Integrated Wealth Concepts LLC Sells 473 Shares of NetApp, Inc. (NASDAQ:NTAP)

Integrated Wealth Concepts LLC lessened its holdings in NetApp, Inc. (NASDAQ:NTAP) by 14.1% during the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 2,881 shares of the data storage provider’s stock after selling 473 shares during the quarter. Integrated Wealth Concepts LLC’s holdings in NetApp were worth $356,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also modified their holdings of NTAP. Intech Investment Management LLC grew its holdings in shares of NetApp by 8.9% in the 3rd quarter. Intech Investment Management LLC now owns 302,010 shares of the data storage provider’s stock valued at $37,301,000 after buying an additional 24,651 shares during the period. Daiwa Securities Group Inc. lifted its holdings in shares of NetApp by 20.9% during the 3rd quarter. Daiwa Securities Group Inc. now owns 42,302 shares of the data storage provider’s stock valued at $5,225,000 after purchasing an additional 7,318 shares in the last quarter. The Manufacturers Life Insurance Company grew its position in shares of NetApp by 4.7% in the 2nd quarter. The Manufacturers Life Insurance Company now owns 186,777 shares of the data storage provider’s stock valued at $24,057,000 after purchasing an additional 8,305 shares during the period. Hilton Capital Management LLC acquired a new stake in NetApp during the 3rd quarter worth approximately $4,059,000. Finally, Legal & General Group Plc lifted its stake in NetApp by 3.5% in the second quarter. Legal & General Group Plc now owns 2,405,363 shares of the data storage provider’s stock valued at $309,811,000 after buying an additional 82,378 shares in the last quarter. 92.17% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

NTAP has been the subject of a number of research reports. Susquehanna reiterated a “positive” rating and set a $155.00 target price on shares of NetApp in a report on Monday, August 26th. Oppenheimer assumed coverage on NetApp in a research report on Wednesday, November 13th. They issued a “market perform” rating on the stock. UBS Group lifted their price objective on shares of NetApp from $121.00 to $134.00 and gave the company a “neutral” rating in a report on Thursday, August 29th. Bank of America raised their target price on shares of NetApp from $115.00 to $121.00 and gave the company an “underperform” rating in a research report on Friday, November 22nd. Finally, Morgan Stanley increased their price objective on shares of NetApp from $127.00 to $132.00 and gave the stock an “equal weight” rating in a research note on Friday, November 22nd. One equities research analyst has rated the stock with a sell rating, eleven have given a hold rating and six have issued a buy rating to the company’s stock. According to MarketBeat.com, NetApp presently has an average rating of “Hold” and an average target price of $137.40.

Insider Activity

In other news, CAO Lorenzo Daniel De sold 326 shares of the firm’s stock in a transaction that occurred on Monday, November 18th. The shares were sold at an average price of $117.44, for a total value of $38,285.44. The transaction was disclosed in a filing with the SEC, which is available through this hyperlink. Also, EVP Elizabeth M. O’callahan sold 705 shares of NetApp stock in a transaction that occurred on Thursday, October 10th. The shares were 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 in the company, valued at $1,475,782.80. This trade represents a 5.69 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders sold 23,049 shares of company stock worth $2,807,851. 0.47% of the stock is currently owned by corporate insiders.

NetApp Stock Performance

NASDAQ:NTAP opened at $122.66 on Thursday. The stock has a 50 day simple moving average of $122.92 and a 200 day simple moving average of $123.92. The stock has a market cap of $24.94 billion, a P/E ratio of 22.58, a PEG ratio of 3.14 and a beta of 1.23. NetApp, Inc. has a 1-year low of $83.62 and a 1-year high of $135.45. The company has a current ratio of 0.91, a quick ratio of 0.84 and a debt-to-equity ratio of 1.39.

NetApp (NASDAQ:NTAP) last announced its earnings results on Thursday, November 21st. The data storage provider reported $1.87 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.78 by $0.09. The firm had revenue of $1.66 billion for the quarter, compared to analyst estimates of $1.65 billion. NetApp had a net margin of 17.78% and a return on equity of 123.63%. The business’s revenue was up 6.1% compared to the same quarter last year. During the same quarter in the prior year, the business posted $1.23 EPS. Research analysts anticipate that NetApp, Inc. will post 5.83 earnings per share for the current year.

NetApp Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Wednesday, January 22nd. Shareholders of record on Friday, January 3rd will be issued a $0.52 dividend. This represents a $2.08 annualized dividend and a yield of 1.70%. The ex-dividend date of this dividend is Friday, January 3rd. NetApp’s dividend payout ratio is currently 38.24%.

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.