Victory Capital Management Inc. Acquires 200,081 Shares of NetApp, Inc. (NASDAQ:NTAP)

Victory Capital Management Inc. boosted its holdings in NetApp, Inc. (NASDAQ:NTAP) by 49.4% in the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 605,004 shares of the data storage provider’s stock after buying an additional 200,081 shares during the quarter. Victory Capital Management Inc. owned approximately 0.30% of NetApp worth $74,724,000 at the end of the most recent reporting period.

Other large investors have also added to or reduced their stakes in the company. Hollencrest Capital Management bought a new position in NetApp in the 2nd quarter valued at approximately $26,000. J.Safra Asset Management Corp increased its position in NetApp by 706.3% during the 1st quarter. J.Safra Asset Management Corp now owns 258 shares of the data storage provider’s stock valued at $27,000 after purchasing an additional 226 shares during the period. Northwest Investment Counselors LLC acquired a new stake in NetApp during the 3rd quarter valued at approximately $27,000. New Covenant Trust Company N.A. acquired a new stake in NetApp during the 1st quarter valued at approximately $28,000. Finally, Redwood Wealth Management Group LLC acquired a new stake in NetApp during the 2nd quarter valued at approximately $32,000. Institutional investors own 92.17% of the company’s stock.

Analysts Set New Price Targets

A number of research firms have weighed in on NTAP. Oppenheimer began coverage on shares of NetApp in a research report on Wednesday. They set a “market perform” rating for the company. Bank of America increased their target price on shares of NetApp from $105.00 to $110.00 and gave the company an “underperform” rating in a research report on Thursday, August 29th. Stifel Nicolaus raised their price objective on shares of NetApp from $138.00 to $140.00 and gave the stock a “buy” rating in a research report on Thursday, August 29th. Loop Capital raised shares of NetApp from a “hold” rating to a “buy” rating and raised their price objective for the stock from $121.00 to $150.00 in a research report on Tuesday, September 3rd. Finally, Citigroup raised their price objective on shares of NetApp from $120.00 to $130.00 and gave the stock a “neutral” rating in a research report on Thursday, August 15th. One research analyst has rated the stock with a sell rating, eleven have issued a hold rating and six have issued a buy rating to the stock. According to data from MarketBeat, the stock currently has a consensus rating of “Hold” and a consensus target price of $129.06.

Insider Buying and Selling at NetApp

In other NetApp news, CAO Lorenzo Daniel De sold 1,685 shares of the firm’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 legal filing with the SEC, which is available through the SEC website. In other news, CEO George Kurian sold 8,500 shares of NetApp 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 sale, 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 transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CAO Lorenzo Daniel De sold 1,685 shares of NetApp stock in a transaction on Tuesday, September 24th. The stock was sold at an average price of $123.60, for a total value of $208,266.00. The disclosure for this sale can be found here. In the last three months, insiders have sold 10,890 shares of company stock worth $1,369,172. Corporate insiders own 0.47% of the company’s stock.

NetApp Price Performance

Shares of NTAP opened at $119.68 on Thursday. NetApp, Inc. has a 12-month low of $76.41 and a 12-month high of $135.01. The business’s fifty day moving average is $121.07 and its 200 day moving average is $121.76. The company has a quick ratio of 0.91, a current ratio of 0.96 and a debt-to-equity ratio of 1.34. The stock has a market cap of $24.51 billion, a P/E ratio of 23.38, a P/E/G ratio of 4.54 and a beta of 1.24.

NetApp (NASDAQ:NTAP) last issued its quarterly earnings data on Wednesday, August 28th. The data storage provider reported $1.56 earnings per share for the quarter, beating the consensus estimate of $1.45 by $0.11. NetApp had a return on equity of 121.41% and a net margin of 17.01%. The business had revenue of $1.54 billion for the quarter, compared to analysts’ expectations of $1.53 billion. During the same period last year, the business earned $0.84 EPS. The business’s revenue was up 7.6% on a year-over-year basis. Sell-side analysts anticipate that NetApp, Inc. will post 5.71 earnings per share for the current fiscal year.

NetApp Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Wednesday, October 23rd. Shareholders of record on Friday, October 4th were paid a dividend of $0.52 per share. This represents a $2.08 annualized dividend and a yield of 1.74%. The ex-dividend date was Friday, October 4th. NetApp’s dividend payout ratio (DPR) is presently 40.62%.

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.