Beacon Harbor Wealth Advisors Inc. Purchases New Shares in NetApp, Inc. (NASDAQ:NTAP)

Beacon Harbor Wealth Advisors Inc. acquired a new position in shares of NetApp, Inc. (NASDAQ:NTAP) during the 3rd quarter, according to its most recent Form 13F filing with the SEC. The firm acquired 42,000 shares of the data storage provider’s stock, valued at approximately $5,187,000.

Several other hedge funds and other institutional investors also recently bought and sold shares of NTAP. Hollencrest Capital Management acquired a new position in shares of NetApp in the second quarter valued at approximately $26,000. J.Safra Asset Management Corp increased its stake in NetApp by 706.3% in the 1st quarter. J.Safra Asset Management Corp now owns 258 shares of the data storage provider’s stock valued at $27,000 after buying an additional 226 shares during the period. Northwest Investment Counselors LLC purchased a new position in NetApp during the 3rd quarter worth $27,000. New Covenant Trust Company N.A. acquired a new stake in shares of NetApp in the 1st quarter worth $28,000. Finally, Redwood Wealth Management Group LLC purchased a new stake in shares of NetApp in the second quarter valued at about $32,000. 92.17% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

NTAP has been the subject of several analyst reports. Barclays increased their price target on shares of NetApp from $116.00 to $119.00 and gave the stock an “equal weight” rating in a report on Thursday, August 29th. Wedbush reaffirmed a “neutral” rating and set a $120.00 price target on shares of NetApp in a research note on Monday, August 26th. Loop Capital raised shares of NetApp from a “hold” rating to a “buy” rating and boosted their price objective for the stock from $121.00 to $150.00 in a report on Tuesday, September 3rd. JPMorgan Chase & Co. increased their target price on shares of NetApp from $146.00 to $147.00 and gave the company a “neutral” rating in a report on Thursday, August 29th. Finally, Bank of America boosted their price target on NetApp from $105.00 to $110.00 and gave the stock an “underperform” rating in a research note on Thursday, August 29th. One analyst has rated the stock with a sell rating, ten have assigned a hold rating and six have given a buy rating to the company. Based on data from MarketBeat.com, NetApp currently has an average rating of “Hold” and an average target price of $129.06.

NetApp Price Performance

NetApp stock opened at $122.83 on Friday. The stock has a market capitalization of $25.15 billion, a P/E ratio of 23.99, a P/E/G ratio of 4.33 and a beta of 1.24. NetApp, Inc. has a 12-month low of $74.82 and a 12-month high of $135.01. The company has a debt-to-equity ratio of 1.34, a current ratio of 0.96 and a quick ratio of 0.91. The firm’s 50-day moving average is $120.87 and its two-hundred day moving average is $120.98.

NetApp (NASDAQ:NTAP) last released its 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. NetApp had a net margin of 17.01% and a return on equity of 121.41%. The firm had revenue of $1.54 billion during the quarter, compared to analysts’ expectations of $1.53 billion. During the same period in the previous year, the company earned $0.84 EPS. NetApp’s revenue for the quarter was up 7.6% on a year-over-year basis. Equities analysts predict that NetApp, Inc. will post 5.71 earnings per share for the current year.

NetApp Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Wednesday, October 23rd. Shareholders of record on Friday, October 4th were given a dividend of $0.52 per share. This represents a $2.08 dividend on an annualized basis and a yield of 1.69%. The ex-dividend date was Friday, October 4th. NetApp’s dividend payout ratio (DPR) is presently 40.63%.

Insider Buying and Selling at NetApp

In other news, CAO Lorenzo Daniel De sold 1,685 shares of NetApp stock in a transaction dated Tuesday, September 24th. The stock was sold at an average price of $123.60, for a total value of $208,266.00. The transaction was disclosed in a document filed with the SEC, which is available through this link. In other NetApp news, CEO George Kurian sold 8,500 shares of the firm’s stock in a transaction dated 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 transaction, the chief executive officer now directly owns 292,778 shares of the company’s stock, valued at $36,922,233.58. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, CAO Lorenzo Daniel De sold 1,685 shares of the business’s stock in a transaction that occurred 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. Over the last 90 days, insiders sold 10,890 shares of company stock valued at $1,369,172. Company insiders own 0.47% of the company’s stock.

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.