Gallacher Capital Management LLC Has $344,000 Position in NetApp, Inc. (NASDAQ:NTAP)

Gallacher Capital Management LLC decreased its position in shares of NetApp, Inc. (NASDAQ:NTAP) by 45.0% during the 4th quarter, HoldingsChannel.com reports. The fund owned 3,902 shares of the data storage provider’s stock after selling 3,196 shares during the period. Gallacher Capital Management LLC’s holdings in NetApp were worth $344,000 at the end of the most recent reporting period.

A number of other hedge funds have also added to or reduced their stakes in the company. Northern Trust Corp lifted its holdings in shares of NetApp by 2.1% in the third quarter. Northern Trust Corp now owns 2,299,008 shares of the data storage provider’s stock worth $174,449,000 after acquiring an additional 47,040 shares during the last quarter. California Public Employees Retirement System boosted its position in NetApp by 0.5% in the fourth quarter. California Public Employees Retirement System now owns 1,270,712 shares of the data storage provider’s stock valued at $112,026,000 after buying an additional 6,512 shares in the last quarter. Royal Bank of Canada grew its stake in shares of NetApp by 31.7% during the third quarter. Royal Bank of Canada now owns 1,109,662 shares of the data storage provider’s stock worth $84,202,000 after buying an additional 266,812 shares during the last quarter. Ariel Investments LLC grew its position in NetApp by 25.0% during the 3rd quarter. Ariel Investments LLC now owns 899,155 shares of the data storage provider’s stock worth $68,228,000 after acquiring an additional 179,684 shares during the last quarter. Finally, Wedge Capital Management L L P NC acquired a new position in NetApp in the 4th quarter valued at approximately $74,257,000. 92.17% of the stock is owned by institutional investors.

NetApp Stock Up 3.2 %

Shares of NetApp stock traded up $3.31 during trading hours on Monday, reaching $107.95. The company’s stock had a trading volume of 2,445,111 shares, compared to its average volume of 1,840,230. The company has a debt-to-equity ratio of 2.00, a quick ratio of 1.11 and a current ratio of 1.15. The stock’s fifty day simple moving average is $101.88 and its two-hundred day simple moving average is $90.39. The company has a market capitalization of $22.28 billion, a P/E ratio of 23.78, a P/E/G ratio of 2.18 and a beta of 1.27. NetApp, Inc. has a one year low of $62.29 and a one year high of $112.48.

NetApp (NASDAQ:NTAP) last released its quarterly earnings results on Thursday, February 29th. The data storage provider reported $1.94 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.69 by $0.25. The business had revenue of $1.61 billion during the quarter, compared to the consensus estimate of $1.59 billion. NetApp had a return on equity of 109.49% and a net margin of 15.21%. The company’s quarterly revenue was up 5.2% on a year-over-year basis. During the same quarter in the previous year, the business earned $1.02 EPS. On average, research analysts forecast that NetApp, Inc. will post 5.16 earnings per share for the current year.

NetApp Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Wednesday, April 24th. Investors of record on Friday, April 5th were given a $0.50 dividend. This represents a $2.00 dividend on an annualized basis and a yield of 1.85%. The ex-dividend date was Thursday, April 4th. NetApp’s payout ratio is currently 45.45%.

Insider Buying and Selling at NetApp

In other news, CEO George Kurian sold 8,500 shares of the company’s stock in a transaction on Tuesday, March 19th. The shares were sold at an average price of $101.44, for a total value of $862,240.00. Following the completion of the sale, the chief executive officer now owns 261,202 shares in the company, valued at approximately $26,496,330.88. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. In related news, CEO George Kurian sold 8,500 shares of the business’s stock in a transaction dated Tuesday, March 19th. The shares were sold at an average price of $101.44, for a total transaction of $862,240.00. Following the transaction, the chief executive officer now directly owns 261,202 shares in the company, valued at $26,496,330.88. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, CFO Michael J. Berry sold 15,000 shares of the stock in a transaction dated Tuesday, March 12th. The shares were sold at an average price of $102.67, for a total transaction of $1,540,050.00. Following the completion of the sale, the chief financial officer now owns 144,909 shares of the company’s stock, valued at approximately $14,877,807.03. The disclosure for this sale can be found here. In the last three months, insiders have sold 40,371 shares of company stock worth $4,139,505. Corporate insiders own 0.37% of the company’s stock.

Analysts Set New Price Targets

Several analysts recently weighed in on the stock. Citigroup boosted their price objective on shares of NetApp from $90.00 to $110.00 and gave the stock a “neutral” rating in a research note on Tuesday, March 5th. Wedbush increased their price target on NetApp from $85.00 to $100.00 and gave the company a “neutral” rating in a research note on Friday, March 1st. Barclays lifted their price objective on NetApp from $80.00 to $100.00 and gave the stock an “equal weight” rating in a research note on Friday, March 1st. Evercore ISI increased their target price on shares of NetApp from $95.00 to $105.00 and gave the company an “in-line” rating in a research report on Friday, March 1st. Finally, Raymond James restated a “market perform” rating on shares of NetApp in a report on Tuesday, January 16th. One analyst has rated the stock with a sell rating, ten have assigned a hold rating and six have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Hold” and an average price target of $100.60.

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.