Tobam Has $74,000 Position in NetApp, Inc. (NASDAQ:NTAP)

Tobam cut its holdings in NetApp, Inc. (NASDAQ:NTAP) by 22.6% in the second quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 576 shares of the data storage provider’s stock after selling 168 shares during the quarter. Tobam’s holdings in NetApp were worth $74,000 at the end of the most recent quarter.

A number of other institutional investors have also recently added to or reduced their stakes in the business. GAMMA Investing LLC acquired a new stake in shares of NetApp in the 4th quarter valued at $58,000. Atria Wealth Solutions Inc. lifted its position in shares of NetApp by 28.7% in the fourth quarter. Atria Wealth Solutions Inc. now owns 3,431 shares of the data storage provider’s stock worth $302,000 after buying an additional 765 shares during the last quarter. Truist Financial Corp boosted its stake in shares of NetApp by 3.9% during the 4th quarter. Truist Financial Corp now owns 24,527 shares of the data storage provider’s stock worth $2,162,000 after acquiring an additional 910 shares in the last quarter. Russell Investments Group Ltd. increased its holdings in shares of NetApp by 0.5% during the 4th quarter. Russell Investments Group Ltd. now owns 328,437 shares of the data storage provider’s stock valued at $28,957,000 after acquiring an additional 1,625 shares during the last quarter. Finally, Mather Group LLC. raised its stake in shares of NetApp by 42.3% in the 4th quarter. Mather Group LLC. now owns 4,775 shares of the data storage provider’s stock valued at $421,000 after acquiring an additional 1,419 shares in the last quarter. 92.17% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

A number of equities research analysts have issued reports on NTAP shares. Argus upped their target price on NetApp from $130.00 to $140.00 and gave the stock a “buy” rating in a research report on Wednesday, June 5th. Wells Fargo & Company raised their target price on shares of NetApp from $120.00 to $135.00 and gave the company an “equal weight” rating in a research note on Wednesday, June 12th. Wedbush reissued a “neutral” rating and set a $120.00 target price on shares of NetApp in a research report on Monday, August 26th. Bank of America raised their price target on NetApp from $105.00 to $110.00 and gave the company an “underperform” rating in a research report on Thursday. Finally, UBS Group boosted their price objective on NetApp from $121.00 to $134.00 and gave the stock a “neutral” rating in a research report on Thursday. One equities research analyst has rated the stock with a sell rating, eleven have assigned a hold rating and five have given a buy rating to the stock. According to MarketBeat.com, NetApp currently has an average rating of “Hold” and a consensus target price of $127.67.

Insider Buying and Selling at NetApp

In other news, President Cesar Cernuda sold 22,000 shares of the stock in a transaction that occurred on Friday, June 28th. The stock was sold at an average price of $129.46, for a total value of $2,848,120.00. Following the completion of the transaction, the president now directly owns 64,789 shares of the company’s stock, valued at approximately $8,387,583.94. The sale was disclosed in a legal filing with the SEC, which is available at this link. In related news, EVP Elizabeth M. O’callahan sold 452 shares of NetApp stock in a transaction dated Wednesday, July 10th. The shares were sold at an average price of $133.07, for a total transaction of $60,147.64. Following the completion of the transaction, the executive vice president now directly owns 11,886 shares of the company’s stock, valued at approximately $1,581,670.02. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, President Cesar Cernuda sold 22,000 shares of the company’s stock in a transaction dated Friday, June 28th. The stock was sold at an average price of $129.46, for a total transaction of $2,848,120.00. Following the sale, the president now directly owns 64,789 shares in the company, valued at $8,387,583.94. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 41,786 shares of company stock valued at $5,395,146. 0.37% of the stock is currently owned by corporate insiders.

NetApp Stock Performance

Shares of NASDAQ NTAP opened at $120.72 on Friday. NetApp, Inc. has a one year low of $70.82 and a one year high of $135.01. The company has a current ratio of 1.19, a quick ratio of 1.15 and a debt-to-equity ratio of 1.74. The business has a fifty day simple moving average of $127.51 and a 200 day simple moving average of $113.37. The firm has a market capitalization of $24.84 billion, a price-to-earnings ratio of 26.02, a PEG ratio of 4.96 and a beta of 1.27.

NetApp (NASDAQ:NTAP) last announced its quarterly earnings data on Wednesday, August 28th. The data storage provider reported $1.56 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.45 by $0.11. NetApp had a net margin of 15.73% and a return on equity of 114.54%. The company had revenue of $1.54 billion during the quarter, compared to analysts’ expectations of $1.53 billion. During the same quarter in the prior year, the company posted $0.84 EPS. The business’s revenue was up 7.6% on a year-over-year basis. Sell-side analysts expect that NetApp, Inc. will post 5.47 EPS for the current year.

NetApp Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Wednesday, October 23rd. Shareholders of record on Friday, October 4th will be paid a dividend of $0.52 per share. This represents a $2.08 dividend on an annualized basis and a yield of 1.72%. The ex-dividend date is Friday, October 4th. NetApp’s dividend payout ratio is 44.83%.

NetApp declared that its Board of Directors has approved a stock repurchase program on Thursday, May 30th that allows the company to repurchase $1.00 billion in outstanding shares. This repurchase authorization allows the data storage provider to repurchase up to 4% of its shares through open market purchases. Shares repurchase programs are often a sign that the company’s board of directors believes its shares are undervalued.

NetApp Company 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.