Proficio Capital Partners LLC Purchases New Stake in NetApp, Inc. (NASDAQ:NTAP)

Proficio Capital Partners LLC purchased a new stake in shares of NetApp, Inc. (NASDAQ:NTAP - Free Report) in the fourth quarter, according to the company in its most recent filing with the SEC. The firm purchased 102,975 shares of the data storage provider's stock, valued at approximately $11,953,000. Proficio Capital Partners LLC owned about 0.05% of NetApp at the end of the most recent quarter.

A number of other large investors have also added to or reduced their stakes in the company. Resonant Capital Advisors LLC lifted its stake in NetApp by 1.8% in the fourth quarter. Resonant Capital Advisors LLC now owns 4,442 shares of the data storage provider's stock worth $516,000 after purchasing an additional 80 shares during the last quarter. Geneos Wealth Management Inc. boosted its holdings in shares of NetApp by 22.3% during 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 period. Steward Partners Investment Advisory LLC raised its holdings in shares of NetApp by 2.5% during 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 acquiring an additional 111 shares in the last quarter. Wealthspire Advisors LLC lifted its position in shares of NetApp by 4.1% in the 4th quarter. Wealthspire Advisors LLC now owns 3,132 shares of the data storage provider's stock worth $364,000 after purchasing an additional 123 shares during the period. Finally, Tokio Marine Asset Management Co. Ltd. lifted its holdings in NetApp by 2.0% in the third 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 period. Hedge funds and other institutional investors own 92.17% of the company's stock.

Remove Ads

NetApp Stock Up 1.4 %

NetApp stock traded up $1.27 during mid-day trading on Wednesday, reaching $93.53. 1,473,536 shares of the company's stock were exchanged, compared to its average volume of 1,892,981. The company has a market cap of $19.02 billion, a P/E ratio of 17.19, a P/E/G ratio of 2.45 and a beta of 1.24. The company has a quick ratio of 0.84, a current ratio of 0.91 and a debt-to-equity ratio of 1.39. NetApp, Inc. has a twelve month low of $89.88 and a twelve month high of $135.45. The company has a fifty day moving average of $113.94 and a 200-day moving average of $118.63.

NetApp Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Wednesday, April 23rd. Shareholders of record on Friday, April 4th will be given a $0.52 dividend. This represents a $2.08 dividend on an annualized basis and a yield of 2.22%. The ex-dividend date is Friday, April 4th. NetApp's dividend payout ratio is currently 38.52%.

Analyst Upgrades and Downgrades

NTAP has been the topic of several recent analyst reports. Stifel Nicolaus increased their price objective on shares of NetApp from $140.00 to $145.00 and gave the company a "buy" rating in a research report on Friday, November 22nd. Loop Capital dropped their price target on NetApp from $150.00 to $130.00 and set a "buy" rating on the stock in a research note on Tuesday, March 4th. Wedbush reaffirmed a "neutral" rating and issued a $110.00 price objective (down previously from $120.00) on shares of NetApp in a research note on Friday, February 28th. TD Cowen cut their price objective on NetApp from $160.00 to $130.00 and set a "buy" rating for the company in a research report on Friday, February 28th. Finally, Barclays dropped their price target on shares of NetApp from $132.00 to $115.00 and set an "equal weight" rating for the company in a research note on Friday, February 28th. Twelve equities research analysts have rated the stock with a hold rating and six have given a buy rating to the stock. According to data from MarketBeat.com, the stock has a consensus rating of "Hold" and a consensus price target of $129.07.

Insider Activity

In other news, CEO George Kurian sold 8,500 shares of the business's stock in a transaction that occurred on Tuesday, January 21st. The shares were sold at an average price of $123.03, for a total transaction of $1,045,755.00. Following the completion of the sale, the chief executive officer now owns 271,282 shares in the company, valued at approximately $33,375,824.46. The trade was a 3.04 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, President Cesar Cernuda sold 22,000 shares of the company's stock in a transaction dated Monday, December 30th. The shares were sold at an average price of $114.99, for a total value of $2,529,780.00. Following the completion of the sale, the president now directly owns 27,099 shares of the company's stock, valued at approximately $3,116,114.01. This trade represents a 44.81 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders sold 52,931 shares of company stock worth $6,252,759. 0.47% of the stock is currently owned by company 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.