Mach 1 Financial Group LLC Acquires New Stake in NetApp, Inc. (NASDAQ:NTAP)

Mach 1 Financial Group LLC acquired a new stake in shares of NetApp, Inc. (NASDAQ:NTAP) during the fourth quarter, HoldingsChannel reports. The institutional investor acquired 8,313 shares of the data storage provider’s stock, valued at approximately $733,000.

Other large investors have also made changes to their positions in the company. ORG Partners LLC boosted its stake in shares of NetApp by 14,650.0% during the fourth quarter. ORG Partners LLC now owns 295 shares of the data storage provider’s stock valued at $26,000 after acquiring an additional 293 shares during the last quarter. UMB Bank n.a. lifted its position in NetApp by 82.9% during the fourth quarter. UMB Bank n.a. now owns 331 shares of the data storage provider’s stock worth $29,000 after buying an additional 150 shares during the period. Larson Financial Group LLC purchased a new position in NetApp during the third quarter worth about $27,000. Planned Solutions Inc. purchased a new position in NetApp during the fourth quarter worth about $34,000. Finally, First Pacific Financial purchased a new position in NetApp during the third quarter worth about $29,000. Institutional investors and hedge funds own 92.17% of the company’s stock.

Insider Buying and Selling

In other NetApp news, EVP Elizabeth M. O’callahan sold 871 shares of NetApp stock in a transaction on Wednesday, April 10th. The stock was sold at an average price of $103.02, for a total transaction of $89,730.42. Following the sale, the executive vice president now owns 9,601 shares of the company’s stock, valued at approximately $989,095.02. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. In other NetApp news, EVP Elizabeth M. O’callahan sold 871 shares of NetApp stock in a transaction on Wednesday, April 10th. The stock was sold at an average price of $103.02, for a total transaction of $89,730.42. Following the sale, the executive vice president now owns 9,601 shares of the company’s stock, valued at approximately $989,095.02. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CEO George Kurian sold 8,500 shares of NetApp stock in a transaction on Tuesday, March 19th. The shares were sold at an average price of $101.44, for a total value of $862,240.00. Following the sale, the chief executive officer now directly owns 261,202 shares in the company, valued at approximately $26,496,330.88. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 40,371 shares of company stock valued at $4,139,505. Insiders own 0.37% of the company’s stock.

NetApp Stock Performance

Shares of NTAP traded down $0.27 during mid-day trading on Tuesday, hitting $102.21. The stock had a trading volume of 1,274,181 shares, compared to its average volume of 1,857,988. The company has a market cap of $21.09 billion, a PE ratio of 23.23, a PEG ratio of 2.24 and a beta of 1.28. The company’s fifty day simple moving average is $100.88 and its two-hundred day simple moving average is $89.83. The company has a quick ratio of 1.11, a current ratio of 1.15 and a debt-to-equity ratio of 2.00. NetApp, Inc. has a fifty-two week low of $61.54 and a fifty-two week high of $112.48.

NetApp (NASDAQ:NTAP) last announced its quarterly earnings results on Thursday, February 29th. The data storage provider reported $1.94 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.69 by $0.25. The business had revenue of $1.61 billion for the quarter, compared to the consensus estimate of $1.59 billion. NetApp had a return on equity of 109.49% and a net margin of 15.21%. The business’s revenue was up 5.2% on a year-over-year basis. During the same quarter last year, the business posted $1.02 EPS. On average, equities analysts expect that NetApp, Inc. will post 5.16 earnings per share for the current year.

NetApp Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Wednesday, April 24th. Investors of record on Friday, April 5th were issued a $0.50 dividend. This represents a $2.00 annualized dividend and a dividend yield of 1.96%. The ex-dividend date of this dividend was Thursday, April 4th. NetApp’s dividend payout ratio (DPR) is 45.45%.

Wall Street Analysts Forecast Growth

NTAP has been the topic of a number of research reports. UBS Group raised their price objective on NetApp from $93.00 to $96.00 and gave the stock a “neutral” rating in a report on Friday, March 1st. TD Cowen raised their price objective on NetApp from $100.00 to $120.00 and gave the stock an “outperform” rating in a report on Friday, March 1st. Wedbush raised their price objective on NetApp from $85.00 to $100.00 and gave the stock a “neutral” rating in a report on Friday, March 1st. Stifel Nicolaus restated a “buy” rating and issued a $120.00 price objective (up from $105.00) on shares of NetApp in a report on Friday, March 1st. Finally, Citigroup increased their target price on NetApp from $90.00 to $110.00 and gave the company a “neutral” rating in a research note on Tuesday, March 5th. One equities research analyst has rated the stock with a sell rating, ten have assigned a hold rating and six have given a buy rating to the stock. According to data from MarketBeat.com, the company has an average rating of “Hold” and a consensus target price of $100.60.

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.