Boston Private Wealth LLC Invests $261,000 in NetApp, Inc. (NASDAQ:NTAP)

Boston Private Wealth LLC purchased a new position in NetApp, Inc. (NASDAQ:NTAP) during the third quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund purchased 2,907 shares of the data storage provider’s stock, valued at approximately $261,000.

Several other large investors have also recently modified their holdings of the company. Vanguard Group Inc. boosted its stake in shares of NetApp by 0.5% in the second quarter. Vanguard Group Inc. now owns 25,125,986 shares of the data storage provider’s stock worth $2,055,808,000 after acquiring an additional 132,282 shares during the last quarter. BlackRock Inc. lifted its position in NetApp by 1.3% during the second quarter. BlackRock Inc. now owns 17,733,925 shares of the data storage provider’s stock worth $1,450,989,000 after buying an additional 225,703 shares in the last quarter. State Street Corp lifted its position in NetApp by 1.3% during the second quarter. State Street Corp now owns 9,326,580 shares of the data storage provider’s stock worth $763,101,000 after buying an additional 120,155 shares in the last quarter. Geode Capital Management LLC lifted its position in NetApp by 7.7% during the second quarter. Geode Capital Management LLC now owns 4,499,216 shares of the data storage provider’s stock worth $367,336,000 after buying an additional 320,886 shares in the last quarter. Finally, Bank of New York Mellon Corp lifted its position in NetApp by 34.3% during the second quarter. Bank of New York Mellon Corp now owns 3,850,883 shares of the data storage provider’s stock worth $315,079,000 after buying an additional 982,858 shares in the last quarter. 91.66% of the stock is currently owned by hedge funds and other institutional investors.

NTAP opened at $95.41 on Friday. The company has a market cap of $21.21 billion, a PE ratio of 23.16, a P/E/G ratio of 2.56 and a beta of 1.22. The business has a 50 day moving average price of $90.38 and a two-hundred day moving average price of $87.62. NetApp, Inc. has a 52 week low of $58.83 and a 52 week high of $96.82. The company has a quick ratio of 1.73, a current ratio of 1.77 and a debt-to-equity ratio of 3.47.

NetApp (NASDAQ:NTAP) last released its quarterly earnings results on Tuesday, November 30th. The data storage provider reported $1.28 earnings per share for the quarter, topping analysts’ consensus estimates of $1.21 by $0.07. The business had revenue of $1.57 billion for the quarter, compared to analysts’ expectations of $1.55 billion. NetApp had a return on equity of 136.54% and a net margin of 15.57%. The company’s revenue was up 10.6% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $0.87 EPS. As a group, sell-side analysts expect that NetApp, Inc. will post 4.21 EPS for the current fiscal year.

The business also recently announced a quarterly dividend, which will be paid on Wednesday, January 26th. Shareholders of record on Friday, January 7th will be issued a dividend of $0.50 per share. This represents a $2.00 dividend on an annualized basis and a yield of 2.10%. The ex-dividend date of this dividend is Thursday, January 6th. NetApp’s dividend payout ratio (DPR) is presently 48.54%.

In other NetApp news, CEO George Kurian sold 4,250 shares of the firm’s stock in a transaction dated Monday, November 29th. The stock was sold at an average price of $89.52, for a total value of $380,460.00. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, President Cesar Cernuda sold 14,000 shares of the firm’s stock in a transaction dated Wednesday, December 15th. The shares were sold at an average price of $87.13, for a total value of $1,219,820.00. The disclosure for this sale can be found here. Insiders have sold 39,749 shares of company stock worth $3,537,994 in the last 90 days. Insiders own 0.28% of the company’s stock.

A number of equities analysts recently commented on the company. Morgan Stanley reduced their price objective on NetApp from $102.00 to $98.00 and set an “overweight” rating on the stock in a research report on Wednesday, December 1st. Susquehanna Bancshares lifted their price objective on NetApp from $100.00 to $105.00 and gave the stock a “positive” rating in a research report on Wednesday, December 1st. The Goldman Sachs Group downgraded NetApp from a “neutral” rating to a “sell” rating and reduced their price objective for the stock from $85.00 to $81.00 in a research report on Monday, October 18th. Wells Fargo & Company lifted their price objective on NetApp from $87.00 to $95.00 and gave the stock an “equal weight” rating in a research report on Wednesday, December 1st. Finally, Citigroup upgraded NetApp from a “sell” rating to a “buy” rating and set a $120.00 target price on the stock in a research report on Thursday, October 14th. One investment analyst has rated the stock with a sell rating, six have assigned a hold rating and sixteen have issued a buy rating to the company. According to data from MarketBeat.com, the stock presently has an average rating of “Buy” and a consensus target price of $96.47.

NetApp Company Profile

NetApp, Inc provides software, systems, and services to manage and share data on-premises, and private and public clouds worldwide. The company offers cloud data services, including NetApp Cloud Volumes Service for AWS, NetApp Cloud Volumes ONTAP, NetApp Cloud Sync, NetApp Cloud Secure, NetApp Cloud Tiering, NetApp SaaS Backup, NetApp Kubernetes Service, and NetApp Cloud Insights.

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Institutional Ownership by Quarter for NetApp (NASDAQ:NTAP)

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