KMG Fiduciary Partners LLC Trims Stock Position in NetApp, Inc. (NASDAQ:NTAP)

KMG Fiduciary Partners LLC reduced its stake in NetApp, Inc. (NASDAQ:NTAP) by 2.0% during the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 17,831 shares of the data storage provider’s stock after selling 368 shares during the quarter. KMG Fiduciary Partners LLC’s holdings in NetApp were worth $2,202,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also recently bought and sold shares of the company. Acadian Asset Management LLC boosted its holdings in shares of NetApp by 48.3% in the first quarter. Acadian Asset Management LLC now owns 2,375,366 shares of the data storage provider’s stock valued at $249,307,000 after acquiring an additional 773,773 shares in the last quarter. AQR Capital Management LLC boosted its holdings in NetApp by 59.6% in the 2nd quarter. AQR Capital Management LLC now owns 1,643,146 shares of the data storage provider’s stock valued at $211,637,000 after purchasing an additional 613,583 shares in the last quarter. TD Asset Management Inc increased its position in NetApp by 26.5% during the 1st quarter. TD Asset Management Inc now owns 2,148,540 shares of the data storage provider’s stock worth $225,532,000 after purchasing an additional 450,263 shares during the period. TCW Group Inc. purchased a new stake in shares of NetApp in the second quarter valued at approximately $56,313,000. Finally, APG Asset Management US Inc. acquired a new position in NetApp during the second quarter worth $48,074,000. 92.17% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

NTAP has been the subject of a number of recent analyst reports. Barclays raised their target price on NetApp from $116.00 to $119.00 and gave the company an “equal weight” rating in a report on Thursday, August 29th. Loop Capital upgraded NetApp from a “hold” rating to a “buy” rating and upped their price target for the stock from $121.00 to $150.00 in a report on Tuesday, September 3rd. Susquehanna reaffirmed a “positive” rating and set a $155.00 price objective on shares of NetApp in a report on Monday, August 26th. UBS Group boosted their price objective on shares of NetApp from $121.00 to $134.00 and gave the stock a “neutral” rating in a research report on Thursday, August 29th. Finally, Stifel Nicolaus increased their price objective on NetApp from $138.00 to $140.00 and gave the company a “buy” rating in a research note on Thursday, August 29th. One analyst has rated the stock with a sell rating, ten have given a hold rating and six have assigned a buy rating to the company. According to MarketBeat, NetApp has an average rating of “Hold” and a consensus price target of $129.06.

Insiders Place Their Bets

In other news, EVP Elizabeth M. O’callahan sold 705 shares of the firm’s stock in a transaction dated Thursday, October 10th. The stock was sold at an average price of $126.20, for a total transaction of $88,971.00. Following the completion of the sale, the executive vice president now directly owns 11,694 shares in the company, valued at $1,475,782.80. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. In other news, EVP Elizabeth M. O’callahan sold 705 shares of the company’s stock in a transaction dated Thursday, October 10th. The shares were sold at an average price of $126.20, for a total value of $88,971.00. Following the sale, the executive vice president now owns 11,694 shares in the company, valued at approximately $1,475,782.80. This represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, 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 disclosure for this sale can be found here. 0.37% of the stock is owned by company insiders.

NetApp Stock Down 0.1 %

Shares of NASDAQ:NTAP opened at $126.53 on Friday. The stock has a 50-day simple moving average of $123.84 and a 200-day simple moving average of $119.41. The stock has a market capitalization of $26.04 billion, a P/E ratio of 27.27, a PEG ratio of 4.77 and a beta of 1.23. NetApp, Inc. has a 1 year low of $70.82 and a 1 year high of $135.01. 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 (NASDAQ:NTAP) last released its quarterly earnings data on Wednesday, August 28th. The data storage provider reported $1.56 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.45 by $0.11. The company had revenue of $1.54 billion during the quarter, compared to the consensus estimate of $1.53 billion. NetApp had a net margin of 17.01% and a return on equity of 121.41%. NetApp’s revenue for the quarter was up 7.6% on a year-over-year basis. During the same period in the previous year, the firm earned $0.84 earnings per share. Equities analysts forecast that NetApp, Inc. will post 5.71 earnings per share for the current year.

NetApp Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Wednesday, October 23rd. Investors of record on Friday, October 4th will be issued a dividend of $0.52 per share. The ex-dividend date is Friday, October 4th. This represents a $2.08 annualized dividend and a dividend yield of 1.64%. NetApp’s payout ratio is currently 44.83%.

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.