Forza Wealth Management LLC Grows Stock Position in NetApp, Inc. $NTAP

Forza Wealth Management LLC grew its position in NetApp, Inc. (NASDAQ:NTAP) by 6.4% during the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 8,530 shares of the data storage provider’s stock after acquiring an additional 514 shares during the quarter. Forza Wealth Management LLC’s holdings in NetApp were worth $909,000 as of its most recent SEC filing.

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

Insider Activity

In other news, CAO Lorenzo Daniel De sold 779 shares of NetApp stock in a transaction on Thursday, September 25th. The stock was sold at an average price of $121.87, for a total value of $94,936.73. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CEO George Kurian sold 8,750 shares of NetApp stock in a transaction 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 of the company’s stock, valued at $33,792,629.58. The trade was a 3.08% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 29,529 shares of company stock valued at $3,350,714. 0.28% of the stock is currently owned by corporate insiders.

NetApp Price Performance

NTAP stock opened at $118.46 on Wednesday. The business has a fifty day moving average of $113.54 and a two-hundred day moving average of $102.20. 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 stock has a market cap of $23.65 billion, a price-to-earnings ratio of 20.93, a price-to-earnings-growth ratio of 2.58 and a beta of 1.46. NetApp, Inc. has a 52-week low of $71.84 and a 52-week high of $135.45.

NetApp Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, October 22nd. Stockholders of record on Friday, October 3rd will be paid a $0.52 dividend. The ex-dividend date of this dividend is Friday, October 3rd. This represents a $2.08 dividend on an annualized basis and a dividend yield of 1.8%. NetApp’s payout ratio is presently 36.75%.

Analyst Upgrades and Downgrades

Several equities research analysts recently commented on the company. Barclays increased their price target on NetApp from $117.00 to $125.00 and gave the company an “overweight” rating in a report on Thursday, August 28th. Argus reaffirmed a “buy” rating and issued a $130.00 price target on shares of NetApp in a report on Friday, August 29th. Morgan Stanley set a $117.00 price target on NetApp in a report on Thursday, August 28th. Citigroup raised their target price on NetApp from $110.00 to $115.00 and gave the stock a “neutral” rating in a research note on Monday, August 11th. Finally, Northland Securities raised their target price on NetApp from $119.00 to $120.00 and gave the stock a “market perform” rating in a research note on Thursday, August 28th. Seven equities research analysts have rated the stock with a Buy rating and ten have assigned a Hold rating to the company’s stock. Based on data from MarketBeat.com, NetApp presently has an average rating of “Hold” and an average 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.