Belpointe Asset Management LLC makes a new $100,000 investment in NetApp, Inc. (NASDAQ: NTAP)

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Belpointe Asset Management LLC acquired a new equity position in NetApp, Inc. (NASDAQ: NTAPGet a rating) during the 1st trimester, Holdings Channel.com reports. The fund bought 1,204 shares of the data storage provider, valued at around $100,000.

Other institutional investors and hedge funds have also recently increased or reduced their stake in the company. North Star Investment Management Corp. increased its position in NetApp by 200.0% during the fourth quarter. North Star Investment Management Corp. now owns 300 shares of the data storage provider worth $28,000 after acquiring an additional 200 shares in the last quarter. Cyrus J. Lawrence LLC bought a new position in NetApp stock in the first quarter worth about $28,000. Benjamin Edwards Inc. bought a new position in NetApp stock in the fourth quarter worth about $32,000. Steward Partners Investment Advisory LLC increased its position in NetApp shares by 40.0% in the fourth quarter. Steward Partners Investment Advisory LLC now owns 406 shares of the data storage provider valued at $37,000 after buying an additional 116 shares during the period. Finally, First Horizon Advisors Inc. increased its position in NetApp shares by 226.6% in the fourth quarter. First Horizon Advisors Inc. now owns 565 shares of the data storage provider valued at $51,000 after buying an additional 392 shares during the period. 91.91% of the shares are held by institutional investors.

NetApp trades down 1.8%

NTAP opened at $69.26 on Friday. The company’s 50-day moving average is $67.36 and its 200-day moving average is $77.69. NetApp, Inc. has a 1-year low of $61.26 and a 1-year high of $96.82. The company has a current ratio of 1.50, a quick ratio of 1.45 and a debt ratio of 2.85. The company has a market capitalization of $15.32 billion, a P/E ratio of 16.89, a PEG ratio of 1.80 and a beta of 1.23.

Net App (NASDAQ: NTAPGet a rating) last released its quarterly results on Wednesday, June 1. The data storage provider reported earnings per share of $1.21 for the quarter, beating analyst consensus estimates of $1.04 by $0.17. NetApp had a net margin of 14.83% and a return on equity of 127.40%. The company posted revenue of $1.68 billion for the quarter, versus a consensus estimate of $1.68 billion. During the same period last year, the company posted EPS of $0.96. The company’s quarterly revenue increased 8.0% compared to the same quarter last year. Equity research analysts expect NetApp, Inc. to post earnings per share of 4.45 for the current fiscal year.

NetApp Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Wednesday, July 27. Shareholders of record on Friday, July 8 will receive a dividend of $0.50. The ex-dividend date is Thursday, July 7. This represents a dividend of $2.00 on an annualized basis and a dividend yield of 2.89%. NetApp’s payout ratio is currently 48.78%.

Insider activity

Separately, Chief Financial Officer Michael J. Berry purchased 5,000 NetApp shares in a trade dated Friday, June 3. The shares were purchased at an average cost of $72.04 per share, for a total transaction of $360,200.00. Following the purchase, the CFO now owns 95,875 shares of the company, valued at approximately $6,906,835. The acquisition was disclosed in a filing with the Securities & Exchange Commission, accessible via this link. In related news, the President Cesar Cernuda sold 18,000 shares of the company in a transaction that took place on Wednesday, June 15. The shares were sold at an average price of $64.68, for a total value of $1,164,240.00. Following completion of the transaction, the president now owns 61,075 shares of the company, valued at approximately $3,950,331. The sale was disclosed in a document filed with the SEC, accessible via this link. Also, CFO Michael J. Berry acquired 5,000 shares of the company in a transaction that took place on Friday, June 3. The shares were acquired at an average price of $72.04 per share, with a total value of $360,200.00. Following the acquisition, the CFO now owns 95,875 shares of the company, valued at $6,906,835. Disclosure of this purchase can be found here. In the past three months, insiders have sold 26,500 shares of the company worth $1,742,219. Company insiders own 0.28% of the company’s shares.

A Wall Street analyst gives his opinion

Several equity analysts have recently weighed in on the stock. Susquehanna lowered its price target on NetApp shares from $110.00 to $100.00 and set a “buy” rating on the stock in a Thursday, June 2 research report. JPMorgan Chase & Co. lowered its price target on NetApp shares from $100.00 to $85.00 and set an “overweight” rating on the stock in a Thursday, July 14 research report. Deutsche Bank Aktiengesellschaft moved NetApp shares from a “hold” rating to a “buy” rating and lowered its price target for the company from $90.00 to $84.00 in a research report from the Tuesday, June 14. Wedbush lowered its price target on NetApp shares from $85.00 to $80.00 and set a “neutral” rating on the stock in a Thursday, June 2 research report. To finish, StockNews.com moved NetApp shares from a “hold” rating to a “buy” rating in a Friday, July 15 research report. One analyst rated the stock with a sell rating, eight gave the company a hold rating and fourteen gave the company’s stock a buy rating. According to MarketBeat.com, NetApp currently has an average rating of “Moderate Buy” and an average price target of $92.20.

About NetApp

(Get a rating)

NetApp, Inc provides cloud-based, data-centric services to manage and share data on premises, as well as private and public clouds around the world. 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, NetApp ElementOS software and NetApp SANtricity software; and storage infrastructure solutions, including NetApp All-Flash FAS series, NetApp Fabric Attached Storage, NetApp FlexPod, NetApp E/EF series, NetApp StorageGRID and NetApp SolidFire.

Further reading

Want to see which other hedge funds hold NTAP? Visit HoldingsChannel.com for the latest 13F filings and insider trading for NetApp, Inc. (NASDAQ: NTAPGet a rating).

Institutional ownership by quarter for NetApp (NASDAQ: NTAP)



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