Axxcess Wealth Management LLC Boosts Holdings in NetApp, Inc. (NASDAQ:NTAP)

Axxcess Wealth Management LLC boosted its holdings in NetApp, Inc. (NASDAQ:NTAP) by 0.6% during the fourth quarter, according to its most recent Form 13F filing with the SEC. The fund owned 52,907 shares of the data storage provider’s stock after acquiring an additional 314 shares during the period. Axxcess Wealth Management LLC’s holdings in NetApp were worth $6,141,000 at the end of the most recent reporting period.

Several other hedge funds also recently added to or reduced their stakes in NTAP. CIBC Asset Management Inc increased its position in shares of NetApp by 10.1% during the 3rd quarter. CIBC Asset Management Inc now owns 30,627 shares of the data storage provider’s stock worth $3,783,000 after purchasing an additional 2,814 shares during the last quarter. Natixis Advisors LLC raised its stake in shares of NetApp by 66.0% in the 3rd quarter. Natixis Advisors LLC now owns 72,137 shares of the data storage provider’s stock valued at $8,910,000 after acquiring an additional 28,693 shares during the period. Thrivent Financial for Lutherans lifted its holdings in shares of NetApp by 0.6% in the 3rd quarter. Thrivent Financial for Lutherans now owns 92,817 shares of the data storage provider’s stock worth $11,463,000 after acquiring an additional 592 shares during the last quarter. Quest Partners LLC increased its holdings in NetApp by 24.5% in the 3rd quarter. Quest Partners LLC now owns 9,461 shares of the data storage provider’s stock valued at $1,169,000 after purchasing an additional 1,864 shares during the last quarter. Finally, Caprock Group LLC raised its position in NetApp by 19.6% in the third quarter. Caprock Group LLC now owns 9,348 shares of the data storage provider’s stock valued at $1,155,000 after purchasing an additional 1,530 shares during the period. 92.17% of the stock is currently owned by hedge funds and other institutional investors.

Insider Transactions at NetApp

In other NetApp news, CFO Michael J. Berry sold 12,500 shares of the business’s stock in a transaction on Tuesday, February 4th. The shares were sold at an average price of $120.74, for a total value of $1,509,250.00. Following the transaction, the chief financial officer now directly owns 123,243 shares of the company’s stock, valued at approximately $14,880,359.82. The trade was a 9.21 % decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, EVP Elizabeth M. O’callahan sold 528 shares of NetApp stock in a transaction dated Monday, March 10th. The shares were sold at an average price of $92.58, for a total transaction of $48,882.24. Following the completion of the sale, the executive vice president now directly owns 12,900 shares in the company, valued at approximately $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 ninety days, insiders have sold 52,931 shares of company stock worth $6,252,759. Insiders own 0.47% of the company’s stock.

Wall Street Analyst Weigh In

NTAP has been the subject of a number of research reports. Bank of America raised NetApp from an “underperform” rating to a “neutral” rating and lifted their price objective for the company from $121.00 to $128.00 in a research note on Wednesday, February 19th. StockNews.com cut shares of NetApp from a “buy” rating to a “hold” rating in a research report on Friday, February 28th. Wells Fargo & Company cut their target price on shares of NetApp from $130.00 to $115.00 and set an “equal weight” rating on the stock in a research note on Friday, February 28th. Susquehanna downgraded shares of NetApp from a “positive” rating to a “neutral” rating and dropped their price target for the stock from $155.00 to $130.00 in a research note on Monday, February 10th. Finally, Northland Securities increased their price objective on NetApp from $108.00 to $120.00 and gave the company a “market perform” rating in a research note on Friday, November 22nd. Twelve research analysts have rated the stock with a hold rating and six have given a buy rating to the company’s stock. According to MarketBeat, NetApp presently has an average rating of “Hold” and a consensus target price of $129.07.

NetApp Stock Performance

NASDAQ NTAP opened at $92.26 on Wednesday. The company has a fifty day moving average of $113.94 and a two-hundred day moving average of $118.63. The company has a debt-to-equity ratio of 1.39, a current ratio of 0.91 and a quick ratio of 0.84. NetApp, Inc. has a 1 year low of $89.88 and a 1 year high of $135.45. The company has a market capitalization of $18.77 billion, a PE ratio of 16.96, a P/E/G ratio of 2.45 and a beta of 1.24.

NetApp Announces Dividend

The company also recently disclosed 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 dividend on an annualized basis and a yield of 2.25%. The ex-dividend date is Friday, April 4th. NetApp’s dividend payout ratio is currently 38.52%.

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.