Signet Financial Management LLC Raises Stock Position in NetApp, Inc. $NTAP

Signet Financial Management LLC lifted its stake in shares of NetApp, Inc. (NASDAQ:NTAP) by 4.3% during the second quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 6,212 shares of the data storage provider’s stock after acquiring an additional 256 shares during the quarter. Signet Financial Management LLC’s holdings in NetApp were worth $662,000 at the end of the most recent reporting period.

A number of other institutional investors have also modified their holdings of NTAP. Pacer Advisors Inc. increased its position in shares of NetApp by 4,687.6% during the first quarter. Pacer Advisors Inc. now owns 1,068,694 shares of the data storage provider’s stock worth $93,874,000 after acquiring an additional 1,046,372 shares during the period. Livforsakringsbolaget Skandia Omsesidigt increased its position in shares of NetApp by 1,230.3% during the second quarter. Livforsakringsbolaget Skandia Omsesidigt now owns 1,007,591 shares of the data storage provider’s stock worth $107,359,000 after acquiring an additional 931,850 shares during the period. Vanguard Group Inc. increased its position in shares of NetApp by 2.3% during the first quarter. Vanguard Group Inc. now owns 27,041,930 shares of the data storage provider’s stock worth $2,375,363,000 after acquiring an additional 597,956 shares during the period. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC increased its position in shares of NetApp by 18.8% during the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 3,546,548 shares of the data storage provider’s stock worth $311,529,000 after acquiring an additional 560,218 shares during the period. Finally, Federated Hermes Inc. increased its position in shares of NetApp by 97.7% during the first quarter. Federated Hermes Inc. now owns 1,096,236 shares of the data storage provider’s stock worth $96,293,000 after acquiring an additional 541,837 shares during the period. 92.17% of the stock is owned by hedge funds and other institutional investors.

Insider Activity at NetApp

In other NetApp news, CEO George Kurian sold 8,750 shares of the firm’s stock in a transaction that occurred on Wednesday, September 17th. The shares were sold at an average price of $122.91, for a total value of $1,075,462.50. Following the completion of the sale, 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 ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, EVP Elizabeth M. O’callahan sold 1,000 shares of the firm’s stock in a transaction that occurred on Wednesday, September 10th. The shares were sold at an average price of $123.67, for a total transaction of $123,670.00. Following the completion of the sale, 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 ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 28,750 shares of company stock valued at $3,255,778. 0.28% of the stock is owned by insiders.

NetApp Price Performance

Shares of NTAP opened at $120.78 on Friday. The company has a market cap of $24.11 billion, a price-to-earnings ratio of 21.34, a price-to-earnings-growth ratio of 2.68 and a beta of 1.46. NetApp, Inc. has a twelve month low of $71.84 and a twelve month high of $135.45. The company has a quick ratio of 1.28, a current ratio of 1.31 and a debt-to-equity ratio of 2.55. The company has a 50 day moving average of $112.81 and a two-hundred day moving average of $101.54.

NetApp Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Wednesday, October 22nd. Shareholders of record on Friday, October 3rd will be paid a $0.52 dividend. This represents a $2.08 annualized dividend and a yield of 1.7%. The ex-dividend date is Friday, October 3rd. NetApp’s dividend payout ratio (DPR) is 36.75%.

Analyst Ratings Changes

A number of equities analysts have recently commented on the stock. Bank of America raised their target price on shares of NetApp from $121.00 to $125.00 and gave the stock a “neutral” rating in a research report on Monday, August 25th. UBS Group increased their price objective on shares of NetApp from $108.00 to $114.00 and gave the company a “neutral” rating in a research note on Thursday, August 28th. Barclays increased their price objective 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. Wedbush reiterated a “neutral” rating and set a $150.00 price objective on shares of NetApp in a research note on Thursday, August 28th. Finally, Northland Securities increased their price objective on shares of NetApp from $119.00 to $120.00 and gave the company a “market perform” rating in a research note on Thursday, August 28th. Seven analysts have rated the stock with a Buy rating and ten have given a Hold rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and a consensus target price of $124.07.

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.