NetApp, Inc. (NASDAQ:NTAP) Holdings Lowered by Hollencrest Capital Management

Hollencrest Capital Management reduced its stake in NetApp, Inc. (NASDAQ:NTAP) by 22.6% in the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 410 shares of the data storage provider’s stock after selling 120 shares during the period. Hollencrest Capital Management’s holdings in NetApp were worth $48,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors and hedge funds have also made changes to their positions in the company. Migdal Insurance & Financial Holdings Ltd. acquired a new stake in NetApp in the fourth quarter worth approximately $26,000. Assetmark Inc. raised its stake in shares of NetApp by 826.9% in the 4th quarter. Assetmark Inc. now owns 241 shares of the data storage provider’s stock worth $28,000 after buying an additional 215 shares in the last quarter. Synergy Investment Management LLC acquired a new stake in shares of NetApp in the fourth quarter valued at $32,000. Golden State Wealth Management LLC bought a new position in NetApp during the fourth quarter valued at about $35,000. Finally, OFI Invest Asset Management acquired a new position in NetApp during the fourth quarter worth about $39,000. 92.17% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

A number of equities research analysts have weighed in on the stock. Wells Fargo & Company cut their price target on shares of NetApp from $130.00 to $115.00 and set an “equal weight” rating for the company in a report on Friday, February 28th. Keefe, Bruyette & Woods raised shares of NetApp to an “outperform” rating in a research note on Wednesday, February 19th. Susquehanna cut shares of NetApp from a “positive” rating to a “neutral” rating and reduced their target price for the stock from $155.00 to $130.00 in a report on Monday, February 10th. Loop Capital dropped their price target on NetApp from $150.00 to $130.00 and set a “buy” rating on the stock in a report on Tuesday, March 4th. Finally, Oppenheimer initiated coverage on NetApp in a research note on Wednesday, November 13th. They set a “market perform” rating for the company. Twelve equities research analysts have rated the stock with a hold rating and six have issued a buy rating to the company’s stock. According to data from MarketBeat, the stock presently has an average rating of “Hold” and a consensus price target of $129.07.

NetApp Stock Performance

NTAP stock opened at $91.49 on Thursday. The firm has a 50 day simple moving average of $115.94 and a 200 day simple moving average of $119.69. NetApp, Inc. has a 52 week low of $90.08 and a 52 week high of $135.45. The stock has a market cap of $18.61 billion, a P/E ratio of 16.82, a P/E/G ratio of 2.45 and a beta of 1.24. The company has a debt-to-equity ratio of 1.39, a quick ratio of 0.84 and a current ratio of 0.91.

NetApp Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Wednesday, April 23rd. Shareholders of record on Friday, April 4th 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 2.27%. The ex-dividend date of this dividend is Friday, April 4th. NetApp’s dividend payout ratio (DPR) is currently 38.52%.

Insider Activity

In other NetApp news, CEO George Kurian sold 8,500 shares of the business’s stock in a transaction dated Monday, December 16th. The stock was sold at an average price of $124.29, for a total value of $1,056,465.00. Following the completion of the sale, the chief executive officer now owns 279,782 shares of the company’s stock, valued at $34,774,104.78. The trade was a 2.95 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, EVP Elizabeth M. O’callahan sold 528 shares of the stock in a transaction dated Monday, March 10th. The shares were sold at an average price of $92.58, for a total value of $48,882.24. Following the transaction, the executive vice president now directly owns 12,900 shares in the company, valued at approximately $1,194,282. This represents a 3.93 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 61,431 shares of company stock worth $7,309,224 in the last ninety days. Corporate insiders own 0.47% of the company’s stock.

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.