Beacon Harbor Wealth Advisors Inc. Purchases Shares of 42,000 NetApp, Inc. (NASDAQ:NTAP)

Beacon Harbor Wealth Advisors Inc. acquired a new stake in NetApp, Inc. (NASDAQ:NTAP - Free Report) in the 3rd quarter, according to its most recent Form 13F filing with the SEC. The institutional investor acquired 42,000 shares of the data storage provider's stock, valued at approximately $5,187,000.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. Hollencrest Capital Management acquired a new position in shares of NetApp in the 2nd quarter worth approximately $26,000. J.Safra Asset Management Corp grew its position in shares of NetApp by 706.3% in the 1st quarter. J.Safra Asset Management Corp now owns 258 shares of the data storage provider's stock valued at $27,000 after buying an additional 226 shares during the last quarter. Northwest Investment Counselors LLC acquired a new stake in NetApp during the 3rd quarter worth $27,000. New Covenant Trust Company N.A. acquired a new stake in NetApp during the 1st quarter worth $28,000. Finally, Redwood Wealth Management Group LLC purchased a new stake in NetApp in the second quarter valued at $32,000. 92.17% of the stock is owned by hedge funds and other institutional investors.

NetApp Price Performance

NetApp stock traded up $1.18 during midday trading on Friday, reaching $124.01. The company's stock had a trading volume of 1,367,640 shares, compared to its average volume of 1,341,136. The firm has a market capitalization of $25.39 billion, a PE ratio of 24.22, a P/E/G ratio of 4.55 and a beta of 1.24. NetApp, Inc. has a fifty-two week low of $75.32 and a fifty-two week high of $135.01. The stock's 50 day simple moving average is $121.01 and its 200 day simple moving average is $121.17. The company has a debt-to-equity ratio of 1.34, a quick ratio of 0.91 and a current ratio of 0.96.

NetApp (NASDAQ:NTAP - Get Free Report) last announced its quarterly earnings data on Wednesday, August 28th. The data storage provider reported $1.56 EPS 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 firm had revenue of $1.54 billion during the quarter, compared to analysts' expectations of $1.53 billion. During the same quarter last year, the business earned $0.84 earnings per share. The business's revenue for the quarter was up 7.6% compared to the same quarter last year. On average, equities research analysts forecast that NetApp, Inc. will post 5.71 earnings per share for the current year.

NetApp Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Wednesday, October 23rd. Stockholders of record on Friday, October 4th were given a $0.52 dividend. This represents a $2.08 dividend on an annualized basis and a dividend yield of 1.68%. The ex-dividend date of this dividend was Friday, October 4th. NetApp's dividend payout ratio is currently 40.63%.

Analysts Set New Price Targets

A number of research firms have recently commented on NTAP. Susquehanna reiterated a "positive" rating and set a $155.00 target price on shares of NetApp in a research report on Monday, August 26th. JPMorgan Chase & Co. increased their price objective on NetApp from $146.00 to $147.00 and gave the company a "neutral" rating in a report on Thursday, August 29th. Barclays lifted their target price on shares of NetApp from $116.00 to $119.00 and gave the company an "equal weight" rating in a report on Thursday, August 29th. Wedbush reissued a "neutral" rating and set a $120.00 price objective on shares of NetApp in a research report on Monday, August 26th. Finally, Citigroup upped their target price on shares of NetApp from $120.00 to $130.00 and gave the company a "neutral" rating in a report on Thursday, August 15th. One investment analyst has rated the stock with a sell rating, ten have issued a hold rating and six have given a buy rating to the company. According to data from MarketBeat.com, the company currently has an average rating of "Hold" and an average target price of $129.06.

Insider Transactions at NetApp

In related news, CEO George Kurian sold 8,500 shares of NetApp stock in a transaction that occurred on Monday, October 21st. The stock was sold at an average price of $126.11, for a total transaction of $1,071,935.00. Following the completion of the transaction, the chief executive officer now directly owns 292,778 shares in the company, valued at $36,922,233.58. The trade was a 0.00 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. In other NetApp news, EVP Elizabeth M. O'callahan sold 705 shares of NetApp stock in a transaction that occurred on Thursday, October 10th. The shares were sold at an average price of $126.20, for a total value of $88,971.00. Following the completion of the sale, the executive vice president now directly owns 11,694 shares of the company's stock, valued at approximately $1,475,782.80. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CEO George Kurian sold 8,500 shares of NetApp stock in a transaction on Monday, October 21st. The shares were sold at an average price of $126.11, for a total value of $1,071,935.00. Following the completion of the sale, the chief executive officer now directly owns 292,778 shares of the company's stock, valued at approximately $36,922,233.58. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 10,890 shares of company stock valued at $1,369,172 in the last 90 days. 0.47% of the stock is currently owned by 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.