Parallel Advisors LLC Buys 2,457 Shares of NetApp, Inc. $NTAP

Parallel Advisors LLC boosted its stake in shares of NetApp, Inc. (NASDAQ:NTAP) by 81.1% in the second quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 5,486 shares of the data storage provider’s stock after purchasing an additional 2,457 shares during the quarter. Parallel Advisors LLC’s holdings in NetApp were worth $585,000 at the end of the most recent quarter.

A number of other large investors have also recently added to or reduced their stakes in the stock. Horizon Investments LLC boosted its holdings in NetApp by 3.8% in the first quarter. Horizon Investments LLC now owns 2,919 shares of the data storage provider’s stock valued at $255,000 after acquiring an additional 107 shares during the last quarter. Migdal Insurance & Financial Holdings Ltd. boosted its holdings in NetApp by 54.9% in the first quarter. Migdal Insurance & Financial Holdings Ltd. now owns 350 shares of the data storage provider’s stock valued at $31,000 after acquiring an additional 124 shares during the last quarter. Hohimer Wealth Management LLC boosted its holdings in NetApp by 0.4% in the first quarter. Hohimer Wealth Management LLC now owns 29,694 shares of the data storage provider’s stock valued at $2,608,000 after acquiring an additional 131 shares during the last quarter. Nissay Asset Management Corp Japan ADV boosted its holdings in NetApp by 0.5% in the first quarter. Nissay Asset Management Corp Japan ADV now owns 26,827 shares of the data storage provider’s stock valued at $2,356,000 after acquiring an additional 137 shares during the last quarter. Finally, Brooklyn Investment Group boosted its holdings in NetApp by 25.6% during the first quarter. Brooklyn Investment Group now owns 902 shares of the data storage provider’s stock worth $79,000 after buying an additional 184 shares during the last quarter. Institutional investors own 92.17% of the company’s stock.

NetApp Trading Down 0.9%

NASDAQ NTAP opened at $125.16 on Friday. The business has a 50 day simple moving average of $111.36 and a 200 day simple moving average of $100.72. NetApp, Inc. has a one year low of $71.84 and a one year high of $135.45. The stock has a market capitalization of $24.98 billion, a P/E ratio of 22.11, a P/E/G ratio of 2.75 and a beta of 1.46. The company has a debt-to-equity ratio of 2.55, a current ratio of 1.31 and a quick ratio of 1.28.

NetApp Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Wednesday, October 22nd. Stockholders of record on Friday, October 3rd will be issued a $0.52 dividend. This represents a $2.08 dividend on an annualized basis and a dividend yield of 1.7%. The ex-dividend date is Friday, October 3rd. NetApp’s dividend payout ratio (DPR) is currently 36.75%.

Insiders Place Their Bets

In related news, EVP Elizabeth M. O’callahan sold 1,000 shares of the business’s stock in a transaction dated Wednesday, September 10th. The stock was sold at an average price of $123.67, for a total transaction of $123,670.00. Following the completion of the transaction, the executive vice president directly owned 23,628 shares in the company, valued at $2,922,074.76. The trade was a 4.06% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CEO George Kurian sold 8,750 shares of the business’s stock in a transaction dated Wednesday, September 17th. The shares were sold at an average price of $122.91, for a total value of $1,075,462.50. Following the completion of the sale, the chief executive officer directly owned 274,938 shares of the company’s stock, valued at approximately $33,792,629.58. This trade represents a 3.08% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 28,750 shares of company stock worth $3,255,778 over the last quarter. 0.28% of the stock is currently owned by corporate insiders.

Analyst Upgrades and Downgrades

A number of equities analysts have issued reports on NTAP shares. Wedbush restated a “neutral” rating and set a $150.00 target price on shares of NetApp in a report on Thursday, August 28th. Bank of America raised their target price on NetApp from $121.00 to $125.00 and gave the stock a “neutral” rating in a report on Monday, August 25th. Morgan Stanley set a $117.00 target price on NetApp in a report on Thursday, August 28th. UBS Group raised their target price on NetApp from $108.00 to $114.00 and gave the stock a “neutral” rating in a report on Thursday, August 28th. Finally, Wells Fargo & Company cut their price objective on NetApp from $115.00 to $100.00 and set an “equal weight” rating on the stock in a report on Friday, May 30th. Seven research analysts have rated the stock with a Buy rating and ten have assigned a Hold rating to the stock. According to data from MarketBeat.com, the company has an average rating of “Hold” and a consensus price target of $124.07.

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.