Balboa Wealth Partners Sells 724 Shares of NetApp, Inc. (NASDAQ:NTAP)

Balboa Wealth Partners lowered its position in NetApp, Inc. (NASDAQ:NTAP) by 21.5% in the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 2,646 shares of the data storage provider’s stock after selling 724 shares during the period. Balboa Wealth Partners’ holdings in NetApp were worth $307,000 at the end of the most recent reporting period.

A number of other hedge funds also recently bought and sold shares of NTAP. Migdal Insurance & Financial Holdings Ltd. bought a new stake in shares of NetApp during the 4th quarter valued at about $26,000. Assetmark Inc. boosted its holdings in shares of NetApp by 826.9% in the fourth quarter. Assetmark Inc. now owns 241 shares of the data storage provider’s stock worth $28,000 after buying an additional 215 shares during the last quarter. Synergy Investment Management LLC purchased a new position in shares of NetApp in the fourth quarter worth approximately $32,000. Golden State Wealth Management LLC bought a new stake in NetApp during the fourth quarter valued at approximately $35,000. Finally, OFI Invest Asset Management bought a new position in NetApp in the fourth quarter worth approximately $39,000. Hedge funds and other institutional investors own 92.17% of the company’s stock.

NetApp Stock Performance

Shares of NASDAQ NTAP opened at $90.06 on Friday. The company has a market cap of $18.32 billion, a P/E ratio of 16.56, a P/E/G ratio of 2.45 and a beta of 1.24. NetApp, Inc. has a 52-week low of $89.88 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 firm’s fifty day moving average is $115.43 and its two-hundred day moving average is $119.48.

NetApp Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, April 23rd. Shareholders of record on Friday, April 4th will be paid a $0.52 dividend. This represents a $2.08 dividend on an annualized basis and a yield of 2.31%. The ex-dividend date of this dividend is Friday, April 4th. NetApp’s payout ratio is 38.52%.

Analyst Ratings Changes

Several research analysts have recently weighed in on the stock. TD Cowen dropped their price target on shares of NetApp from $160.00 to $130.00 and set a “buy” rating on the stock in a research note on Friday, February 28th. Barclays cut their price target on NetApp from $132.00 to $115.00 and set an “equal weight” rating for the company in a report on Friday, February 28th. Keefe, Bruyette & Woods raised NetApp to an “outperform” rating in a research note on Wednesday, February 19th. Citigroup cut their price objective on NetApp from $135.00 to $110.00 and set a “neutral” rating for the company in a research note on Monday, March 3rd. Finally, Loop Capital reduced their target price on shares of NetApp from $150.00 to $130.00 and set a “buy” rating for the company in a report on Tuesday, March 4th. Twelve research analysts have rated the stock with a hold rating and six have assigned a buy rating to the stock. According to MarketBeat.com, the stock currently has an average rating of “Hold” and an average price target of $129.07.

Insider Transactions at NetApp

In related news, EVP Elizabeth M. O’callahan sold 451 shares of NetApp stock in a transaction dated Friday, January 10th. The stock was sold at an average price of $116.79, for a total value of $52,672.29. Following the completion of the transaction, the executive vice president now owns 12,005 shares in the company, valued at approximately $1,402,063.95. This trade represents a 3.62 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, President Cesar Cernuda sold 22,000 shares of the company’s stock in a transaction that occurred on Monday, December 30th. The shares were sold at an average price of $114.99, for a total value of $2,529,780.00. Following the sale, the president now owns 27,099 shares in the company, valued at approximately $3,116,114.01. This trade represents a 44.81 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 61,431 shares of company stock valued at $7,309,224 in the last ninety days. Corporate insiders own 0.47% of the company’s stock.

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.