EverSource Wealth Advisors LLC Has $171,000 Stock Holdings in NetApp, Inc. (NASDAQ:NTAP)

EverSource Wealth Advisors LLC boosted its position in shares of NetApp, Inc. (NASDAQ:NTAP) by 112.5% in the second quarter, Holdings Channel.com reports. The firm owned 1,347 shares of the data storage provider’s stock after purchasing an additional 713 shares during the period. EverSource Wealth Advisors LLC’s holdings in NetApp were worth $171,000 as of its most recent SEC filing.

A number of other institutional investors have also recently bought and sold shares of the company. Hollencrest Capital Management purchased a new stake in shares of NetApp during the 2nd quarter worth about $26,000. Rise Advisors LLC bought a new stake in shares of NetApp in the 1st quarter valued at approximately $27,000. J.Safra Asset Management Corp increased its holdings in NetApp by 706.3% in the first quarter. J.Safra Asset Management Corp now owns 258 shares of the data storage provider’s stock worth $27,000 after buying an additional 226 shares during the last quarter. New Covenant Trust Company N.A. bought a new position in NetApp during the first quarter valued at approximately $28,000. Finally, Redwood Wealth Management Group LLC acquired a new stake in NetApp in the second quarter valued at approximately $32,000. Institutional investors and hedge funds own 92.17% of the company’s stock.

NetApp Stock Performance

NTAP opened at $121.68 on Thursday. The firm has a market capitalization of $24.92 billion, a PE ratio of 26.22, a PEG ratio of 4.61 and a beta of 1.23. The company has a debt-to-equity ratio of 1.34, a quick ratio of 0.91 and a current ratio of 0.96. NetApp, Inc. has a 52-week low of $70.82 and a 52-week high of $135.01. The business’s 50-day simple moving average is $123.42 and its 200 day simple moving average is $117.01.

NetApp (NASDAQ:NTAP) last announced its quarterly earnings results on Wednesday, August 28th. The data storage provider reported $1.56 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.45 by $0.11. NetApp had a return on equity of 121.41% and a net margin of 17.01%. The business had revenue of $1.54 billion during the quarter, compared to the consensus estimate of $1.53 billion. During the same quarter last year, the firm posted $0.84 EPS. The company’s quarterly revenue was up 7.6% on a year-over-year basis. As a group, sell-side analysts expect that NetApp, Inc. will post 5.71 earnings per share for the current fiscal year.

NetApp Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Wednesday, October 23rd. Stockholders of record on Friday, October 4th will be issued a dividend of $0.52 per share. This represents a $2.08 annualized dividend and a dividend yield of 1.71%. The ex-dividend date of this dividend is Friday, October 4th. NetApp’s dividend payout ratio (DPR) is currently 44.83%.

NetApp declared that its Board of Directors has initiated a share buyback program on Thursday, May 30th that authorizes the company to buyback $1.00 billion in shares. This buyback authorization authorizes the data storage provider to purchase up to 4% of its stock through open market purchases. Stock buyback programs are usually a sign that the company’s board of directors believes its shares are undervalued.

Analyst Ratings Changes

Several brokerages have recently commented on NTAP. Wells Fargo & Company increased their price target on shares of NetApp from $120.00 to $135.00 and gave the stock an “equal weight” rating in a research note on Wednesday, June 12th. Loop Capital upgraded NetApp from a “hold” rating to a “buy” rating and raised their target price for the company from $121.00 to $150.00 in a report on Tuesday, September 3rd. JPMorgan Chase & Co. upped their price target on NetApp from $146.00 to $147.00 and gave the stock a “neutral” rating in a research note on Thursday, August 29th. Citigroup increased their price objective on NetApp from $120.00 to $130.00 and gave the company a “neutral” rating in a report on Thursday, August 15th. Finally, UBS Group boosted their target price on NetApp from $121.00 to $134.00 and gave the stock a “neutral” rating in a report on Thursday, August 29th. One investment analyst has rated the stock with a sell rating, ten have issued a hold rating and six have assigned a buy rating to the company. According to data from MarketBeat, the stock has a consensus rating of “Hold” and a consensus price target of $129.06.

Insiders Place Their Bets

In other NetApp news, EVP Elizabeth M. O’callahan sold 452 shares of NetApp stock in a transaction dated Wednesday, July 10th. The stock was sold at an average price of $133.07, for a total value of $60,147.64. Following the transaction, the executive vice president now owns 11,886 shares in the company, valued at $1,581,670.02. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. In other news, EVP Elizabeth M. O’callahan sold 452 shares of the firm’s stock in a transaction on 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 owns 11,886 shares of the company’s stock, valued at $1,581,670.02. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CEO George Kurian sold 8,500 shares of NetApp stock in a transaction on Monday, July 15th. The stock was sold at an average price of $130.36, for a total transaction of $1,108,060.00. Following the transaction, the chief executive officer now owns 314,274 shares in the company, valued at approximately $40,968,758.64. The disclosure for this sale can be found here. Insiders have sold 30,952 shares of company stock worth $4,016,328 over the last ninety days. Corporate insiders own 0.37% of the company’s stock.

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.