5,580 Shares in NetApp, Inc. (NASDAQ:NTAP) Acquired by Suncoast Equity Management

Suncoast Equity Management bought a new position in NetApp, Inc. (NASDAQ:NTAP) in the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor bought 5,580 shares of the data storage provider’s stock, valued at approximately $648,000.

A number of other institutional investors and hedge funds have also bought and sold shares of the business. Handelsbanken Fonder AB boosted its holdings in NetApp by 33.7% during the 4th quarter. Handelsbanken Fonder AB now owns 176,458 shares of the data storage provider’s stock valued at $20,483,000 after acquiring an additional 44,453 shares during the period. Ieq Capital LLC lifted its position in NetApp by 25.6% in the fourth quarter. Ieq Capital LLC now owns 18,844 shares of the data storage provider’s stock valued at $2,187,000 after purchasing an additional 3,840 shares during the last quarter. Global Retirement Partners LLC boosted its stake in shares of NetApp by 261.1% during the fourth quarter. Global Retirement Partners LLC now owns 2,795 shares of the data storage provider’s stock valued at $324,000 after purchasing an additional 2,021 shares during the period. Kentucky Retirement Systems Insurance Trust Fund grew its holdings in shares of NetApp by 98.3% in the fourth quarter. Kentucky Retirement Systems Insurance Trust Fund now owns 12,069 shares of the data storage provider’s stock worth $1,401,000 after purchasing an additional 5,983 shares during the last quarter. Finally, Kestra Investment Management LLC increased its stake in shares of NetApp by 96.5% in the fourth quarter. Kestra Investment Management LLC now owns 6,628 shares of the data storage provider’s stock worth $769,000 after buying an additional 3,255 shares during the period. 92.17% of the stock is currently owned by institutional investors.

Insider Buying and Selling

In other NetApp news, EVP Elizabeth M. O’callahan sold 451 shares of NetApp stock in a transaction dated Friday, January 10th. The shares were sold at an average price of $116.79, for a total value of $52,672.29. Following the completion of the transaction, the executive vice president now directly owns 12,005 shares of the company’s stock, valued at approximately $1,402,063.95. The trade was a 3.62 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through 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 transaction of $1,509,250.00. Following the completion of the transaction, the chief financial officer now owns 123,243 shares in the company, valued at approximately $14,880,359.82. This represents a 9.21 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 60,903 shares of company stock worth $7,260,341 in the last 90 days. Insiders own 0.47% of the company’s stock.

Analysts Set New Price Targets

NTAP has been the subject of several analyst reports. Bank of America raised shares of NetApp from an “underperform” rating to a “neutral” rating and increased their price target for the company from $121.00 to $128.00 in a research report on Wednesday. Oppenheimer assumed coverage on shares of NetApp in a report on Wednesday, November 13th. They set a “market perform” rating for the company. Wells Fargo & Company reduced their price target on NetApp from $140.00 to $130.00 and set an “equal weight” rating on the stock in a report on Thursday. Northland Securities upped their price target on NetApp from $108.00 to $120.00 and gave the company a “market perform” rating in a research report on Friday, November 22nd. Finally, Susquehanna lowered NetApp from a “positive” rating to a “neutral” rating and cut their price objective for the stock from $155.00 to $130.00 in a research report on Monday, February 10th. Eleven analysts have rated the stock with a hold rating and six have issued a buy rating to the stock. According to data from MarketBeat.com, NetApp has an average rating of “Hold” and an average target price of $137.33.

NetApp Stock Up 0.0 %

NASDAQ:NTAP opened at $124.55 on Friday. 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’s 50-day moving average price is $120.05 and its 200-day moving average price is $121.84. The company has a market capitalization of $25.32 billion, a PE ratio of 22.90, a P/E/G ratio of 2.96 and a beta of 1.23. 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 earnings per share for the quarter, topping analysts’ consensus estimates of $1.78 by $0.09. NetApp had a net margin of 17.78% and a return on equity of 123.63%. The business had revenue of $1.66 billion for the quarter, compared to analysts’ expectations of $1.65 billion. During the same quarter in the prior year, the company earned $1.23 earnings per share. The business’s revenue was up 6.1% compared to the same quarter last year. On average, equities analysts predict that NetApp, Inc. will post 5.89 EPS for the current fiscal year.

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.