ORG Wealth Partners LLC Reduces Position in NetApp, Inc. (NASDAQ:NTAP)

ORG Wealth Partners LLC trimmed its holdings in shares of NetApp, Inc. (NASDAQ:NTAP) by 34.7% during the fourth quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 575 shares of the data storage provider’s stock after selling 306 shares during the quarter. ORG Wealth Partners LLC’s holdings in NetApp were worth $67,000 as of its most recent filing with the SEC.

A number of other hedge funds and other institutional investors have also modified their holdings of the business. State Street Corp increased its position in shares of NetApp by 2.0% during the third quarter. State Street Corp now owns 10,261,170 shares of the data storage provider’s stock worth $1,267,357,000 after acquiring an additional 199,384 shares during the last quarter. Geode Capital Management LLC grew its stake in NetApp by 8.2% in the third quarter. Geode Capital Management LLC now owns 5,985,673 shares of the data storage provider’s stock worth $738,280,000 after purchasing an additional 453,324 shares in the last quarter. Legal & General Group Plc grew 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 worth $309,811,000 after purchasing an additional 82,378 shares in the last quarter. Dimensional Fund Advisors LP grew its stake in NetApp by 12.8% in the second quarter. Dimensional Fund Advisors LP now owns 1,737,578 shares of the data storage provider’s stock worth $223,806,000 after purchasing an additional 196,952 shares in the last quarter. Finally, AQR Capital Management LLC grew its stake in NetApp by 59.6% in the second quarter. AQR Capital Management LLC now owns 1,643,146 shares of the data storage provider’s stock worth $211,637,000 after purchasing an additional 613,583 shares in the last quarter. 92.17% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

A number of equities analysts recently commented on NTAP shares. TD Cowen lifted their price target on NetApp from $145.00 to $160.00 and gave the stock a “buy” rating in a research note on Friday, November 22nd. Northland Securities lifted their price target on NetApp from $108.00 to $120.00 and gave the stock a “market perform” rating in a research note on Friday, November 22nd. Morgan Stanley lifted their price target on NetApp from $132.00 to $146.00 and gave the stock an “equal weight” rating in a research note on Tuesday, December 17th. Oppenheimer started coverage on NetApp in a research note on Wednesday, November 13th. They issued a “market perform” rating for the company. Finally, Stifel Nicolaus lifted their target price on NetApp from $140.00 to $145.00 and gave the company a “buy” rating in a research note on Friday, November 22nd. One equities research analyst has rated the stock with a sell rating, ten have given a hold rating and seven have given a buy rating to the company. Based on data from MarketBeat, the company presently has a consensus rating of “Hold” and an average price target of $139.20.

Insider Buying and Selling

In related 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 sale, the president now owns 27,099 shares of the company’s stock, valued at $3,116,114.01. The trade was a 44.81 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO George Kurian sold 8,500 shares of the business’s stock in a transaction that occurred on Monday, October 21st. The stock was sold at an average price of $126.11, for a total value of $1,071,935.00. Following the sale, the chief executive officer now directly owns 292,778 shares in the company, valued at approximately $36,922,233.58. The trade was a 2.82 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 51,159 shares of company stock valued at $6,096,859 over the last quarter. Corporate insiders own 0.47% of the company’s stock.

NetApp Stock Performance

NTAP opened at $116.28 on Friday. The business’s 50 day moving average is $121.02 and its 200-day moving average is $123.22. The stock has a market cap of $23.64 billion, a PE ratio of 21.38, a price-to-earnings-growth ratio of 2.92 and a beta of 1.23. 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, Inc. has a twelve month low of $83.80 and a twelve month high of $135.45.

NetApp (NASDAQ:NTAP) last released its quarterly earnings results on Thursday, November 21st. The data storage provider reported $1.87 earnings per share for the quarter, beating analysts’ consensus estimates of $1.78 by $0.09. The company had revenue of $1.66 billion for the quarter, compared to analysts’ expectations of $1.65 billion. NetApp had a return on equity of 123.63% and a net margin of 17.78%. The business’s revenue for the quarter was up 6.1% compared to the same quarter last year. During the same quarter in the previous year, the company posted $1.23 earnings per share. On average, analysts predict 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. Investors of record on Friday, January 3rd will be issued a dividend of $0.52 per share. The ex-dividend date of this dividend is Friday, January 3rd. This represents a $2.08 annualized dividend and a yield of 1.79%. NetApp’s payout ratio is 38.24%.

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.