Kingsview Wealth Management LLC Sells 1,671 Shares of NetApp, Inc. (NASDAQ:NTAP)

Kingsview Wealth Management LLC cut its holdings in shares of NetApp, Inc. (NASDAQ:NTAP) by 17.6% during the 3rd quarter, HoldingsChannel.com reports. The fund owned 7,830 shares of the data storage provider’s stock after selling 1,671 shares during the period. Kingsview Wealth Management LLC’s holdings in NetApp were worth $967,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Intech Investment Management LLC lifted its holdings in shares of NetApp by 8.9% during the 3rd quarter. Intech Investment Management LLC now owns 302,010 shares of the data storage provider’s stock valued at $37,301,000 after purchasing an additional 24,651 shares in the last quarter. The Manufacturers Life Insurance Company raised its holdings in NetApp by 4.7% during the 2nd quarter. The Manufacturers Life Insurance Company now owns 186,777 shares of the data storage provider’s stock worth $24,057,000 after buying an additional 8,305 shares during the period. Legal & General Group Plc lifted its stake in NetApp by 3.5% in the second quarter. Legal & General Group Plc now owns 2,405,363 shares of the data storage provider’s stock valued at $309,811,000 after buying an additional 82,378 shares in the last quarter. Cetera Investment Advisers boosted its holdings in shares of NetApp by 132.1% in the first quarter. Cetera Investment Advisers now owns 28,230 shares of the data storage provider’s stock valued at $2,963,000 after buying an additional 16,066 shares during the period. Finally, Hilton Capital Management LLC bought a new stake in shares of NetApp during the third quarter worth $4,059,000. 92.17% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

Several equities research analysts recently commented on the stock. TD Cowen boosted their price objective on shares of NetApp from $145.00 to $160.00 and gave the company a “buy” rating in a research report on Friday, November 22nd. Northland Securities boosted their price target on NetApp from $108.00 to $120.00 and gave the company a “market perform” rating in a report on Friday, November 22nd. Evercore ISI increased their price objective on NetApp from $120.00 to $130.00 and gave the stock an “in-line” rating in a report on Monday, August 12th. Oppenheimer started coverage on NetApp in a research note on Wednesday, November 13th. They issued a “market perform” rating on the stock. Finally, Citigroup raised their price target on shares of NetApp from $130.00 to $135.00 and gave the stock a “neutral” rating in a research note on Friday, November 22nd. One analyst has rated the stock with a sell rating, eleven have issued a hold rating and six have given a buy rating to the stock. According to MarketBeat.com, NetApp has an average rating of “Hold” and a consensus target price of $134.00.

Insider Buying and Selling

In related news, EVP Elizabeth M. O’callahan sold 705 shares of NetApp stock in a transaction that occurred on Thursday, October 10th. The stock was sold at an average price of $126.20, for a total transaction of $88,971.00. Following the completion of the sale, the executive vice president now directly owns 11,694 shares of the company’s stock, valued at approximately $1,475,782.80. This trade represents a 5.69 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, CAO Lorenzo Daniel De sold 1,685 shares of the business’s stock in a transaction on Tuesday, September 24th. The shares were 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 90 days, insiders sold 23,049 shares of company stock valued at $2,807,851. Company insiders own 0.47% of the company’s stock.

NetApp Trading Up 2.7 %

Shares of NASDAQ:NTAP opened at $129.60 on Wednesday. NetApp, Inc. has a 52-week low of $77.56 and a 52-week high of $135.45. The company has a debt-to-equity ratio of 1.39, a quick ratio of 0.84 and a current ratio of 0.91. The company has a market capitalization of $26.54 billion, a P/E ratio of 23.82, a price-to-earnings-growth ratio of 3.15 and a beta of 1.24. The company has a 50-day simple moving average of $122.25 and a 200 day simple moving average of $122.96.

NetApp (NASDAQ:NTAP) last issued its earnings results on Thursday, November 21st. The data storage provider reported $1.87 EPS for the quarter, topping the consensus estimate of $1.78 by $0.09. NetApp had a return on equity of 123.63% and a net margin of 17.78%. The company had revenue of $1.66 billion during the quarter, compared to the consensus estimate of $1.65 billion. During the same period in the previous year, the company posted $1.23 EPS. The firm’s revenue for the quarter was up 6.1% compared to the same quarter last year. Sell-side analysts forecast that NetApp, Inc. will post 5.71 earnings per share for the current year.

NetApp Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Wednesday, January 22nd. Stockholders of record on Friday, January 3rd will be paid a dividend of $0.52 per share. This represents a $2.08 dividend on an annualized basis and a dividend yield of 1.60%. The ex-dividend date of this dividend is Friday, January 3rd. NetApp’s dividend payout ratio is presently 38.24%.

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.