Occidental Asset Management LLC Purchases 670 Shares of NetApp, Inc. (NASDAQ:NTAP)

Occidental Asset Management LLC increased its holdings in NetApp, Inc. (NASDAQ:NTAP) by 1.8% during the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 38,540 shares of the data storage provider’s stock after purchasing an additional 670 shares during the quarter. Occidental Asset Management LLC’s holdings in NetApp were worth $4,760,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds also recently bought and sold shares of the business. Hollencrest Capital Management purchased a new position in NetApp during the 2nd quarter valued at $26,000. Rise Advisors LLC purchased a new position in shares of NetApp during the first quarter valued at about $27,000. J.Safra Asset Management Corp lifted its holdings in NetApp by 706.3% in the first quarter. J.Safra Asset Management Corp now owns 258 shares of the data storage provider’s stock worth $27,000 after buying an additional 226 shares during the period. New Covenant Trust Company N.A. purchased a new stake in NetApp in the first quarter worth about $28,000. Finally, Redwood Wealth Management Group LLC purchased a new position in shares of NetApp during the 2nd quarter worth approximately $32,000. Hedge funds and other institutional investors own 92.17% of the company’s stock.

NetApp Stock Down 0.1 %

NTAP stock opened at $126.86 on Tuesday. The stock has a market capitalization of $26.11 billion, a P/E ratio of 27.34, a P/E/G ratio of 4.77 and a beta of 1.23. The company has a debt-to-equity ratio of 1.34, a current ratio of 0.96 and a quick ratio of 0.91. NetApp, Inc. has a 1-year low of $70.82 and a 1-year high of $135.01. The business has a fifty day moving average price of $123.25 and a 200-day moving average price of $119.02.

NetApp (NASDAQ:NTAP) last issued its earnings results on Wednesday, August 28th. The data storage provider reported $1.56 earnings per share for the quarter, topping analysts’ consensus estimates of $1.45 by $0.11. The business had revenue of $1.54 billion during the quarter, compared to analyst estimates of $1.53 billion. NetApp had a return on equity of 121.41% and a net margin of 17.01%. NetApp’s revenue was up 7.6% on a year-over-year basis. During the same quarter in the previous year, the firm earned $0.84 EPS. Equities analysts forecast that NetApp, Inc. will post 5.71 earnings per share for the current fiscal year.

NetApp Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Wednesday, October 23rd. Investors of record on Friday, October 4th will be issued a $0.52 dividend. This represents a $2.08 annualized dividend and a yield of 1.64%. The ex-dividend date is Friday, October 4th. NetApp’s dividend payout ratio is currently 44.83%.

Wall Street Analysts Forecast Growth

A number of research analysts have recently commented on NTAP shares. Barclays raised their target price on NetApp from $116.00 to $119.00 and gave the company an “equal weight” rating in a research note on Thursday, August 29th. Wedbush restated a “neutral” rating and set a $120.00 target price on shares of NetApp in a report on Monday, August 26th. Loop Capital raised shares of NetApp from a “hold” rating to a “buy” rating and upped their target price for the stock from $121.00 to $150.00 in a research report on Tuesday, September 3rd. Citigroup lifted their price target on shares of NetApp from $120.00 to $130.00 and gave the company a “neutral” rating in a research report on Thursday, August 15th. Finally, UBS Group upped their price objective on shares of NetApp from $121.00 to $134.00 and gave the stock a “neutral” rating in a report on Thursday, August 29th. One research analyst has rated the stock with a sell rating, ten have issued a hold rating and six have assigned a buy rating to the company’s stock. According to data from MarketBeat, NetApp has a consensus rating of “Hold” and a consensus price target of $129.06.

Insiders Place Their Bets

In other news, EVP Elizabeth M. O’callahan sold 705 shares of the stock in a transaction on Thursday, October 10th. The stock was sold at an average price of $126.20, for a total transaction of $88,971.00. Following the transaction, the executive vice president now directly owns 11,694 shares of the company’s stock, valued at $1,475,782.80. This represents a 0.00 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. In related news, CAO Lorenzo Daniel De sold 1,685 shares of the business’s stock in a transaction that occurred on Tuesday, September 24th. The shares were sold at an average price of $123.60, for a total transaction of $208,266.00. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, EVP Elizabeth M. O’callahan sold 705 shares of the stock in a transaction that occurred on Thursday, October 10th. The stock was sold at an average price of $126.20, for a total transaction of $88,971.00. Following the completion of the transaction, the executive vice president now owns 11,694 shares in the company, valued at $1,475,782.80. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 0.37% of the stock is currently owned by 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.