Hollencrest Capital Management Has $48,000 Stock Position in NetApp, Inc. (NASDAQ:NTAP)

Hollencrest Capital Management cut its holdings in shares of NetApp, Inc. (NASDAQ:NTAP) by 22.6% in the fourth quarter, Holdings Channel reports. The institutional investor owned 410 shares of the data storage provider’s stock after selling 120 shares during the quarter. Hollencrest Capital Management’s holdings in NetApp were worth $48,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds also recently modified their holdings of the company. Migdal Insurance & Financial Holdings Ltd. acquired a new stake in NetApp during the fourth quarter worth about $26,000. Assetmark Inc. grew its position in NetApp by 826.9% in the fourth quarter. Assetmark Inc. now owns 241 shares of the data storage provider’s stock valued at $28,000 after acquiring an additional 215 shares during the period. Synergy Investment Management LLC acquired a new stake in shares of NetApp during the 4th quarter worth about $32,000. Golden State Wealth Management LLC bought a new position in shares of NetApp in the fourth quarter valued at approximately $35,000. Finally, OFI Invest Asset Management bought a new position in shares of NetApp in the fourth quarter valued at approximately $39,000. 92.17% of the stock is owned by institutional investors.

NetApp Price Performance

NetApp stock opened at $91.49 on Thursday. The company has a current ratio of 0.91, a quick ratio of 0.84 and a debt-to-equity ratio of 1.39. The firm has a market capitalization of $18.61 billion, a P/E ratio of 16.82, a PEG ratio of 2.45 and a beta of 1.24. The business has a 50-day moving average of $115.94 and a 200-day moving average of $119.69. NetApp, Inc. has a 1 year low of $90.08 and a 1 year high of $135.45.

NetApp Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Wednesday, April 23rd. Shareholders of record on Friday, April 4th will be paid a $0.52 dividend. This represents a $2.08 annualized dividend and a yield of 2.27%. The ex-dividend date of this dividend is Friday, April 4th. NetApp’s payout ratio is presently 38.52%.

Insider Buying and Selling at NetApp

In other news, CEO George Kurian sold 8,500 shares of the business’s stock in a transaction on Monday, December 16th. The shares were sold at an average price of $124.29, for a total value of $1,056,465.00. Following the completion of the transaction, the chief executive officer now owns 279,782 shares of the company’s stock, valued at $34,774,104.78. The trade was a 2.95 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, EVP Elizabeth M. O’callahan sold 528 shares of the firm’s stock in a transaction on Monday, March 10th. The stock was sold at an average price of $92.58, for a total value of $48,882.24. Following the sale, the executive vice president now directly owns 12,900 shares in the company, valued at $1,194,282. The trade was a 3.93 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 61,431 shares of company stock valued at $7,309,224. Corporate insiders own 0.47% of the company’s stock.

Analyst Upgrades and Downgrades

NTAP has been the subject of a number of recent analyst reports. JPMorgan Chase & Co. dropped their price target on NetApp from $160.00 to $153.00 and set an “overweight” rating for the company in a report on Friday, February 28th. Morgan Stanley raised their target price on NetApp from $132.00 to $146.00 and gave the company an “equal weight” rating in a research note on Tuesday, December 17th. Wells Fargo & Company cut their price target on NetApp from $130.00 to $115.00 and set an “equal weight” rating for the company in a report on Friday, February 28th. Susquehanna downgraded shares of NetApp from a “positive” rating to a “neutral” rating and dropped their target price for the stock from $155.00 to $130.00 in a research note on Monday, February 10th. Finally, StockNews.com cut shares of NetApp from a “buy” rating to a “hold” rating in a research note on Friday, February 28th. Twelve equities research analysts have rated the stock with a hold rating and six have given a buy rating to the company’s stock. According to data from MarketBeat, NetApp presently has an average rating of “Hold” and an average price target of $129.07.

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.