Valley Wealth Managers Inc. Reduces Position in NetApp, Inc. (NASDAQ:NTAP)

Valley Wealth Managers Inc. lowered its position in NetApp, Inc. (NASDAQ:NTAP) by 3.9% during the third quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 42,380 shares of the data storage provider’s stock after selling 1,722 shares during the period. Valley Wealth Managers Inc.’s holdings in NetApp were worth $5,234,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds have also recently modified their holdings of NTAP. Hollencrest Capital Management acquired a new stake in NetApp in the 2nd quarter worth about $26,000. Northwest Investment Counselors LLC purchased a new position in shares of NetApp in the third quarter valued at approximately $27,000. New Covenant Trust Company N.A. acquired a new stake in shares of NetApp in the first quarter worth approximately $28,000. Redwood Wealth Management Group LLC purchased a new stake in shares of NetApp during the second quarter worth approximately $32,000. Finally, Crewe Advisors LLC acquired a new stake in NetApp during the 1st quarter worth $35,000. Hedge funds and other institutional investors own 92.17% of the company’s stock.

Insider Buying and Selling at NetApp

In other NetApp news, CEO George Kurian sold 8,500 shares of the stock in a transaction dated Monday, October 21st. The shares were sold at an average price of $126.11, for a total transaction of $1,071,935.00. Following the sale, the chief executive officer now owns 292,778 shares of the company’s stock, valued at $36,922,233.58. This represents a 2.82 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CAO Lorenzo Daniel De sold 1,685 shares of the company’s stock in a transaction on Tuesday, September 24th. The stock was sold at an average price of $123.60, for a total value of $208,266.00. The disclosure for this sale can be found here. Insiders sold a total of 10,890 shares of company stock valued at $1,369,172 in the last quarter. Corporate insiders own 0.47% of the company’s stock.

NetApp Price Performance

Shares of NASDAQ NTAP remained flat at $118.07 during mid-day trading on Friday. The company had a trading volume of 194,880 shares, compared to its average volume of 1,799,227. NetApp, Inc. has a 1-year low of $76.41 and a 1-year high of $135.01. The company has a current ratio of 0.96, a quick ratio of 0.91 and a debt-to-equity ratio of 1.34. The firm’s 50 day simple moving average is $121.11 and its 200 day simple moving average is $121.72. The firm has a market cap of $24.18 billion, a PE ratio of 23.07, a price-to-earnings-growth ratio of 4.49 and a beta of 1.24.

NetApp (NASDAQ:NTAP) last issued its quarterly earnings results on Wednesday, August 28th. The data storage provider reported $1.56 EPS for the quarter, topping the consensus estimate of $1.45 by $0.11. The firm had revenue of $1.54 billion for the quarter, compared to analysts’ expectations of $1.53 billion. NetApp had a net margin of 17.01% and a return on equity of 121.41%. NetApp’s revenue for the quarter was up 7.6% compared to the same quarter last year. During the same period in the previous year, the business earned $0.84 earnings per share. Equities analysts forecast that NetApp, Inc. will post 5.71 earnings per share for the current year.

NetApp Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Wednesday, October 23rd. Stockholders of record on Friday, October 4th were issued a dividend of $0.52 per share. The ex-dividend date of this dividend was Friday, October 4th. This represents a $2.08 annualized dividend and a dividend yield of 1.76%. NetApp’s payout ratio is 40.63%.

Analyst Upgrades and Downgrades

Several equities research analysts recently issued reports on the stock. Barclays raised their price objective on shares of NetApp from $116.00 to $119.00 and gave the stock an “equal weight” rating in a research report on Thursday, August 29th. Susquehanna reiterated a “positive” rating and set a $155.00 price target on shares of NetApp in a research note on Monday, August 26th. Bank of America lifted their target price on shares of NetApp from $105.00 to $110.00 and gave the company an “underperform” rating in a report on Thursday, August 29th. JPMorgan Chase & Co. increased their price target on NetApp from $146.00 to $147.00 and gave the stock a “neutral” rating in a report on Thursday, August 29th. Finally, Stifel Nicolaus upped their price target on shares of NetApp from $138.00 to $140.00 and gave the stock a “buy” rating in a research note on Thursday, August 29th. One equities research analyst has rated the stock with a sell rating, eleven have assigned a hold rating and six have assigned a buy rating to the company. According to MarketBeat, NetApp presently has a consensus rating of “Hold” and an average target price of $129.06.

About NetApp

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.