5,010 Shares in NetApp, Inc. $NTAP Acquired by Pallas Capital Advisors LLC

Pallas Capital Advisors LLC purchased a new stake in shares of NetApp, Inc. (NASDAQ:NTAP) during the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission. The firm purchased 5,010 shares of the data storage provider’s stock, valued at approximately $534,000.

Other institutional investors also recently bought and sold shares of the company. Assenagon Asset Management S.A. lifted its holdings in NetApp by 39.6% during the 1st quarter. Assenagon Asset Management S.A. now owns 36,998 shares of the data storage provider’s stock worth $3,250,000 after buying an additional 10,494 shares in the last quarter. Achmea Investment Management B.V. grew its stake in shares of NetApp by 55.8% during the first quarter. Achmea Investment Management B.V. now owns 221,907 shares of the data storage provider’s stock worth $19,492,000 after buying an additional 79,457 shares during the last quarter. Burns Matteson Capital Management LLC acquired a new position in NetApp in the first quarter valued at $321,000. UNICOM Systems Inc. acquired a new position in shares of NetApp during the first quarter valued at about $13,483,000. Finally, Hennessy Advisors Inc. bought a new stake in NetApp in the 1st quarter worth about $2,050,000. 92.17% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

Several equities analysts recently commented on the stock. Argus reaffirmed a “buy” rating and set a $130.00 target price on shares of NetApp in a report on Friday, August 29th. JPMorgan Chase & Co. boosted their target price on shares of NetApp from $115.00 to $130.00 and gave the company an “overweight” rating in a research report on Thursday, July 17th. Northland Securities boosted their target price on shares of NetApp from $119.00 to $120.00 and gave the company a “market perform” rating in a research report on Thursday, August 28th. Citigroup upped their price target on shares of NetApp from $110.00 to $115.00 and gave the stock a “neutral” rating in a research report on Monday, August 11th. Finally, Barclays upped their price target on shares of NetApp from $117.00 to $125.00 and gave the stock an “overweight” rating in a research report on Thursday, August 28th. Seven equities research analysts have rated the stock with a Buy rating and ten have assigned a Hold rating to the company’s stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Hold” and a consensus price target of $124.07.

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 shares were sold at an average price of $123.67, for a total transaction of $123,670.00. Following the completion of the sale, the executive vice president owned 23,628 shares of the company’s stock, valued at $2,922,074.76. This represents a 4.06% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CEO George Kurian sold 8,750 shares of the company’s stock in a transaction that occurred on Wednesday, September 17th. The stock was sold at an average price of $122.91, for a total transaction 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 represents a 3.08% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 28,750 shares of company stock valued at $3,255,778. Company insiders own 0.28% of the company’s stock.

NetApp Stock Down 0.9%

NTAP stock opened at $125.16 on Friday. The company has a debt-to-equity ratio of 2.55, a quick ratio of 1.28 and a current ratio of 1.31. The company has a fifty day moving average of $111.36 and a 200-day moving average of $100.76. 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 PE ratio of 22.11, a price-to-earnings-growth ratio of 2.72 and a beta of 1.46.

NetApp Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Wednesday, October 22nd. Shareholders of record on Friday, October 3rd will be given a dividend of $0.52 per share. This represents a $2.08 dividend on an annualized basis and a yield of 1.7%. The ex-dividend date of this dividend is Friday, October 3rd. NetApp’s payout ratio is 36.75%.

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.