Lecap Asset Management Ltd. Makes New $285,000 Investment in NetApp, Inc. $NTAP

Lecap Asset Management Ltd. purchased a new position in NetApp, Inc. (NASDAQ:NTAP) in the second quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor purchased 2,673 shares of the data storage provider’s stock, valued at approximately $285,000.

A number of other hedge funds have also modified their holdings of the company. Horizon Investments LLC boosted its position in shares of NetApp by 3.8% in the first quarter. Horizon Investments LLC now owns 2,919 shares of the data storage provider’s stock worth $255,000 after purchasing an additional 107 shares during the period. MassMutual Private Wealth & Trust FSB boosted its position in shares of NetApp by 11.0% during the second quarter. MassMutual Private Wealth & Trust FSB now owns 1,083 shares of the data storage provider’s stock worth $115,000 after acquiring an additional 107 shares during the last quarter. Migdal Insurance & Financial Holdings Ltd. boosted its position in shares of NetApp by 54.9% during the first quarter. Migdal Insurance & Financial Holdings Ltd. now owns 350 shares of the data storage provider’s stock worth $31,000 after acquiring an additional 124 shares during the last quarter. Hohimer Wealth Management LLC boosted its position in shares of NetApp by 0.4% during the first quarter. Hohimer Wealth Management LLC now owns 29,694 shares of the data storage provider’s stock worth $2,608,000 after acquiring an additional 131 shares during the last quarter. Finally, EWA LLC boosted its position in shares of NetApp by 5.4% during the second quarter. EWA LLC now owns 2,535 shares of the data storage provider’s stock worth $270,000 after acquiring an additional 131 shares during the last quarter. 92.17% of the stock is currently owned by institutional investors.

Insider Activity at NetApp

In related news, CAO Lorenzo Daniel De sold 779 shares of NetApp stock in a transaction dated Thursday, September 25th. The shares were sold at an average price of $121.87, for a total transaction of $94,936.73. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, EVP Elizabeth M. O’callahan sold 1,000 shares of NetApp stock in a transaction dated Wednesday, September 10th. The shares were sold at an average price of $123.67, for a total transaction of $123,670.00. Following the sale, the executive vice president owned 23,628 shares of the company’s stock, valued at $2,922,074.76. The trade was a 4.06% decrease in their position. The disclosure for this sale can be found here. Insiders sold 29,529 shares of company stock worth $3,350,714 in the last 90 days. 0.28% of the stock is owned by corporate insiders.

Analyst Upgrades and Downgrades

NTAP has been the subject of a number of research reports. Northland Securities upped their target price on shares of NetApp from $119.00 to $120.00 and gave the stock a “market perform” rating in a research report on Thursday, August 28th. UBS Group upped their price target on shares of NetApp from $108.00 to $114.00 and gave the company a “neutral” rating in a research note on Thursday, August 28th. Morgan Stanley set a $117.00 price target on shares of NetApp in a research note on Thursday, August 28th. Bank of America upped their price target on shares of NetApp from $121.00 to $125.00 and gave the company a “neutral” rating in a research note on Monday, August 25th. Finally, Wedbush reaffirmed a “neutral” rating and set a $150.00 price target on shares of NetApp in a research note on Thursday, August 28th. Seven investment analysts have rated the stock with a Buy rating and eleven have issued a Hold rating to the company’s stock. According to MarketBeat, the company has a consensus rating of “Hold” and an average target price of $124.07.

NetApp Trading Down 1.1%

Shares of NTAP opened at $118.72 on Friday. NetApp, Inc. has a twelve month low of $71.84 and a twelve month high of $135.45. The company has a market cap of $23.70 billion, a P/E ratio of 20.98, a P/E/G ratio of 2.61 and a beta of 1.45. The company has a current ratio of 1.31, a quick ratio of 1.28 and a debt-to-equity ratio of 2.55. The company’s fifty day simple moving average is $114.37 and its 200-day simple moving average is $102.68.

NetApp Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, October 22nd. Investors of record on Friday, October 3rd will be issued a dividend of $0.52 per share. The ex-dividend date is Friday, October 3rd. This represents a $2.08 dividend on an annualized basis and a yield of 1.8%. NetApp’s dividend payout ratio (DPR) is presently 36.75%.

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.