Lake Street Advisors Group LLC Raises Stake in NetApp, Inc. (NASDAQ:NTAP)

Lake Street Advisors Group LLC boosted its position in NetApp, Inc. (NASDAQ:NTAP) by 7.0% during the fourth quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 2,132 shares of the data storage provider’s stock after buying an additional 140 shares during the period. Lake Street Advisors Group LLC’s holdings in NetApp were worth $247,000 as of its most recent filing with the Securities & Exchange Commission.

Other large investors have also recently bought and sold shares of the company. Migdal Insurance & Financial Holdings Ltd. purchased a new stake in NetApp in the fourth quarter valued at approximately $26,000. Golden State Wealth Management LLC purchased a new stake in NetApp in the fourth quarter valued at approximately $35,000. True Wealth Design LLC boosted its position in NetApp by 2,833.3% in the third quarter. True Wealth Design LLC now owns 352 shares of the data storage provider’s stock valued at $43,000 after buying an additional 340 shares during the last quarter. Capital Performance Advisors LLP purchased a new stake in NetApp in the third quarter valued at approximately $44,000. Finally, Ashton Thomas Securities LLC purchased a new stake in NetApp in the third quarter valued at approximately $51,000. Hedge funds and other institutional investors own 92.17% of the company’s stock.

Insider Activity at NetApp

In related news, EVP Elizabeth M. O’callahan sold 451 shares of the stock in a transaction on Friday, January 10th. The stock was sold at an average price of $116.79, for a total value of $52,672.29. Following the completion of the transaction, the executive vice president now directly owns 12,005 shares of the company’s stock, valued at approximately $1,402,063.95. This represents a 3.62 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, President Cesar Cernuda sold 22,000 shares of the stock in a transaction on Monday, December 30th. The shares were sold at an average price of $114.99, for a total value of $2,529,780.00. Following the completion of the transaction, the president now directly owns 27,099 shares of the company’s stock, valued at approximately $3,116,114.01. This represents a 44.81 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders sold 60,903 shares of company stock valued at $7,260,341. 0.47% of the stock is owned by insiders.

Analysts Set New Price Targets

NTAP has been the topic of several recent research reports. TD Cowen lowered their price objective on NetApp from $160.00 to $130.00 and set a “buy” rating on the stock in a research report on Friday. Wedbush restated a “neutral” rating and issued a $110.00 price objective (down previously from $120.00) on shares of NetApp in a research report on Friday. Barclays lowered their price objective on NetApp from $132.00 to $115.00 and set an “equal weight” rating on the stock in a research report on Friday. StockNews.com lowered NetApp from a “buy” rating to a “hold” rating in a research report on Friday. Finally, Citigroup upped their price objective on NetApp from $130.00 to $135.00 and gave the stock a “neutral” rating in a research report on Friday, November 22nd. Twelve research analysts have rated the stock with a hold rating and six have issued a buy rating to the stock. According to MarketBeat.com, the stock currently has a consensus rating of “Hold” and a consensus price target of $132.07.

NetApp Stock Down 15.4 %

NASDAQ NTAP opened at $100.00 on Friday. The business has a fifty day moving average price of $119.85 and a 200 day moving average price of $121.86. NetApp, Inc. has a one year low of $88.49 and a one year high of $135.45. The company has a debt-to-equity ratio of 1.39, a quick ratio of 0.84 and a current ratio of 0.91. The company has a market cap of $20.33 billion, a P/E ratio of 18.38, a P/E/G ratio of 2.45 and a beta of 1.23.

NetApp Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, April 23rd. Investors of record on Friday, April 4th will be paid a $0.52 dividend. This represents a $2.08 annualized dividend and a yield of 2.08%. The ex-dividend date of this dividend is Friday, April 4th. NetApp’s dividend payout ratio is currently 38.52%.

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.