Portfolio Design Labs LLC Acquires 4,608 Shares of NetApp, Inc. (NASDAQ:NTAP)

Portfolio Design Labs LLC grew its position in NetApp, Inc. (NASDAQ:NTAP) by 28.6% during the fourth quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 20,725 shares of the data storage provider’s stock after buying an additional 4,608 shares during the period. Portfolio Design Labs LLC’s holdings in NetApp were worth $2,406,000 at the end of the most recent quarter.

A number of other institutional investors have also modified their holdings of the company. Migdal Insurance & Financial Holdings Ltd. purchased a new position in shares of NetApp in the 4th quarter valued at approximately $26,000. Northwest Investment Counselors LLC purchased a new position in NetApp during the 3rd quarter worth approximately $27,000. Golden State Wealth Management LLC purchased a new position in NetApp during the 4th quarter worth approximately $35,000. True Wealth Design LLC raised its position in NetApp by 2,833.3% during the 3rd quarter. True Wealth Design LLC now owns 352 shares of the data storage provider’s stock worth $43,000 after buying an additional 340 shares during the last quarter. Finally, Capital Performance Advisors LLP acquired a new stake in shares of NetApp during the 3rd quarter worth approximately $44,000. 92.17% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

A number of equities research analysts have recently commented on NTAP shares. Wells Fargo & Company raised their price objective on shares of NetApp from $135.00 to $140.00 and gave the stock an “equal weight” rating in a research note on Friday, November 22nd. Northland Securities lifted their target price on shares of NetApp from $108.00 to $120.00 and gave the stock a “market perform” rating in a research note on Friday, November 22nd. Morgan Stanley lifted their target price on shares of NetApp from $132.00 to $146.00 and gave the stock an “equal weight” rating in a research note on Tuesday, December 17th. Barclays lifted their price target on NetApp from $119.00 to $132.00 and gave the stock an “equal weight” rating in a report on Friday, November 22nd. Finally, Citigroup lifted their price target on NetApp from $130.00 to $135.00 and gave the stock a “neutral” rating in a report on Friday, November 22nd. One investment analyst has rated the stock with a sell rating, eleven have assigned a hold rating and five have assigned a buy rating to the stock. According to data from MarketBeat, the stock has an average rating of “Hold” and an average price target of $137.53.

NetApp Stock Down 2.8 %

Shares of NASDAQ:NTAP opened at $119.56 on Wednesday. The company has a debt-to-equity ratio of 1.39, a current ratio of 0.91 and a quick ratio of 0.84. The firm has a market capitalization of $24.31 billion, a PE ratio of 21.98, a price-to-earnings-growth ratio of 2.94 and a beta of 1.23. The firm’s 50-day moving average is $120.98 and its two-hundred day moving average is $122.02. NetApp, Inc. has a 1 year low of $83.80 and a 1 year high of $135.45.

NetApp (NASDAQ:NTAP) last announced its quarterly earnings data on Thursday, November 21st. The data storage provider reported $1.87 EPS for the quarter, topping analysts’ consensus estimates of $1.78 by $0.09. NetApp had a return on equity of 123.63% and a net margin of 17.78%. The business had revenue of $1.66 billion during the quarter, compared to the consensus estimate of $1.65 billion. During the same period in the previous year, the company posted $1.23 earnings per share. The business’s revenue for the quarter was up 6.1% on a year-over-year basis. Analysts predict that NetApp, Inc. will post 5.89 EPS for the current year.

NetApp Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Wednesday, January 22nd. Investors of record on Friday, January 3rd were issued a $0.52 dividend. This represents a $2.08 dividend on an annualized basis and a yield of 1.74%. The ex-dividend date was Friday, January 3rd. NetApp’s dividend payout ratio (DPR) is 38.24%.

Insider Activity at NetApp

In other NetApp news, CAO Lorenzo Daniel De sold 326 shares of the business’s stock in a transaction that occurred on Monday, November 18th. The stock was sold at an average price of $117.44, for a total value of $38,285.44. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Also, CFO Michael J. Berry sold 12,500 shares of the company’s stock in a transaction that occurred on Tuesday, February 4th. The stock was sold at an average price of $120.74, for a total value of $1,509,250.00. Following the sale, the chief financial officer now owns 123,243 shares of the company’s stock, valued at $14,880,359.82. This trade represents a 9.21 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 64,110 shares of company stock valued at $7,632,601 over the last three months. 0.47% of the stock is owned by corporate insiders.

NetApp Company 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.