Kingsview Wealth Management LLC Takes $459,000 Position in NetApp, Inc. $NTAP

Kingsview Wealth Management LLC bought a new stake in shares of NetApp, Inc. (NASDAQ:NTAP) during the 2nd quarter, HoldingsChannel reports. The firm bought 2,966 shares of the data storage provider’s stock, valued at approximately $459,000.

Several other hedge funds and other institutional investors have also recently bought and sold shares of NTAP. Beacon Pointe Advisors LLC purchased a new position in NetApp in the 2nd quarter worth approximately $2,169,000. Livforsakringsbolaget Skandia Omsesidigt acquired a new stake in NetApp in the second quarter valued at approximately $25,798,000. Rakuten Investment Management Inc. purchased a new stake in shares of NetApp during the second quarter valued at approximately $5,005,000. Empowered Funds LLC acquired a new position in shares of NetApp during the second quarter worth $18,442,000. Finally, United Capital Financial Advisors LLC acquired a new position in shares of NetApp during the second quarter worth $1,831,000. 92.17% of the stock is owned by institutional investors and hedge funds.

NetApp Stock Down 0.9%

Shares of NASDAQ:NTAP opened at $185.29 on Tuesday. The company has a current ratio of 1.44, a quick ratio of 1.39 and a debt-to-equity ratio of 1.84. The company has a fifty day simple moving average of $176.44 and a 200 day simple moving average of $138.83. The firm has a market cap of $36.36 billion, a PE ratio of 29.13, a price-to-earnings-growth ratio of 3.33 and a beta of 1.45. NetApp, Inc. has a 12-month low of $93.69 and a 12-month high of $209.06.

Insider Buying and Selling at NetApp

In other news, EVP Elizabeth M. O’callahan sold 1,000 shares of the business’s stock in a transaction dated Monday, August 10th. The shares were sold at an average price of $193.82, for a total value of $193,820.00. Following the completion of the sale, the executive vice president owned 30,297 shares of the company’s stock, valued at approximately $5,872,164.54. The trade was a 3.20% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, President Cesar Cernuda sold 49,464 shares of the business’s stock in a transaction dated Tuesday, June 23rd. The stock was sold at an average price of $154.82, for a total transaction of $7,658,016.48. Following the completion of the sale, the president directly owned 46,806 shares of the company’s stock, valued at $7,246,504.92. The trade was a 51.38% decrease in their position. The SEC filing for this sale provides additional information. Over the last three months, insiders have sold 55,072 shares of company stock valued at $8,719,520. 0.36% of the stock is owned by company insiders.

Wall Street Analysts Forecast Growth

A number of equities research analysts recently weighed in on the stock. The Goldman Sachs Group reaffirmed a “buy” rating and set a $200.00 price target on shares of NetApp in a report on Tuesday, June 2nd. Argus upped their price objective on shares of NetApp from $130.00 to $200.00 and gave the company a “buy” rating in a research report on Monday, June 1st. Morgan Stanley upgraded NetApp from an “underweight” rating to an “equal weight” rating and raised their target price for the company from $137.00 to $173.00 in a research note on Monday, August 10th. JPMorgan Chase & Co. lifted their target price on NetApp from $110.00 to $150.00 and gave the stock a “neutral” rating in a research report on Friday, May 29th. Finally, Wedbush boosted their price target on NetApp from $115.00 to $150.00 and gave the stock a “neutral” rating in a research note on Friday, May 29th. Five equities research analysts have rated the stock with a Buy rating and ten have assigned a Hold rating to the stock. Based on data from MarketBeat.com, the company has a consensus rating of “Hold” and a consensus target price of $184.08.

NetApp Profile

NetApp, Inc (NASDAQ: NTAP) is a data management and storage company that delivers hybrid cloud data services for applications and data. Founded in 1992 as Network Appliance and rebranded as NetApp in 2008, the company is headquartered in Sunnyvale, California. NetApp’s offering focuses on enabling organizations to store, manage, protect and move data across on-premises environments and major public clouds.

The company’s product portfolio centers on the ONTAP data management software and a range of storage systems and services built around it.