Chapin Davis Inc. Acquires Shares of 25,988 NetApp, Inc. (NASDAQ:NTAP)

Chapin Davis Inc. bought a new position in shares of NetApp, Inc. (NASDAQ:NTAP) in the third quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund bought 25,988 shares of the data storage provider’s stock, valued at approximately $3,210,000. NetApp comprises approximately 1.0% of Chapin Davis Inc.’s portfolio, making the stock its 20th biggest position.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in NTAP. Bank of New Hampshire raised its position in shares of NetApp by 9.1% in the 3rd quarter. Bank of New Hampshire now owns 14,422 shares of the data storage provider’s stock valued at $1,781,000 after acquiring an additional 1,208 shares during the period. Azzad Asset Management Inc. ADV lifted its stake in NetApp by 3.6% in the 3rd quarter. Azzad Asset Management Inc. ADV now owns 19,342 shares of the data storage provider’s stock valued at $2,389,000 after acquiring an additional 666 shares in the last quarter. GAMMA Investing LLC lifted its position in shares of NetApp by 30.0% in the third quarter. GAMMA Investing LLC now owns 2,805 shares of the data storage provider’s stock worth $346,000 after purchasing an additional 648 shares in the last quarter. Czech National Bank lifted its position in NetApp by 6.5% during the 3rd quarter. Czech National Bank now owns 41,875 shares of the data storage provider’s stock worth $5,172,000 after buying an additional 2,548 shares in the last quarter. Finally, Handelsbanken Fonder AB boosted its position in NetApp by 21.8% during the third quarter. Handelsbanken Fonder AB now owns 132,005 shares of the data storage provider’s stock valued at $16,304,000 after purchasing an additional 23,596 shares during the last quarter. 92.17% of the stock is owned by institutional investors.

Analyst Ratings Changes

Several research firms have issued reports on NTAP. Evercore ISI increased their price target on shares of NetApp from $120.00 to $130.00 and gave the company an “in-line” rating in a research note on Monday, August 12th. UBS Group boosted their price target on NetApp from $121.00 to $134.00 and gave the company a “neutral” rating in a research note on Thursday, August 29th. Wedbush reaffirmed a “neutral” rating and issued a $120.00 price objective on shares of NetApp in a report on Monday, August 26th. TD Cowen boosted their target price on shares of NetApp from $135.00 to $145.00 and gave the company a “buy” rating in a research report on Wednesday, June 12th. Finally, Bank of America upped their price target on shares of NetApp from $105.00 to $110.00 and gave the company an “underperform” rating in a research note on Thursday, August 29th. One analyst has rated the stock with a sell rating, ten have assigned a hold rating and six have assigned a buy rating to the company. Based on data from MarketBeat, NetApp currently has a consensus rating of “Hold” and an average price target of $129.06.

NetApp Price Performance

Shares of NTAP stock opened at $123.88 on Tuesday. The company has a market cap of $25.49 billion, a P/E ratio of 26.70, a P/E/G ratio of 4.61 and a beta of 1.23. The company has a quick ratio of 0.91, a current ratio of 0.96 and a debt-to-equity ratio of 1.34. NetApp, Inc. has a twelve month low of $70.82 and a twelve month high of $135.01. The business has a fifty day simple moving average of $122.75 and a 200 day simple moving average of $118.13.

NetApp (NASDAQ:NTAP) last issued its quarterly earnings data on Wednesday, August 28th. The data storage provider reported $1.56 earnings per share (EPS) for the quarter, beating 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 net margin of 17.01% and a return on equity of 121.41%. The firm’s quarterly revenue was up 7.6% on a year-over-year basis. During the same quarter last year, the business earned $0.84 EPS. On average, sell-side analysts forecast that NetApp, Inc. will post 5.71 EPS for the current fiscal year.

NetApp Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Wednesday, October 23rd. Stockholders of record on Friday, October 4th will be given a $0.52 dividend. The ex-dividend date is Friday, October 4th. This represents a $2.08 dividend on an annualized basis and a dividend yield of 1.68%. NetApp’s dividend payout ratio (DPR) is currently 44.83%.

Insider Activity at NetApp

In other NetApp news, EVP Elizabeth M. O’callahan sold 452 shares of the 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 transaction, the executive vice president now directly owns 11,886 shares in the company, valued at approximately $1,581,670.02. This represents a 0.00 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. 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 approximately $1,581,670.02. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, CEO George Kurian sold 8,500 shares of the business’s stock in a transaction on 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 sale, the chief executive officer now owns 314,274 shares of the company’s stock, valued at $40,968,758.64. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 10,637 shares of company stock worth $1,376,474 over the last quarter. Company insiders own 0.37% of the company’s stock.

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.