SteelPeak Wealth LLC Increases Position in NetApp, Inc. (NASDAQ:NTAP)

by · The Markets Daily

SteelPeak Wealth LLC raised its position in NetApp, Inc. (NASDAQ:NTAP – Free Report) by 31.0% during the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 6,655 shares of the data storage provider’s stock after purchasing an additional 1,576 shares during the period. SteelPeak Wealth LLC’s holdings in NetApp were worth $822,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other large investors also recently modified their holdings of the company. Pinnacle Associates Ltd. increased its position in shares of NetApp by 6.8% in the 3rd quarter. Pinnacle Associates Ltd. now owns 3,296 shares of the data storage provider’s stock valued at $407,000 after purchasing an additional 209 shares during the last quarter. First Trust Direct Indexing L.P. grew its position in shares of NetApp by 30.4% in the 3rd quarter. First Trust Direct Indexing L.P. now owns 8,443 shares of the data storage provider’s stock valued at $1,043,000 after buying an additional 1,966 shares during the last quarter. Great Diamond Partners LLC purchased a new position in shares of NetApp in the 3rd quarter valued at $1,727,000. Smith Group Asset Management LLC purchased a new position in shares of NetApp in the 3rd quarter valued at $907,000. Finally, Pallas Capital Advisors LLC grew its position in shares of NetApp by 98.1% in the 3rd quarter. Pallas Capital Advisors LLC now owns 4,118 shares of the data storage provider’s stock valued at $494,000 after buying an additional 2,039 shares during the last quarter. 92.17% of the stock is owned by hedge funds and other institutional investors.

NetApp Stock Down 2.0 %

NTAP stock opened at $118.76 on Thursday. NetApp, Inc. has a one year low of $71.18 and a one year high of $135.01. The stock has a market capitalization of $24.32 billion, a PE ratio of 23.20, a price-to-earnings-growth ratio of 4.48 and a beta of 1.23. The company has a debt-to-equity ratio of 1.34, a quick ratio of 0.91 and a current ratio of 0.96. The company has a fifty day moving average of $122.43 and a 200-day moving average of $120.41.

NetApp (NASDAQ:NTAP – Get Free Report) last released its earnings results on Wednesday, August 28th. The data storage provider reported $1.56 EPS for the quarter, topping the consensus estimate of $1.45 by $0.11. NetApp had a net margin of 17.01% and a return on equity of 121.41%. The company had revenue of $1.54 billion during the quarter, compared to analysts’ expectations of $1.53 billion. During the same quarter last year, the business earned $0.84 EPS. The business’s revenue was up 7.6% on a year-over-year basis. As a group, analysts expect that NetApp, Inc. will post 5.71 EPS for the current year.

NetApp Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Wednesday, October 23rd. Investors of record on Friday, October 4th were paid a $0.52 dividend. This represents a $2.08 annualized dividend and a dividend yield of 1.75%. The ex-dividend date was Friday, October 4th. NetApp’s dividend payout ratio (DPR) is 40.63%.

Wall Street Analyst Weigh In

A number of research firms recently commented on NTAP. Stifel Nicolaus increased their target price on shares of NetApp from $138.00 to $140.00 and gave the company a “buy” rating in a research report on Thursday, August 29th. JPMorgan Chase & Co. increased their target price on shares of NetApp from $146.00 to $147.00 and gave the company a “neutral” rating in a research report on Thursday, August 29th. Evercore ISI increased their target price on shares of NetApp from $120.00 to $130.00 and gave the company an “in-line” rating in a research report on Monday, August 12th. Wedbush reaffirmed a “neutral” rating and issued a $120.00 target price on shares of NetApp in a research report on Monday, August 26th. Finally, Barclays increased their price target on shares of NetApp from $116.00 to $119.00 and gave the stock an “equal weight” rating in a research note on Thursday, August 29th. One investment analyst has rated the stock with a sell rating, ten have given a hold rating and six have issued a buy rating to the stock. According to MarketBeat.com, the stock currently has an average rating of “Hold” and an average target price of $129.06.

Read Our Latest Stock Analysis on NTAP

Insider Activity at NetApp

In related news, EVP Elizabeth M. O’callahan sold 705 shares of the firm’s stock in a transaction dated Thursday, October 10th. The shares were sold at an average price of $126.20, for a total value of $88,971.00. Following the completion of the sale, the executive vice president now owns 11,694 shares in the company, valued at $1,475,782.80. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. In related news, EVP Elizabeth M. O’callahan sold 705 shares of the firm’s stock in a transaction dated Thursday, October 10th. The shares were sold at an average price of $126.20, for a total value of $88,971.00. Following the completion of the sale, the executive vice president now owns 11,694 shares in the company, valued at $1,475,782.80. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, CAO Lorenzo Daniel De sold 1,685 shares of the firm’s stock in a transaction dated Tuesday, September 24th. The shares were sold at an average price of $123.60, for a total transaction of $208,266.00. The disclosure for this sale can be found here. Insiders sold 10,890 shares of company stock worth $1,369,172 over the last 90 days. Company insiders own 0.47% of the company’s stock.

About NetApp

(Free Report)

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.

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