Balboa Wealth Partners Sells 724 Shares of NetApp, Inc. (NASDAQ:NTAP)

Balboa Wealth Partners cut its holdings in NetApp, Inc. (NASDAQ:NTAP) by 21.5% in the 4th quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 2,646 shares of the data storage provider’s stock after selling 724 shares during the period. Balboa Wealth Partners’ holdings in NetApp were worth $307,000 at the end of the most recent reporting period.

Several other institutional investors have also added to or reduced their stakes in NTAP. M&T Bank Corp lifted its stake in shares of NetApp by 4.8% in the 4th quarter. M&T Bank Corp now owns 12,794 shares of the data storage provider’s stock valued at $1,485,000 after acquiring an additional 581 shares during the last quarter. Versor Investments LP bought a new stake in NetApp in the fourth quarter valued at approximately $395,000. Intech Investment Management LLC boosted its stake in shares of NetApp by 8.9% during the third quarter. Intech Investment Management LLC now owns 302,010 shares of the data storage provider’s stock valued at $37,301,000 after purchasing an additional 24,651 shares during the period. AMJ Financial Wealth Management grew its holdings in shares of NetApp by 120.7% in the fourth quarter. AMJ Financial Wealth Management now owns 68,897 shares of the data storage provider’s stock worth $7,998,000 after purchasing an additional 37,684 shares during the last quarter. Finally, Daiwa Securities Group Inc. increased its stake in shares of NetApp by 20.9% in the third quarter. Daiwa Securities Group Inc. now owns 42,302 shares of the data storage provider’s stock worth $5,225,000 after buying an additional 7,318 shares during the period. 92.17% of the stock is currently owned by hedge funds and other institutional investors.

NetApp Trading Down 1.6 %

Shares of NASDAQ NTAP opened at $90.06 on Friday. NetApp, Inc. has a 1 year low of $89.88 and a 1 year high of $135.45. The company has a debt-to-equity ratio of 1.39, a current ratio of 0.91 and a quick ratio of 0.84. The firm has a 50-day moving average of $115.43 and a 200 day moving average of $119.48. The stock has a market cap of $18.32 billion, a P/E ratio of 16.56, a price-to-earnings-growth ratio of 2.45 and a beta of 1.24.

NetApp Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Wednesday, April 23rd. Stockholders of record on Friday, April 4th will be given a $0.52 dividend. The ex-dividend date is Friday, April 4th. This represents a $2.08 dividend on an annualized basis and a dividend yield of 2.31%. NetApp’s dividend payout ratio is currently 38.52%.

Analysts Set New Price Targets

Several equities research analysts have weighed in on the stock. Bank of America raised shares of NetApp from an “underperform” rating to a “neutral” rating and increased their price target for the company from $121.00 to $128.00 in a research report on Wednesday, February 19th. Citigroup dropped their target price on shares of NetApp from $135.00 to $110.00 and set a “neutral” rating for the company in a report on Monday, March 3rd. JPMorgan Chase & Co. reduced their price target on NetApp from $160.00 to $153.00 and set an “overweight” rating on the stock in a report on Friday, February 28th. Wedbush reiterated a “neutral” rating and issued a $110.00 price objective (down previously from $120.00) on shares of NetApp in a report on Friday, February 28th. Finally, Susquehanna lowered NetApp from a “positive” rating to a “neutral” rating and cut their price objective for the stock from $155.00 to $130.00 in a research report on Monday, February 10th. Twelve equities research analysts have rated the stock with a hold rating and six have issued a buy rating to the company’s stock. According to data from MarketBeat, NetApp has a consensus rating of “Hold” and an average target price of $129.07.

Insider Buying and Selling

In related news, EVP Elizabeth M. O’callahan sold 451 shares of the firm’s stock in a transaction that occurred on Friday, January 10th. The shares were sold at an average price of $116.79, for a total transaction of $52,672.29. Following the completion of the sale, the executive vice president now owns 12,005 shares of the company’s stock, valued at $1,402,063.95. This trade represents a 3.62 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CFO Michael J. Berry sold 12,500 shares of the company’s stock in a transaction that occurred on Tuesday, February 4th. The shares were sold at an average price of $120.74, for a total value of $1,509,250.00. Following the completion of the transaction, the chief financial officer now directly owns 123,243 shares in the company, valued at $14,880,359.82. This trade represents a 9.21 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 61,431 shares of company stock worth $7,309,224 in the last 90 days. 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.