Marks Group Wealth Management Inc Invests $225,000 in NetApp, Inc. $NTAP

Marks Group Wealth Management Inc acquired a new stake in NetApp, Inc. (NASDAQ:NTAP) in the second quarter, Holdings Channel reports. The institutional investor acquired 2,110 shares of the data storage provider’s stock, valued at approximately $225,000.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in the stock. Manchester Capital Management LLC increased its stake in shares of NetApp by 375.0% in the 1st quarter. Manchester Capital Management LLC now owns 285 shares of the data storage provider’s stock valued at $25,000 after acquiring an additional 225 shares during the last quarter. 1248 Management LLC bought a new stake in NetApp in the first quarter valued at approximately $25,000. Olde Wealth Management LLC bought a new stake in NetApp in the first quarter valued at approximately $29,000. Migdal Insurance & Financial Holdings Ltd. raised its holdings in NetApp by 54.9% in the first quarter. Migdal Insurance & Financial Holdings Ltd. now owns 350 shares of the data storage provider’s stock worth $31,000 after purchasing an additional 124 shares during the period. Finally, Summit Securities Group LLC bought a new position in shares of NetApp during the first quarter worth $36,000. Institutional investors own 92.17% of the company’s stock.

Insiders Place Their Bets

In related news, CAO Lorenzo Daniel De sold 779 shares of the business’s stock in a transaction on Thursday, September 25th. The shares were sold at an average price of $121.87, for a total transaction of $94,936.73. The sale was disclosed in a filing with the SEC, which is available through this hyperlink. Also, CEO George Kurian sold 8,750 shares of the stock in a transaction on Wednesday, September 17th. The shares were sold at an average price of $122.91, for a total transaction of $1,075,462.50. Following the completion of the sale, the chief executive officer owned 274,938 shares of the company’s stock, valued at approximately $33,792,629.58. This represents a 3.08% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 29,529 shares of company stock valued at $3,350,714 in the last 90 days. 0.28% of the stock is currently owned by insiders.

NetApp Price Performance

Shares of NASDAQ NTAP opened at $120.42 on Tuesday. The company has a debt-to-equity ratio of 2.55, a current ratio of 1.31 and a quick ratio of 1.28. The business has a 50-day moving average of $114.64 and a 200-day moving average of $103.01. The stock has a market capitalization of $24.04 billion, a price-to-earnings ratio of 21.28, a PEG ratio of 2.58 and a beta of 1.45. NetApp, Inc. has a fifty-two week low of $71.84 and a fifty-two week high of $135.45.

NetApp Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Wednesday, October 22nd. Shareholders of record on Friday, October 3rd will be given a dividend of $0.52 per share. The ex-dividend date of this dividend is Friday, October 3rd. This represents a $2.08 annualized dividend and a dividend yield of 1.7%. NetApp’s payout ratio is 36.75%.

Analyst Ratings Changes

A number of research analysts have issued reports on NTAP shares. Bank of America boosted their target price on NetApp from $121.00 to $125.00 and gave the company a “neutral” rating in a research note on Monday, August 25th. Northland Securities boosted their price objective on NetApp from $119.00 to $120.00 and gave the company a “market perform” rating in a research report on Thursday, August 28th. Barclays raised their price objective on shares of NetApp from $117.00 to $125.00 and gave the stock an “overweight” rating in a report on Thursday, August 28th. JPMorgan Chase & Co. lifted their price target on NetApp from $115.00 to $130.00 and gave the company an “overweight” rating in a research note on Thursday, July 17th. Finally, Argus reaffirmed a “buy” rating and set a $130.00 price objective on shares of NetApp in a research report on Friday, August 29th. Seven research analysts have rated the stock with a Buy rating and eleven have given a Hold rating to the stock. Based on data from MarketBeat, NetApp currently has an average rating of “Hold” and a consensus target price of $124.07.

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.