $123.60, for a total value of $208,266.00. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, EVP Elizabeth M. O’callahan sold 705 shares of the business’s stock in a transaction dated Thursday, October 10th. The stock was sold at an average price of $126.20, for a total value of $88,971.00. Following the sale, the executive vice president now directly owns 11,694 shares of the company’s stock, valued at $1,475,782.80. This represents 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 90 days. 0.47% of the stock is owned by corporate insiders.

Analyst Ratings Changes

A number of research firms have issued reports on NTAP. JPMorgan Chase & Co. increased their target price on shares of NetApp from $146.00 to $147.00 and gave the stock a “neutral” rating in a research report on Thursday, August 29th. Stifel Nicolaus lifted their price objective on NetApp from $138.00 to $140.00 and gave the company a “buy” rating in a research report on Thursday, August 29th. UBS Group boosted their target price on NetApp from $121.00 to $134.00 and gave the company a “neutral” rating in a research note on Thursday, August 29th. Bank of America raised their price target on NetApp from $105.00 to $110.00 and gave the stock an “underperform” rating in a research note on Thursday, August 29th. Finally, Wedbush reissued a “neutral” rating and issued a $120.00 price target on shares of NetApp in a research note on Monday, August 26th. One equities research analyst has rated the stock with a sell rating, ten have given a hold rating and six have given a buy rating to the company. According to data from MarketBeat, the stock has an average rating of “Hold” and an average target price of $129.06.

NetApp Stock Performance

NTAP traded up $1.03 during trading on Monday, reaching $120.44. 49,155 shares of the company’s stock were exchanged, compared to its average volume of 1,818,768. The company has a market capitalization of $24.66 billion, a P/E ratio of 23.32, a PEG ratio of 4.49 and a beta of 1.23. The company has a quick ratio of 0.91, a current ratio of 0.96 and a debt-to-equity ratio of 1.34. The business has a 50 day moving average price of $123.15 and a 200 day moving average price of $120.18. NetApp, Inc. has a fifty-two week low of $70.82 and a fifty-two week high of $135.01.

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

NetApp Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Wednesday, October 23rd. Investors of record on Friday, October 4th were given a dividend of $0.52 per share. The ex-dividend date of this dividend was Friday, October 4th. This represents a $2.08 annualized dividend and a dividend yield of 1.73%. NetApp’s dividend payout ratio (DPR) is presently 40.63%.

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.