Lifeworks Advisors LLC Raises Position in NetApp, Inc. (NASDAQ:NTAP)

Lifeworks Advisors LLC lifted its stake in shares of NetApp, Inc. (NASDAQ:NTAP) by 0.8% in the 3rd quarter, HoldingsChannel reports. The firm owned 21,454 shares of the data storage provider’s stock after buying an additional 171 shares during the quarter. Lifeworks Advisors LLC’s holdings in NetApp were worth $2,650,000 as of its most recent filing with the Securities & Exchange Commission.

Several other large investors also recently modified their holdings of NTAP. Hollencrest Capital Management bought a new position in NetApp in the 2nd quarter worth approximately $26,000. J.Safra Asset Management Corp boosted its holdings in NetApp by 706.3% in the 1st quarter. J.Safra Asset Management Corp now owns 258 shares of the data storage provider’s stock worth $27,000 after buying an additional 226 shares during the period. Northwest Investment Counselors LLC bought a new position in NetApp in the 3rd quarter worth approximately $27,000. New Covenant Trust Company N.A. bought a new position in NetApp in the 1st quarter worth approximately $28,000. Finally, Redwood Wealth Management Group LLC bought a new position in NetApp in the 2nd quarter worth approximately $32,000. Hedge funds and other institutional investors own 92.17% of the company’s stock.

Wall Street Analyst Weigh In

Several research analysts recently commented on the stock. Bank of America raised their price objective on shares of NetApp from $105.00 to $110.00 and gave the stock an “underperform” rating in a report on Thursday, August 29th. Loop Capital raised shares of NetApp from a “hold” rating to a “buy” rating and raised their price target for the company from $121.00 to $150.00 in a report on Tuesday, September 3rd. Susquehanna reissued a “positive” rating and issued a $155.00 price target on shares of NetApp in a report on Monday, August 26th. UBS Group raised their price target on shares of NetApp from $121.00 to $134.00 and gave the company a “neutral” rating in a report on Thursday, August 29th. Finally, Barclays raised their price target on shares of NetApp from $116.00 to $119.00 and gave the company an “equal weight” rating in a report on Thursday, August 29th. One analyst has rated the stock with a sell rating, eleven have given a hold rating and six have given a buy rating to the stock. Based on data from MarketBeat.com, the company has a consensus rating of “Hold” and a consensus target price of $129.06.

Insider Buying and Selling

In related news, CAO Lorenzo Daniel De sold 1,685 shares of NetApp 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 sale was disclosed in a filing with the SEC, which is available through this hyperlink. In related news, CAO Lorenzo Daniel De sold 1,685 shares of NetApp 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 sale was disclosed in a filing with the SEC, which is available through this hyperlink. Also, EVP Elizabeth M. O’callahan sold 705 shares of NetApp stock in a transaction on Thursday, October 10th. The shares were 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 owns 11,694 shares in the company, valued at approximately $1,475,782.80. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 10,890 shares of company stock valued at $1,369,172 over the last three months. 0.47% of the stock is owned by company insiders.

NetApp Price Performance

Shares of NTAP stock traded down $1.72 during trading hours on Thursday, hitting $117.96. 275,864 shares of the company’s stock were exchanged, compared to its average volume of 1,801,099. The company has a market capitalization of $24.16 billion, a PE ratio of 23.38, a PEG ratio of 4.54 and a beta of 1.24. NetApp, Inc. has a 12-month low of $76.41 and a 12-month high of $135.01. The business’s 50 day simple moving average is $121.08 and its 200-day simple moving average is $121.74. 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 (NASDAQ:NTAP) last posted 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 for the quarter, compared to the consensus estimate of $1.53 billion. NetApp had a net margin of 17.01% and a return on equity of 121.41%. The business’s revenue was up 7.6% compared to the same quarter last year. During the same period last year, the firm posted $0.84 earnings per share. On average, equities research analysts anticipate that NetApp, Inc. will post 5.71 earnings per share for the current year.

NetApp Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Wednesday, October 23rd. Investors of record on Friday, October 4th were paid a $0.52 dividend. This represents a $2.08 annualized dividend and a dividend yield of 1.76%. The ex-dividend date was Friday, October 4th. NetApp’s payout ratio is 40.62%.

About NetApp

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.