Ballentine Partners LLC Purchases 118 Shares of NetApp, Inc. (NASDAQ:NTAP)

Ballentine Partners LLC grew its stake in shares of NetApp, Inc. (NASDAQ:NTAP) by 4.5% during the third quarter, according to the company in its most recent disclosure with the SEC. The fund owned 2,756 shares of the data storage provider’s stock after buying an additional 118 shares during the quarter. Ballentine Partners LLC’s holdings in NetApp were worth $340,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. Hollencrest Capital Management bought a new stake in shares of NetApp during the second quarter worth $26,000. J.Safra Asset Management Corp grew its stake in shares of NetApp by 706.3% during 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 last quarter. Northwest Investment Counselors LLC bought a new stake in shares of NetApp during the third quarter worth $27,000. New Covenant Trust Company N.A. bought a new stake in shares of NetApp during the first quarter worth $28,000. Finally, Redwood Wealth Management Group LLC bought a new stake in shares of NetApp during the second quarter worth $32,000. Institutional investors own 92.17% of the company’s stock.

NetApp Price Performance

Shares of NASDAQ NTAP opened at $120.41 on Tuesday. The firm’s 50-day moving average price is $122.92 and its 200-day moving average price is $120.29. NetApp, Inc. has a 1-year low of $70.82 and a 1-year high of $135.01. The firm has a market capitalization of $24.66 billion, a P/E ratio of 23.52, a P/E/G ratio of 4.48 and a beta of 1.23. The company has a current ratio of 0.96, a quick ratio of 0.91 and a debt-to-equity ratio of 1.34.

NetApp (NASDAQ:NTAP) last announced its quarterly earnings data on Wednesday, August 28th. The data storage provider reported $1.56 earnings per share for the quarter, beating 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 firm had revenue of $1.54 billion for the quarter, compared to analyst estimates of $1.53 billion. During the same quarter in the prior year, the business earned $0.84 earnings per share. The business’s quarterly revenue was up 7.6% compared to the same quarter last year. Equities research analysts anticipate that NetApp, Inc. will post 5.71 earnings per share for the current fiscal year.

NetApp Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Wednesday, October 23rd. Stockholders of record on Friday, October 4th were issued a dividend of $0.52 per share. The ex-dividend date of this dividend was Friday, October 4th. This represents a $2.08 annualized dividend and a dividend yield of 1.73%. NetApp’s dividend payout ratio is currently 40.63%.

Analysts Set New Price Targets

A number of analysts have weighed in on NTAP shares. Citigroup boosted their target price on shares of NetApp from $120.00 to $130.00 and gave the stock a “neutral” rating in a research note on Thursday, August 15th. Stifel Nicolaus lifted their price target on shares of NetApp from $138.00 to $140.00 and gave the stock a “buy” rating in a report on Thursday, August 29th. Bank of America lifted their price target on shares of NetApp from $105.00 to $110.00 and gave the stock an “underperform” rating in a report on Thursday, August 29th. Barclays lifted their price target on shares of NetApp from $116.00 to $119.00 and gave the stock an “equal weight” rating in a report on Thursday, August 29th. Finally, Susquehanna reiterated a “positive” rating and set a $155.00 price target on shares of NetApp in a report on Monday, August 26th. One equities research analyst has rated the stock with a sell rating, ten have given a hold rating and six have assigned a buy rating to the company’s stock. According to MarketBeat, the stock has an average rating of “Hold” and an average price target of $129.06.

Insider Activity

In other news, CAO Lorenzo Daniel De sold 1,685 shares of the business’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 transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. In other news, CAO Lorenzo Daniel De sold 1,685 shares of the business’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 transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, EVP Elizabeth M. O’callahan sold 705 shares of the business’s stock in a transaction dated Thursday, October 10th. The stock was sold at an average price of $126.20, for a total transaction of $88,971.00. Following the sale, the executive vice president now directly owns 11,694 shares of the company’s stock, valued at approximately $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. Over the last 90 days, insiders have sold 10,890 shares of company stock worth $1,369,172. Company insiders own 0.47% of the company’s stock.

About NetApp

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.