Wealth Alliance Sells 515 Shares of NetApp, Inc. (NASDAQ:NTAP)

Wealth Alliance reduced its holdings in shares of NetApp, Inc. (NASDAQ:NTAP) by 18.2% in the 4th quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 2,316 shares of the data storage provider’s stock after selling 515 shares during the quarter. Wealth Alliance’s holdings in NetApp were worth $269,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also modified their holdings of NTAP. Creative Planning lifted its position in shares of NetApp by 8.7% during the 3rd quarter. Creative Planning now owns 26,001 shares of the data storage provider’s stock worth $3,211,000 after buying an additional 2,073 shares during the last quarter. Allspring Global Investments Holdings LLC lifted its position in shares of NetApp by 279.1% during the 3rd quarter. Allspring Global Investments Holdings LLC now owns 57,470 shares of the data storage provider’s stock worth $7,098,000 after buying an additional 42,312 shares during the last quarter. Sequoia Financial Advisors LLC raised its position in NetApp by 51.0% in the third quarter. Sequoia Financial Advisors LLC now owns 3,255 shares of the data storage provider’s stock valued at $402,000 after purchasing an additional 1,099 shares during the last quarter. Eastern Bank bought a new position in NetApp in the third quarter valued at about $109,000. Finally, Private Advisor Group LLC raised its position in NetApp by 25.4% in the third quarter. Private Advisor Group LLC now owns 3,166 shares of the data storage provider’s stock valued at $391,000 after purchasing an additional 642 shares during the last quarter. 92.17% of the stock is currently owned by institutional investors.

NetApp Trading Down 0.1 %

NASDAQ NTAP opened at $124.47 on Friday. The business has a 50 day simple moving average of $120.07 and a 200 day simple moving average of $121.86. NetApp, Inc. has a one year low of $85.28 and a one year high of $135.45. The stock has a market capitalization of $25.31 billion, a P/E ratio of 22.88, a P/E/G ratio of 2.96 and a beta of 1.23. 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 (NASDAQ:NTAP) last released its earnings results on Thursday, November 21st. The data storage provider reported $1.87 EPS for the quarter, topping the consensus estimate 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 analysts’ expectations of $1.65 billion. During the same quarter last year, the firm posted $1.23 earnings per share. The firm’s revenue was up 6.1% on a year-over-year basis. Research analysts expect that NetApp, Inc. will post 5.89 earnings per share for the current year.

Insider Buying and Selling

In other NetApp news, President Cesar Cernuda sold 22,000 shares of the firm’s stock in a transaction that occurred on Monday, December 30th. The stock was sold at an average price of $114.99, for a total value of $2,529,780.00. Following the completion of the sale, the president now owns 27,099 shares of the company’s stock, valued at approximately $3,116,114.01. This trade represents a 44.81 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, CEO George Kurian sold 8,500 shares of the firm’s stock in a transaction that occurred on Tuesday, February 18th. The shares were sold at an average price of $119.04, for a total value of $1,011,840.00. Following the completion of the sale, the chief executive officer now directly owns 266,765 shares of the company’s stock, valued at $31,755,705.60. This trade represents a 3.09 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 60,903 shares of company stock valued at $7,260,341 over the last 90 days. Company insiders own 0.47% of the company’s stock.

Wall Street Analyst Weigh In

Several research firms have commented on NTAP. Citigroup increased their target price on NetApp from $130.00 to $135.00 and gave the company a “neutral” rating in a research report on Friday, November 22nd. Stifel Nicolaus increased their target price on NetApp from $140.00 to $145.00 and gave the company a “buy” rating in a research report on Friday, November 22nd. Bank of America upgraded NetApp from an “underperform” rating to a “neutral” rating and increased their target price for the company from $121.00 to $128.00 in a research report on Wednesday. Oppenheimer began coverage on NetApp in a research report on Wednesday, November 13th. They issued a “market perform” rating for the company. Finally, TD Cowen increased their target price on NetApp from $145.00 to $160.00 and gave the company a “buy” rating in a research report on Friday, November 22nd. Eleven research analysts have rated the stock with a hold rating and six have given a buy rating to the stock. According to data from MarketBeat.com, NetApp currently has an average rating of “Hold” and an average price target of $137.33.

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.