EntryPoint Capital LLC Acquires New Holdings in NetApp, Inc. (NASDAQ:NTAP)

EntryPoint Capital LLC bought a new position in shares of NetApp, Inc. (NASDAQ:NTAP) during the fourth quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund bought 2,475 shares of the data storage provider’s stock, valued at approximately $287,000.

Several other institutional investors also recently modified their holdings of NTAP. M&T Bank Corp grew its position in NetApp by 4.8% during the 4th quarter. M&T Bank Corp now owns 12,794 shares of the data storage provider’s stock worth $1,485,000 after acquiring an additional 581 shares during the last quarter. Versor Investments LP acquired a new stake in shares of NetApp during the fourth quarter valued at about $395,000. AMJ Financial Wealth Management grew its holdings in shares of NetApp by 120.7% during the fourth quarter. AMJ Financial Wealth Management now owns 68,897 shares of the data storage provider’s stock worth $7,998,000 after purchasing an additional 37,684 shares during the last quarter. Robeco Institutional Asset Management B.V. grew its holdings in shares of NetApp by 9.2% during the fourth quarter. Robeco Institutional Asset Management B.V. now owns 1,346,212 shares of the data storage provider’s stock worth $156,268,000 after purchasing an additional 113,360 shares during the last quarter. Finally, Orion Portfolio Solutions LLC increased its stake in shares of NetApp by 232.2% in the third quarter. Orion Portfolio Solutions LLC now owns 6,731 shares of the data storage provider’s stock valued at $831,000 after buying an additional 4,705 shares during the period. 92.17% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

Several equities research analysts recently commented on the stock. Wedbush reiterated a “neutral” rating and set a $110.00 target price (down from $120.00) on shares of NetApp in a research report on Friday, February 28th. Loop Capital cut their price target on shares of NetApp from $150.00 to $130.00 and set a “buy” rating on the stock in a report on Tuesday, March 4th. Wells Fargo & Company decreased their price objective on NetApp from $130.00 to $115.00 and set an “equal weight” rating for the company in a report on Friday, February 28th. TD Cowen cut their target price on NetApp from $160.00 to $130.00 and set a “buy” rating on the stock in a report on Friday, February 28th. Finally, Keefe, Bruyette & Woods upgraded NetApp to an “outperform” rating in a research report on Wednesday, February 19th. Twelve equities research analysts have rated the stock with a hold rating and six have assigned a buy rating to the company’s stock. According to data from MarketBeat, NetApp currently has an average rating of “Hold” and an average target price of $129.07.

Insider Activity at NetApp

In other news, President Cesar Cernuda sold 22,000 shares of the business’s stock in a transaction that occurred on Monday, December 30th. The stock was sold at an average price of $114.99, for a total transaction of $2,529,780.00. Following the completion of the sale, the president now owns 27,099 shares in the company, valued at $3,116,114.01. The trade was a 44.81 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, CEO George Kurian sold 8,500 shares of the stock in a transaction on Tuesday, January 21st. The stock was sold at an average price of $123.03, for a total value of $1,045,755.00. Following the completion of the transaction, the chief executive officer now owns 271,282 shares in the company, valued at approximately $33,375,824.46. This represents a 3.04 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 52,931 shares of company stock valued at $6,252,759 in the last three months. Corporate insiders own 0.47% of the company’s stock.

NetApp Trading Down 1.8 %

NASDAQ:NTAP opened at $91.09 on Friday. NetApp, Inc. has a 12 month low of $89.88 and a 12 month 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. The stock has a market capitalization of $18.53 billion, a price-to-earnings ratio of 16.74, a PEG ratio of 2.45 and a beta of 1.24. The firm has a fifty day simple moving average of $110.49 and a two-hundred day simple moving average of $117.41.

NetApp Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Wednesday, April 23rd. Stockholders of record on Friday, April 4th will be paid a $0.52 dividend. The ex-dividend date of this dividend is Friday, April 4th. This represents a $2.08 annualized dividend and a dividend yield of 2.28%. NetApp’s dividend payout ratio is presently 38.52%.

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.