Daymark Wealth Partners LLC Purchases 1,384 Shares of NetApp, Inc. (NASDAQ:NTAP)

Daymark Wealth Partners LLC raised its position in NetApp, Inc. (NASDAQ:NTAP) by 8.3% in the 2nd quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 17,981 shares of the data storage provider’s stock after purchasing an additional 1,384 shares during the period. Daymark Wealth Partners LLC’s holdings in NetApp were worth $2,316,000 as of its most recent filing with the SEC.

Other hedge funds also recently bought and sold shares of the company. Hollencrest Capital Management bought a new stake in shares of NetApp in the 2nd quarter valued at $26,000. Rise Advisors LLC acquired a new position in NetApp in the first quarter valued at about $27,000. J.Safra Asset Management Corp increased 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 worth $27,000 after acquiring an additional 226 shares in the last quarter. New Covenant Trust Company N.A. acquired a new stake in shares of NetApp during the first quarter worth about $28,000. Finally, Redwood Wealth Management Group LLC bought a new position in shares of NetApp during the 2nd quarter valued at about $32,000. 92.17% of the stock is currently owned by institutional investors and hedge funds.

NetApp Stock Performance

Shares of NTAP stock opened at $124.45 on Friday. The company has a fifty day moving average price of $123.31 and a two-hundred day moving average price of $117.04. NetApp, Inc. has a one year low of $70.82 and a one year high of $135.01. The stock has a market cap of $25.61 billion, a P/E ratio of 26.82, a P/E/G ratio of 4.61 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 (NASDAQ:NTAP) last issued its earnings results on Wednesday, August 28th. The data storage provider reported $1.56 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.45 by $0.11. The business had revenue of $1.54 billion during the quarter, compared to the consensus estimate of $1.53 billion. NetApp had a net margin of 17.01% and a return on equity of 121.41%. NetApp’s revenue was up 7.6% on a year-over-year basis. During the same period last year, the business posted $0.84 EPS. As a group, equities analysts predict that NetApp, Inc. will post 5.71 EPS for the current year.

NetApp declared that its Board of Directors has approved a share repurchase plan on Thursday, May 30th that permits the company to repurchase $1.00 billion in outstanding shares. This repurchase authorization permits the data storage provider to purchase up to 4% of its shares through open market purchases. Shares repurchase plans are generally an indication that the company’s board of directors believes its stock is undervalued.

NetApp Announces Dividend

The firm 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 dividend of $0.52 per share. This represents a $2.08 dividend on an annualized basis and a dividend yield of 1.67%. The ex-dividend date of this dividend is Friday, October 4th. NetApp’s payout ratio is presently 44.83%.

Insider Buying and Selling

In other NetApp news, EVP Elizabeth M. O’callahan sold 452 shares of the firm’s stock in a transaction 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 owns 11,886 shares of the company’s stock, valued at approximately $1,581,670.02. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. In related news, EVP Elizabeth M. O’callahan sold 452 shares of the company’s stock in a transaction dated Wednesday, July 10th. The shares were sold at an average price of $133.07, for a total value of $60,147.64. Following the transaction, the executive vice president now owns 11,886 shares in the company, valued at approximately $1,581,670.02. The sale was disclosed in a document filed with the SEC, which can be accessed through this link. Also, CEO George Kurian sold 8,500 shares of the 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 completion of 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. In the last three months, insiders have sold 10,637 shares of company stock valued at $1,376,474. 0.37% of the stock is owned by insiders.

Analysts Set New Price Targets

NTAP has been the subject of a number of research reports. UBS Group increased their target price on NetApp from $121.00 to $134.00 and gave the stock a “neutral” rating in a research note on Thursday, August 29th. Argus increased their price objective on shares of NetApp from $130.00 to $140.00 and gave the stock a “buy” rating in a research report on Wednesday, June 5th. JPMorgan Chase & Co. boosted their price objective 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. Stifel Nicolaus increased their target price on NetApp from $138.00 to $140.00 and gave the stock a “buy” rating in a report on Thursday, August 29th. Finally, Evercore ISI lifted 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. One investment analyst has rated the stock with a sell rating, ten have assigned a hold rating and six have issued a buy rating to the company’s stock. According to data from MarketBeat, the company presently has an average rating of “Hold” and a consensus target price of $129.06.

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.