Providence Capital Advisors LLC Invests $2.59 Million in NetApp Inc. (NASDAQ:NTAP)

Providence Capital Advisors LLC purchased a new position in NetApp Inc. (NASDAQ:NTAP) during the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor purchased 42,000 shares of the data storage provider’s stock, valued at approximately $2,591,000. NetApp comprises 1.5% of Providence Capital Advisors LLC’s holdings, making the stock its 23rd largest holding.

Several other institutional investors also recently bought and sold shares of the stock. Commerce Bank lifted its stake in NetApp by 1.3% during the 1st quarter. Commerce Bank now owns 13,951 shares of the data storage provider’s stock valued at $967,000 after acquiring an additional 183 shares during the period. Wetherby Asset Management Inc. increased its position in shares of NetApp by 6.1% during the 1st quarter. Wetherby Asset Management Inc. now owns 4,032 shares of the data storage provider’s stock valued at $280,000 after purchasing an additional 231 shares during the last quarter. Parallel Advisors LLC increased its holdings in NetApp by 83.8% during the first quarter. Parallel Advisors LLC now owns 509 shares of the data storage provider’s stock valued at $35,000 after buying an additional 232 shares during the last quarter. Penserra Capital Management LLC raised its position in NetApp by 17.2% in the first quarter. Penserra Capital Management LLC now owns 1,632 shares of the data storage provider’s stock worth $113,000 after acquiring an additional 240 shares during the period. Finally, World Asset Management Inc boosted its stake in shares of NetApp by 1.5% during the 2nd quarter. World Asset Management Inc now owns 19,354 shares of the data storage provider’s stock worth $1,194,000 after acquiring an additional 291 shares during the last quarter. Institutional investors own 97.11% of the company’s stock.

Several equities research analysts have recently commented on NTAP shares. Barclays restated an “equal weight” rating and issued a $48.00 price objective (up from $47.00) on shares of NetApp in a research note on Thursday, August 15th. ValuEngine lowered NetApp from a “hold” rating to a “sell” rating in a report on Monday, June 3rd. Stifel Nicolaus decreased their price objective on NetApp from $75.00 to $60.00 and set a “buy” rating on the stock in a research note on Friday, August 2nd. Cross Research cut NetApp from a “buy” rating to a “hold” rating in a research report on Friday, August 2nd. Finally, Susquehanna Bancshares raised NetApp from a “neutral” rating to a “positive” rating and lifted their price objective for the company from $54.00 to $75.00 in a research report on Monday. Three investment analysts have rated the stock with a sell rating, sixteen have assigned a hold rating and ten have given a buy rating to the stock. NetApp currently has an average rating of “Hold” and a consensus target price of $60.55.

In other news, VP Joel D. Reich sold 3,963 shares of the business’s stock in a transaction dated Wednesday, August 21st. The shares were sold at an average price of $47.29, for a total value of $187,410.27. Following the sale, the vice president now directly owns 12,249 shares in the company, valued at approximately $579,255.21. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, Director Gerald Held sold 7,000 shares of the company’s stock in a transaction dated Wednesday, August 21st. The shares were sold at an average price of $47.23, for a total transaction of $330,610.00. Following the sale, the director now owns 14,391 shares in the company, valued at $679,686.93. The disclosure for this sale can be found here. Insiders have sold a total of 82,808 shares of company stock worth $4,792,561 over the last ninety days. Insiders own 0.33% of the company’s stock.

Shares of NASDAQ:NTAP traded up $1.71 during midday trading on Wednesday, reaching $56.22. 2,072,240 shares of the company were exchanged, compared to its average volume of 2,665,998. The stock has a market cap of $13.03 billion, a PE ratio of 13.99, a price-to-earnings-growth ratio of 1.22 and a beta of 1.52. The business’s fifty day moving average is $49.86 and its two-hundred day moving average is $62.10. NetApp Inc. has a one year low of $44.55 and a one year high of $87.65. The company has a current ratio of 1.42, a quick ratio of 1.39 and a debt-to-equity ratio of 1.33.

NetApp (NASDAQ:NTAP) last issued its quarterly earnings data on Wednesday, August 14th. The data storage provider reported $0.65 earnings per share for the quarter, beating the Zacks’ consensus estimate of $0.46 by $0.19. NetApp had a return on equity of 77.11% and a net margin of 16.74%. The firm had revenue of $1.24 billion during the quarter, compared to analyst estimates of $1.23 billion. The business’s quarterly revenue was down 16.1% compared to the same quarter last year. During the same quarter last year, the business posted $1.04 earnings per share. As a group, sell-side analysts expect that NetApp Inc. will post 3.49 EPS for the current year.

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, October 23rd. Shareholders of record on Friday, October 4th will be paid a $0.48 dividend. This represents a $1.92 dividend on an annualized basis and a yield of 3.42%. The ex-dividend date is Thursday, October 3rd. NetApp’s payout ratio is 47.76%.

About NetApp

NetApp, Inc provides software, systems, and services to manage and share data on-premises, and private and public clouds worldwide. It offers cloud data services, such as ONTAP cloud storage data management and NetApp cloud sync data synchronization services; NetApp SaaS backup for Microsoft Office 365; NetApp cloud backup solutions; OnCommand management software and management integration tools; and NetApp private storage for cloud.

See Also: How Do I Invest in Dividend Stocks

Want to see what other hedge funds are holding NTAP? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for NetApp Inc. (NASDAQ:NTAP).

Institutional Ownership by Quarter for NetApp (NASDAQ:NTAP)

Receive News & Ratings for NetApp Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for NetApp and related companies with MarketBeat.com's FREE daily email newsletter.