Lake Street Private Wealth LLC Purchases Shares of 17,785 NetApp, Inc. $NTAP

Lake Street Private Wealth LLC acquired a new position in NetApp, Inc. (NASDAQ:NTAP) in the third quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor acquired 17,785 shares of the data storage provider’s stock, valued at approximately $2,107,000.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Norges Bank bought a new position in NetApp in the 2nd quarter worth approximately $281,093,000. Boston Partners raised its position in shares of NetApp by 108.9% during the second quarter. Boston Partners now owns 2,947,200 shares of the data storage provider’s stock valued at $313,997,000 after buying an additional 1,536,339 shares during the last quarter. Geode Capital Management LLC lifted its holdings in shares of NetApp by 16.8% in the second quarter. Geode Capital Management LLC now owns 7,112,316 shares of the data storage provider’s stock worth $756,665,000 after buying an additional 1,024,626 shares in the last quarter. Pacer Advisors Inc. boosted its position in shares of NetApp by 103.6% during the third quarter. Pacer Advisors Inc. now owns 1,783,103 shares of the data storage provider’s stock worth $211,226,000 after acquiring an additional 907,233 shares during the last quarter. Finally, Bank of America Corp DE boosted its position in shares of NetApp by 83.0% during the second quarter. Bank of America Corp DE now owns 1,544,513 shares of the data storage provider’s stock worth $164,568,000 after acquiring an additional 700,467 shares during the last quarter. Institutional investors own 92.17% of the company’s stock.

Insider Activity

In related news, EVP Elizabeth M. O’callahan sold 1,000 shares of NetApp stock in a transaction dated Tuesday, February 10th. The shares were sold at an average price of $103.45, for a total transaction of $103,450.00. Following the completion of the transaction, the executive vice president directly owned 20,075 shares of the company’s stock, valued at approximately $2,076,758.75. The trade was a 4.74% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Company insiders own 0.28% of the company’s stock.

Analyst Ratings Changes

A number of analysts have issued reports on NTAP shares. The Goldman Sachs Group began coverage on shares of NetApp in a report on Tuesday, January 13th. They issued a “buy” rating and a $128.00 price target on the stock. Oppenheimer restated a “market perform” rating on shares of NetApp in a research report on Wednesday, November 26th. UBS Group boosted their target price on NetApp from $114.00 to $120.00 and gave the stock a “neutral” rating in a research report on Wednesday, November 26th. Weiss Ratings reissued a “hold (c+)” rating on shares of NetApp in a research note on Thursday, January 22nd. Finally, Wells Fargo & Company lifted their price objective on NetApp from $100.00 to $115.00 and gave the stock a “positive” rating in a research note on Wednesday, November 26th. One analyst has rated the stock with a Strong Buy rating, seven have issued a Buy rating and nine have assigned a Hold rating to the company’s stock. According to MarketBeat.com, NetApp currently has an average rating of “Moderate Buy” and an average price target of $122.86.

NetApp Price Performance

Shares of NetApp stock opened at $100.53 on Tuesday. The stock has a market cap of $19.91 billion, a price-to-earnings ratio of 17.48, a price-to-earnings-growth ratio of 2.25 and a beta of 1.39. The company has a debt-to-equity ratio of 2.52, a quick ratio of 1.30 and a current ratio of 1.34. The stock has a 50 day moving average price of $104.07 and a 200-day moving average price of $111.51. NetApp, Inc. has a one year low of $71.84 and a one year high of $127.78.

NetApp (NASDAQ:NTAP) last issued its quarterly earnings results on Tuesday, November 25th. The data storage provider reported $2.05 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.88 by $0.17. The company had revenue of $1.71 billion during the quarter, compared to the consensus estimate of $1.69 billion. NetApp had a return on equity of 121.28% and a net margin of 17.73%.NetApp’s revenue was up 2.8% on a year-over-year basis. During the same period last year, the company earned $1.87 earnings per share. Equities analysts expect that NetApp, Inc. will post 5.89 EPS for the current year.

NetApp Company Profile

NetApp, Inc (NASDAQ: NTAP) is a data management and storage company that delivers hybrid cloud data services for applications and data. Founded in 1992 as Network Appliance and rebranded as NetApp in 2008, the company is headquartered in Sunnyvale, California. NetApp’s offering focuses on enabling organizations to store, manage, protect and move data across on-premises environments and major public clouds.

The company’s product portfolio centers on the ONTAP data management software and a range of storage systems and services built around it.