MBB Public Markets I LLC Makes New Investment in NetApp, Inc. (NASDAQ:NTAP)

MBB Public Markets I LLC acquired a new stake in NetApp, Inc. (NASDAQ:NTAP) in the 2nd quarter, according to the company in its most recent 13F filing with the SEC. The firm acquired 14,857 shares of the data storage provider’s stock, valued at approximately $1,914,000.

Other hedge funds have also recently bought and sold shares of the company. Hollencrest Capital Management bought a new position in shares of NetApp in the 2nd quarter worth $26,000. Redwood Wealth Management Group LLC bought a new position in shares of NetApp during the second quarter worth about $32,000. J.Safra Asset Management Corp raised its holdings in shares of NetApp by 706.3% in the first quarter. J.Safra Asset Management Corp now owns 258 shares of the data storage provider’s stock valued at $27,000 after purchasing an additional 226 shares during the last quarter. Rise Advisors LLC bought a new stake in NetApp during the 1st quarter worth about $27,000. Finally, New Covenant Trust Company N.A. bought a new position in NetApp in the first quarter valued at approximately $28,000. 92.17% of the stock is currently owned by institutional investors.

NetApp Stock Down 2.6 %

Shares of NTAP opened at $121.24 on Monday. 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 one year low of $70.82 and a one year high of $135.01. The company has a market cap of $24.95 billion, a P/E ratio of 26.13, a P/E/G ratio of 4.61 and a beta of 1.23. The firm has a 50 day simple moving average of $123.18 and a two-hundred day simple moving average of $117.43.

NetApp (NASDAQ:NTAP) last issued its quarterly earnings data 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 for 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 quarterly revenue was up 7.6% compared to the same quarter last year. During the same quarter in the previous year, the company posted $0.84 EPS. Research analysts forecast that NetApp, Inc. will post 5.71 EPS for the current fiscal year.

NetApp Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Wednesday, October 23rd. Investors of record on Friday, October 4th will be paid a dividend of $0.52 per share. This represents a $2.08 dividend on an annualized basis and a yield of 1.72%. The ex-dividend date is Friday, October 4th. NetApp’s dividend payout ratio is presently 44.83%.

Insiders Place Their Bets

In other NetApp news, EVP Elizabeth M. O’callahan sold 452 shares of the firm’s stock in a transaction that occurred on Wednesday, July 10th. The stock was sold at an average price of $133.07, for a total value of $60,147.64. Following the completion of the sale, the executive vice president now owns 11,886 shares of the company’s stock, valued at $1,581,670.02. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. In other NetApp news, EVP Elizabeth M. O’callahan sold 452 shares of the business’s stock in a transaction that occurred on Wednesday, July 10th. The stock was sold at an average price of $133.07, for a total transaction of $60,147.64. Following the completion of the sale, the executive vice president now directly owns 11,886 shares of the company’s stock, valued at approximately $1,581,670.02. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CEO George Kurian sold 8,500 shares of the firm’s stock in a transaction dated Monday, July 15th. The shares were sold at an average price of $130.36, for a total transaction of $1,108,060.00. Following the transaction, the chief executive officer now directly owns 314,274 shares in the company, valued at $40,968,758.64. The disclosure for this sale can be found here. Over the last three months, insiders sold 10,637 shares of company stock worth $1,376,474. 0.37% of the stock is owned by corporate insiders.

Analysts Set New Price Targets

A number of equities analysts have weighed in on the company. Morgan Stanley boosted their price target on NetApp from $106.00 to $127.00 and gave the stock an “equal weight” rating in a research report on Wednesday, June 12th. Citigroup boosted their price objective on NetApp from $120.00 to $130.00 and gave the stock a “neutral” rating in a report on Thursday, August 15th. Stifel Nicolaus increased their target price on NetApp from $138.00 to $140.00 and gave the stock a “buy” rating in a research note on Thursday, August 29th. Evercore ISI boosted their price target on NetApp from $120.00 to $130.00 and gave the company an “in-line” rating in a research note on Monday, August 12th. Finally, JPMorgan Chase & Co. increased their price objective on NetApp from $146.00 to $147.00 and gave the stock a “neutral” rating in a research report on Thursday, August 29th. One investment analyst has rated the stock with a sell rating, ten have assigned a hold rating and six have given a buy rating to the company. Based on data from MarketBeat.com, the company presently has an average rating of “Hold” and a consensus target price of $129.06.

NetApp 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.