Philip James Wealth Mangement LLC Purchases Shares of 16,956 NetApp, Inc. (NASDAQ:NTAP)

Philip James Wealth Mangement LLC purchased a new stake in shares of NetApp, Inc. (NASDAQ:NTAP) in the 3rd quarter, according to the company in its most recent 13F filing with the SEC. The firm purchased 16,956 shares of the data storage provider’s stock, valued at approximately $2,094,000.

Other institutional investors have also added to or reduced their stakes in the company. Bessemer Group Inc. boosted its holdings in shares of NetApp by 46.1% in the 1st quarter. Bessemer Group Inc. now owns 16,720 shares of the data storage provider’s stock worth $1,754,000 after purchasing an additional 5,273 shares during the period. Headlands Technologies LLC purchased a new position in shares of NetApp in the 1st quarter worth approximately $473,000. Russell Investments Group Ltd. boosted its holdings in shares of NetApp by 60.5% in the 1st quarter. Russell Investments Group Ltd. now owns 527,064 shares of the data storage provider’s stock worth $55,355,000 after purchasing an additional 198,627 shares during the period. National Bank of Canada FI boosted its holdings in shares of NetApp by 221.9% in the 1st quarter. National Bank of Canada FI now owns 301,699 shares of the data storage provider’s stock worth $32,731,000 after purchasing an additional 207,968 shares during the period. Finally, Sei Investments Co. boosted its holdings in shares of NetApp by 63.9% in the 1st quarter. Sei Investments Co. now owns 343,218 shares of the data storage provider’s stock worth $36,025,000 after purchasing an additional 133,813 shares during the period. Hedge funds and other institutional investors own 92.17% of the company’s stock.

NetApp Stock Up 1.1 %

Shares of NTAP traded up $1.35 during trading hours on Friday, hitting $124.18. The company had a trading volume of 98,582 shares, compared to its average volume of 1,809,310. The company has a market capitalization of $25.43 billion, a PE ratio of 23.99, a price-to-earnings-growth ratio of 4.33 and a beta of 1.24. The company has a current ratio of 0.96, a quick ratio of 0.91 and a debt-to-equity ratio of 1.34. NetApp, Inc. has a one year low of $75.32 and a one year high of $135.01. The company’s fifty day moving average price is $120.87 and its two-hundred day moving average price is $120.98.

NetApp (NASDAQ:NTAP) last released its quarterly earnings results on Wednesday, August 28th. The data storage provider reported $1.56 EPS for the quarter, topping the consensus estimate of $1.45 by $0.11. The firm had revenue of $1.54 billion during the quarter, compared to analyst estimates of $1.53 billion. NetApp had a return on equity of 121.41% and a net margin of 17.01%. The business’s revenue for the quarter was up 7.6% compared to the same quarter last year. During the same period in the previous year, the company posted $0.84 EPS. As a group, equities analysts forecast that NetApp, Inc. will post 5.71 earnings per share for the current fiscal year.

NetApp Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Wednesday, October 23rd. Stockholders of record on Friday, October 4th were given a $0.52 dividend. This represents a $2.08 annualized dividend and a dividend yield of 1.67%. The ex-dividend date was Friday, October 4th. NetApp’s payout ratio is 40.63%.

Wall Street Analysts Forecast Growth

A number of equities analysts recently issued reports on NTAP shares. UBS Group boosted their price objective on NetApp from $121.00 to $134.00 and gave the company a “neutral” rating in a report on Thursday, August 29th. Loop Capital upgraded NetApp from a “hold” rating to a “buy” rating and boosted their price objective for the company from $121.00 to $150.00 in a report on Tuesday, September 3rd. Wedbush restated a “neutral” rating and set a $120.00 price objective on shares of NetApp in a report on Monday, August 26th. Evercore ISI boosted their price objective on NetApp from $120.00 to $130.00 and gave the company an “in-line” rating in a report on Monday, August 12th. Finally, Barclays boosted their price objective on NetApp from $116.00 to $119.00 and gave the company an “equal weight” rating in a report on Thursday, August 29th. One investment analyst has rated the stock with a sell rating, ten have issued a hold rating and six have issued a buy rating to the company’s stock. According to data from MarketBeat.com, NetApp currently has a consensus rating of “Hold” and an average price target of $129.06.

Insider Transactions at NetApp

In related news, CEO George Kurian sold 8,500 shares of the business’s stock in a transaction on Monday, October 21st. The stock was sold at an average price of $126.11, for a total transaction of $1,071,935.00. Following the transaction, the chief executive officer now directly owns 292,778 shares in the company, valued at $36,922,233.58. The trade was a 0.00 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. In related news, CAO Lorenzo Daniel De sold 1,685 shares of the business’s stock in a transaction on Tuesday, September 24th. The stock was sold at an average price of $123.60, for a total transaction of $208,266.00. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, CEO George Kurian sold 8,500 shares of the business’s stock in a transaction on Monday, October 21st. The stock was sold at an average price of $126.11, for a total value of $1,071,935.00. Following the transaction, the chief executive officer now owns 292,778 shares in the company, valued at approximately $36,922,233.58. This trade represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders sold 10,890 shares of company stock valued at $1,369,172. Corporate insiders own 0.47% of the company’s stock.

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.