Kingsview Wealth Management LLC Purchases Shares of 2,966 NetApp, Inc. $NTAP

Kingsview Wealth Management LLC purchased a new position in shares of NetApp, Inc. (NASDAQ:NTAP) during the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor purchased 2,966 shares of the data storage provider’s stock, valued at approximately $459,000.

Other hedge funds and other institutional investors have also made changes to their positions in the company. Parallel Advisors LLC increased its stake in NetApp by 2.1% in the fourth quarter. Parallel Advisors LLC now owns 5,007 shares of the data storage provider’s stock valued at $536,000 after purchasing an additional 101 shares during the last quarter. Park Square Financial Group LLC boosted its stake in NetApp by 68.7% in the 4th quarter. Park Square Financial Group LLC now owns 253 shares of the data storage provider’s stock worth $29,000 after buying an additional 103 shares during the last quarter. Assetmark Inc. boosted its stake in NetApp by 3.0% in the 1st quarter. Assetmark Inc. now owns 3,540 shares of the data storage provider’s stock worth $362,000 after buying an additional 104 shares during the last quarter. Fifth Third Bancorp grew its holdings in NetApp by 0.9% in the 4th quarter. Fifth Third Bancorp now owns 12,559 shares of the data storage provider’s stock valued at $1,345,000 after buying an additional 108 shares during the period. Finally, Transamerica Financial Advisors LLC increased its stake in shares of NetApp by 16.8% during the 4th quarter. Transamerica Financial Advisors LLC now owns 833 shares of the data storage provider’s stock valued at $89,000 after acquiring an additional 120 shares during the last quarter. Hedge funds and other institutional investors own 92.17% of the company’s stock.

Insider Activity at NetApp

In other NetApp news, President Cesar Cernuda sold 49,464 shares of NetApp stock in a transaction that occurred on Tuesday, June 23rd. The shares were sold at an average price of $154.82, for a total transaction of $7,658,016.48. Following the transaction, the president directly owned 46,806 shares of the company’s stock, valued at $7,246,504.92. The trade was a 51.38% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, EVP Elizabeth M. O’callahan sold 1,000 shares of the business’s stock in a transaction that occurred on Monday, August 10th. The stock was sold at an average price of $193.82, for a total transaction of $193,820.00. Following the sale, the executive vice president owned 30,297 shares of the company’s stock, valued at approximately $5,872,164.54. This represents a 3.20% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold 55,072 shares of company stock worth $8,719,520 in the last 90 days. 0.36% of the stock is currently owned by insiders.

Analysts Set New Price Targets

Several brokerages have recently weighed in on NTAP. JPMorgan Chase & Co. increased their price objective on shares of NetApp from $110.00 to $150.00 and gave the stock a “neutral” rating in a report on Friday, May 29th. Susquehanna upped their price target on shares of NetApp from $110.00 to $185.00 and gave the stock a “neutral” rating in a research report on Friday, May 29th. Evercore set a $210.00 price target on shares of NetApp in a research note on Monday, August 24th. Barclays lifted their price target on shares of NetApp from $120.00 to $199.00 and gave the company an “overweight” rating in a report on Friday, May 29th. Finally, UBS Group restated a “neutral” rating and set a $160.00 price objective on shares of NetApp in a report on Friday, May 29th. Five analysts have rated the stock with a Buy rating and ten have issued a Hold rating to the company. Based on data from MarketBeat, the stock presently has an average rating of “Hold” and a consensus target price of $184.08.

NetApp Stock Performance

NASDAQ NTAP opened at $185.29 on Tuesday. The company has a debt-to-equity ratio of 1.84, a current ratio of 1.44 and a quick ratio of 1.39. NetApp, Inc. has a 1-year low of $93.69 and a 1-year high of $209.06. The firm has a market capitalization of $36.36 billion, a P/E ratio of 29.13, a P/E/G ratio of 3.33 and a beta of 1.45. The business’s 50-day simple moving average is $176.44 and its 200-day simple moving average is $138.83.

NetApp Company Profile

NetApp, Inc (NASDAQ: NTAP) is a data management and storage company that delivers hybrid cloud data services for applications and data. Founded in 1992 as Network Appliance and rebranded as NetApp in 2008, the company is headquartered in Sunnyvale, California. NetApp’s offering focuses on enabling organizations to store, manage, protect and move data across on-premises environments and major public clouds.

The company’s product portfolio centers on the ONTAP data management software and a range of storage systems and services built around it.