Valley Wealth Managers Inc. Sells 3,788 Shares of NetApp, Inc. (NASDAQ:NTAP)

Valley Wealth Managers Inc. reduced its holdings in NetApp, Inc. (NASDAQ:NTAP - Free Report) by 8.9% in the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 38,592 shares of the data storage provider's stock after selling 3,788 shares during the quarter. Valley Wealth Managers Inc.'s holdings in NetApp were worth $4,480,000 at the end of the most recent reporting period.

Other large investors also recently modified their holdings of the company. Migdal Insurance & Financial Holdings Ltd. bought a new position in shares of NetApp during the fourth quarter worth about $26,000. Northwest Investment Counselors LLC bought a new position in shares of NetApp during the third quarter worth about $27,000. Golden State Wealth Management LLC bought a new position in shares of NetApp during the fourth quarter worth about $35,000. True Wealth Design LLC grew its holdings in shares of NetApp by 2,833.3% during the third quarter. True Wealth Design LLC now owns 352 shares of the data storage provider's stock worth $43,000 after buying an additional 340 shares in the last quarter. Finally, Capital Performance Advisors LLP bought a new position in shares of NetApp during the third quarter worth about $44,000. 92.17% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

A number of research analysts recently issued reports on the company. Susquehanna downgraded NetApp from a "positive" rating to a "neutral" rating and decreased their price objective for the stock from $155.00 to $130.00 in a report on Monday, February 10th. Stifel Nicolaus increased their price objective on NetApp from $140.00 to $145.00 and gave the stock a "buy" rating in a report on Friday, November 22nd. Barclays increased their price objective on NetApp from $119.00 to $132.00 and gave the stock an "equal weight" rating in a report on Friday, November 22nd. StockNews.com raised NetApp from a "hold" rating to a "buy" rating in a research report on Wednesday. Finally, Bank of America raised 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. Eleven investment analysts have rated the stock with a hold rating and six have issued a buy rating to the company. According to MarketBeat.com, NetApp presently has an average rating of "Hold" and a consensus target price of $137.33.

NetApp Stock Performance

Shares of NTAP traded down $0.08 during mid-day trading on Friday, reaching $124.47. The company's stock had a trading volume of 2,975,285 shares, compared to its average volume of 1,430,411. NetApp, Inc. has a 1-year low of $85.28 and a 1-year high of $135.45. The stock has a market cap of $25.31 billion, a P/E ratio of 22.88, a PEG ratio of 2.96 and a beta of 1.23. The business has a 50-day simple moving average of $120.07 and a two-hundred day simple moving average of $121.86. The company has a current ratio of 0.91, a quick ratio of 0.84 and a debt-to-equity ratio of 1.39.

NetApp (NASDAQ:NTAP - Get Free Report) last released its quarterly earnings data on Thursday, November 21st. The data storage provider reported $1.87 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $1.78 by $0.09. NetApp had a return on equity of 123.63% and a net margin of 17.78%. The company had revenue of $1.66 billion during the quarter, compared to analysts' expectations of $1.65 billion. During the same period last year, the firm posted $1.23 earnings per share. The business's revenue was up 6.1% on a year-over-year basis. As a group, equities research analysts anticipate that NetApp, Inc. will post 5.89 earnings per share for the current fiscal year.

Insider Activity

In related news, CFO Michael J. Berry sold 12,500 shares of NetApp stock in a transaction that occurred on Tuesday, February 4th. The stock was sold at an average price of $120.74, for a total transaction of $1,509,250.00. Following the completion of the sale, the chief financial officer now directly owns 123,243 shares of the company's stock, valued at approximately $14,880,359.82. This trade represents a 9.21 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, President Cesar Cernuda sold 22,000 shares of NetApp stock in a transaction that occurred on Monday, December 30th. The stock was sold at an average price of $114.99, for a total value of $2,529,780.00. Following the sale, the president now directly owns 27,099 shares of the company's stock, valued at approximately $3,116,114.01. The trade was a 44.81 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 60,903 shares of company stock valued at $7,260,341 over the last three months. 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.