NetApp, Inc. (NASDAQ:NTAP) Shares Bought by Convergence Investment Partners LLC

Convergence Investment Partners LLC raised its stake in NetApp, Inc. (NASDAQ:NTAP) by 53.2% in the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 20,423 shares of the data storage provider’s stock after acquiring an additional 7,093 shares during the quarter. Convergence Investment Partners LLC’s holdings in NetApp were worth $1,800,000 at the end of the most recent reporting period.

Other large investors also recently bought and sold shares of the company. ORG Partners LLC increased its position 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 worth $26,000 after purchasing an additional 293 shares in the last quarter. Larson Financial Group LLC acquired a new position in NetApp during the third quarter worth $27,000. First Pacific Financial acquired a new position in NetApp during the third quarter worth $29,000. UMB Bank n.a. boosted its stake 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 last quarter. Finally, Planned Solutions Inc. acquired a new position in NetApp during the fourth quarter worth $34,000. 92.17% of the stock is owned by institutional investors and hedge funds.

NetApp Stock Up 0.4 %

NASDAQ NTAP traded up $0.39 during trading hours on Friday, hitting $101.33. 2,124,805 shares of the company were exchanged, compared to its average volume of 1,401,973. The company has a 50 day moving average of $100.21 and a two-hundred day moving average of $89.36. 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 52-week low of $61.54 and a 52-week high of $112.48. The firm has a market cap of $20.91 billion, a price-to-earnings ratio of 23.03, a PEG ratio of 2.24 and a beta of 1.28.

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

NetApp Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Wednesday, April 24th. Stockholders of record on Friday, April 5th were issued a $0.50 dividend. The ex-dividend date of this dividend was Thursday, April 4th. This represents a $2.00 dividend on an annualized basis and a dividend yield of 1.97%. NetApp’s payout ratio is currently 45.45%.

Wall Street Analyst Weigh In

A number of research firms have weighed in on NTAP. JPMorgan Chase & Co. boosted their price objective on NetApp from $87.00 to $95.00 and gave the stock an “underweight” rating in a research note on Friday, March 1st. TD Cowen upped their price target on NetApp from $100.00 to $120.00 and gave the company an “outperform” rating in a research note on Friday, March 1st. Raymond James reaffirmed a “market perform” rating on shares of NetApp in a research note on Tuesday, January 16th. StockNews.com lowered NetApp from a “strong-buy” rating to a “buy” rating in a research note on Thursday, March 7th. Finally, Wedbush upped their price target on NetApp from $85.00 to $100.00 and gave the company a “neutral” rating in a research note on Friday, March 1st. One investment analyst has rated the stock with a sell rating, ten have given a hold rating and six have issued a buy rating to the stock. According to MarketBeat.com, NetApp has an average rating of “Hold” and an average target price of $100.60.

Insider Buying and Selling

In related news, CEO George Kurian sold 8,500 shares of the firm’s stock in a transaction that occurred on Monday, April 15th. The stock was sold at an average price of $103.16, for a total transaction of $876,860.00. Following the transaction, the chief executive officer now owns 252,702 shares in the company, valued at approximately $26,068,738.32. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. In other news, CEO George Kurian sold 8,500 shares of the firm’s stock in a transaction that occurred on Monday, April 15th. The stock was sold at an average price of $103.16, for a total value of $876,860.00. Following the completion of the sale, the chief executive officer now directly owns 252,702 shares of the company’s stock, valued at approximately $26,068,738.32. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, EVP Elizabeth M. O’callahan sold 871 shares of the firm’s stock in a transaction that occurred on Wednesday, April 10th. The shares were sold at an average price of $103.02, for a total value of $89,730.42. Following the completion of the sale, the executive vice president now directly owns 9,601 shares of the company’s stock, valued at $989,095.02. The disclosure for this sale can be found here. Insiders have sold 40,371 shares of company stock worth $4,139,505 in the last quarter. 0.37% of the stock is owned by 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.