Occidental Asset Management LLC Acquires 4,014 Shares of NetApp, Inc. $NTAP

Occidental Asset Management LLC grew its holdings in NetApp, Inc. (NASDAQ:NTAP) by 9.4% during the 2nd quarter, Holdings Channel reports. The fund owned 46,747 shares of the data storage provider’s stock after buying an additional 4,014 shares during the period. Occidental Asset Management LLC’s holdings in NetApp were worth $4,981,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors have also added to or reduced their stakes in the company. Manchester Capital Management LLC increased its stake in shares of NetApp by 375.0% in the first quarter. Manchester Capital Management LLC now owns 285 shares of the data storage provider’s stock worth $25,000 after purchasing an additional 225 shares in the last quarter. 1248 Management LLC purchased a new stake in shares of NetApp in the first quarter worth $25,000. Olde Wealth Management LLC purchased a new stake in shares of NetApp in the first quarter worth $29,000. Migdal Insurance & Financial Holdings Ltd. increased its stake in shares of NetApp by 54.9% in the first quarter. Migdal Insurance & Financial Holdings Ltd. now owns 350 shares of the data storage provider’s stock worth $31,000 after purchasing an additional 124 shares in the last quarter. Finally, Park Square Financial Group LLC purchased a new stake in shares of NetApp in the fourth quarter worth $36,000. 92.17% of the stock is currently owned by institutional investors.

NetApp Trading Down 0.4%

Shares of NTAP opened at $124.61 on Tuesday. NetApp, Inc. has a 1-year low of $71.84 and a 1-year high of $135.45. The company has a 50-day moving average of $111.76 and a 200 day moving average of $101.04. The firm has a market capitalization of $24.87 billion, a price-to-earnings ratio of 22.02, a PEG ratio of 2.73 and a beta of 1.46. The company has a debt-to-equity ratio of 2.55, a current ratio of 1.31 and a quick ratio of 1.28.

NetApp Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, October 22nd. Investors of record on Friday, October 3rd will be issued a dividend of $0.52 per share. The ex-dividend date is Friday, October 3rd. This represents a $2.08 dividend on an annualized basis and a yield of 1.7%. NetApp’s dividend payout ratio (DPR) is presently 36.75%.

Wall Street Analyst Weigh In

Several equities analysts recently weighed in on the stock. Wedbush reaffirmed a “neutral” rating and set a $150.00 target price on shares of NetApp in a research note on Thursday, August 28th. Bank of America raised their target price on shares of NetApp from $121.00 to $125.00 and gave the company a “neutral” rating in a research note on Monday, August 25th. Barclays raised their target price on shares of NetApp from $117.00 to $125.00 and gave the company an “overweight” rating in a research note on Thursday, August 28th. Citigroup raised their target price on shares of NetApp from $110.00 to $115.00 and gave the company a “neutral” rating in a research note on Monday, August 11th. Finally, JPMorgan Chase & Co. raised their target price on shares of NetApp from $115.00 to $130.00 and gave the company an “overweight” rating in a research note on Thursday, July 17th. Seven investment analysts have rated the stock with a Buy rating and ten have issued a Hold rating to the stock. According to data from MarketBeat, NetApp has a consensus rating of “Hold” and a consensus target price of $124.07.

Insider Transactions at NetApp

In other NetApp news, EVP Elizabeth M. O’callahan sold 1,000 shares of the firm’s stock in a transaction dated Wednesday, September 10th. The shares were sold at an average price of $123.67, for a total transaction of $123,670.00. Following the transaction, the executive vice president owned 23,628 shares of the company’s stock, valued at approximately $2,922,074.76. This trade represents a 4.06% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CEO George Kurian sold 8,750 shares of the firm’s stock in a transaction dated Wednesday, September 17th. The shares were sold at an average price of $122.91, for a total transaction of $1,075,462.50. Following the transaction, the chief executive officer directly owned 274,938 shares in the company, valued at $33,792,629.58. This trade represents a 3.08% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 28,750 shares of company stock valued at $3,255,778 in the last quarter. 0.28% 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.