Perigon Wealth Management LLC Boosts Stock Position in NetApp, Inc. (NASDAQ:NTAP)

Perigon Wealth Management LLC raised its position in shares of NetApp, Inc. (NASDAQ:NTAP) by 9.1% during the 4th quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 2,171 shares of the data storage provider’s stock after purchasing an additional 181 shares during the quarter. Perigon Wealth Management LLC’s holdings in NetApp were worth $260,000 at the end of the most recent reporting period.

Several other large investors have also added to or reduced their stakes in the company. Pacer Advisors Inc. grew its stake in NetApp by 17.6% during the 4th quarter. Pacer Advisors Inc. now owns 22,322 shares of the data storage provider’s stock valued at $2,591,000 after purchasing an additional 3,344 shares during the last quarter. KBC Group NV boosted its stake in shares of NetApp by 276.9% in the fourth quarter. KBC Group NV now owns 891,033 shares of the data storage provider’s stock worth $103,431,000 after buying an additional 654,626 shares during the last quarter. Blue Trust Inc. boosted its stake in shares of NetApp by 31.2% in the fourth quarter. Blue Trust Inc. now owns 3,941 shares of the data storage provider’s stock worth $487,000 after buying an additional 937 shares during the last quarter. Geneos Wealth Management Inc. boosted its stake in shares of NetApp by 22.3% in the fourth quarter. Geneos Wealth Management Inc. now owns 549 shares of the data storage provider’s stock worth $64,000 after buying an additional 100 shares during the last quarter. Finally, DGS Capital Management LLC boosted its stake in shares of NetApp by 2.7% in the fourth quarter. DGS Capital Management LLC now owns 4,804 shares of the data storage provider’s stock worth $558,000 after buying an additional 128 shares during the last quarter. Hedge funds and other institutional investors own 92.17% of the company’s stock.

NetApp Trading Down 0.3 %

Shares of NTAP opened at $122.10 on Monday. The company has a current ratio of 0.91, a quick ratio of 0.84 and a debt-to-equity ratio of 1.39. The firm has a market capitalization of $24.82 billion, a P/E ratio of 22.44, a price-to-earnings-growth ratio of 2.85 and a beta of 1.23. The stock’s fifty day simple moving average is $121.21 and its 200 day simple moving average is $122.24. NetApp, Inc. has a twelve month low of $83.80 and a twelve month high of $135.45.

NetApp (NASDAQ:NTAP) last issued its earnings results on Thursday, November 21st. The data storage provider reported $1.87 earnings per share for the quarter, topping the consensus estimate of $1.78 by $0.09. NetApp had a return on equity of 123.63% and a net margin of 17.78%. The business had revenue of $1.66 billion for the quarter, compared to analyst estimates of $1.65 billion. During the same period last year, the company posted $1.23 EPS. The business’s quarterly revenue was up 6.1% on a year-over-year basis. On average, equities research analysts forecast that NetApp, Inc. will post 5.89 earnings per share for the current year.

NetApp Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Wednesday, January 22nd. Stockholders of record on Friday, January 3rd were paid a dividend of $0.52 per share. The ex-dividend date was Friday, January 3rd. This represents a $2.08 annualized dividend and a dividend yield of 1.70%. NetApp’s dividend payout ratio is presently 38.24%.

Insider Activity

In other news, CEO George Kurian sold 8,500 shares of the stock in a transaction dated Monday, November 18th. The shares were sold at an average price of $118.00, for a total transaction of $1,003,000.00. Following the transaction, the chief executive officer now owns 288,282 shares of the company’s stock, valued at approximately $34,017,276. This trade represents a 2.86 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, CAO Lorenzo Daniel De sold 326 shares of the stock in a transaction dated Monday, November 18th. The stock was sold at an average price of $117.44, for a total transaction of $38,285.44. The disclosure for this sale can be found here. Insiders sold 51,610 shares of company stock worth $6,123,351 over the last ninety days. Corporate insiders own 0.47% of the company’s stock.

Analysts Set New Price Targets

A number of analysts have recently commented on NTAP shares. Northland Securities upped their target price on NetApp from $108.00 to $120.00 and gave the stock a “market perform” rating in a research note on Friday, November 22nd. JPMorgan Chase & Co. raised NetApp from a “neutral” rating to an “overweight” rating and set a $160.00 price target for the company in a report on Monday, December 16th. Citigroup upped their price target on NetApp from $130.00 to $135.00 and gave the stock a “neutral” rating in a report on Friday, November 22nd. Stifel Nicolaus upped their price target on NetApp from $140.00 to $145.00 and gave the stock a “buy” rating in a report on Friday, November 22nd. Finally, Wedbush reaffirmed a “neutral” rating and issued a $120.00 price target on shares of NetApp in a report on Friday, November 22nd. One investment analyst has rated the stock with a sell rating, nine have issued a hold rating and seven have assigned a buy rating to the company’s stock. Based on data from MarketBeat, the company has an average rating of “Hold” and a consensus price target of $139.20.

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.