Pallas Capital Advisors LLC Sells 2,037 Shares of NetApp, Inc. (NASDAQ:NTAP)

Pallas Capital Advisors LLC reduced its position in NetApp, Inc. (NASDAQ:NTAP) by 49.5% during the 4th quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 2,081 shares of the data storage provider’s stock after selling 2,037 shares during the quarter. Pallas Capital Advisors LLC’s holdings in NetApp were worth $242,000 at the end of the most recent quarter.

Other hedge funds have also recently bought and sold shares of the company. Hollencrest Capital Management bought a new position in NetApp in the 2nd quarter valued at about $26,000. Northwest Investment Counselors LLC bought a new position in NetApp in the 3rd quarter valued at about $27,000. Hershey Financial Advisers LLC bought a new position in NetApp in the 2nd quarter valued at about $45,000. True Wealth Design LLC increased its holdings in NetApp by 2,833.3% in the 3rd quarter. True Wealth Design LLC now owns 352 shares of the data storage provider’s stock valued at $43,000 after buying an additional 340 shares during the period. Finally, Capital Performance Advisors LLP bought a new position in NetApp in the 3rd quarter valued at about $44,000. 92.17% of the stock is owned by institutional investors.

Insider Transactions at NetApp

In other news, EVP Elizabeth M. O’callahan sold 451 shares of NetApp stock in a transaction on Friday, January 10th. The stock was sold at an average price of $116.79, for a total transaction of $52,672.29. Following the sale, the executive vice president now directly owns 12,005 shares in the company, valued at $1,402,063.95. The trade was a 3.62 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, President Cesar Cernuda sold 22,000 shares of the business’s stock in a transaction dated 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 completion of the sale, the president now owns 27,099 shares in the company, valued at $3,116,114.01. This represents a 44.81 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 51,610 shares of company stock worth $6,149,531 in the last ninety days. Company insiders own 0.47% of the company’s stock.

Analyst Ratings Changes

Several equities analysts have commented on NTAP shares. Oppenheimer started coverage on shares of NetApp in a report on Wednesday, November 13th. They issued a “market perform” rating on the stock. Barclays boosted their price target on shares of NetApp from $119.00 to $132.00 and gave the stock an “equal weight” rating in a research report on Friday, November 22nd. Morgan Stanley boosted their price target on shares of NetApp from $132.00 to $146.00 and gave the stock an “equal weight” rating in a research report on Tuesday, December 17th. Wells Fargo & Company boosted their price target on shares of NetApp from $135.00 to $140.00 and gave the stock an “equal weight” rating in a research report on Friday, November 22nd. Finally, Bank of America increased their target price on shares of NetApp from $115.00 to $121.00 and gave the stock an “underperform” rating in a research note on Friday, November 22nd. One investment analyst has rated the stock with a sell rating, ten have assigned a hold rating and seven have given a buy rating to the company. According to MarketBeat, NetApp presently has a consensus rating of “Hold” and a consensus target price of $139.20.

NetApp Stock Up 2.3 %

NetApp stock opened at $119.36 on Thursday. 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 stock has a market cap of $24.27 billion, a PE ratio of 21.94, a price-to-earnings-growth ratio of 2.92 and a beta of 1.23. NetApp, Inc. has a fifty-two week low of $83.80 and a fifty-two week high of $135.45. The firm’s 50-day simple moving average is $121.02 and its 200 day simple moving average is $122.97.

NetApp (NASDAQ:NTAP) last issued its quarterly earnings results on Thursday, November 21st. The data storage provider reported $1.87 EPS for the quarter, beating analysts’ consensus estimates of $1.78 by $0.09. The company had revenue of $1.66 billion during the quarter, compared to the consensus estimate of $1.65 billion. NetApp had a return on equity of 123.63% and a net margin of 17.78%. NetApp’s revenue was up 6.1% on a year-over-year basis. During the same period last year, the business posted $1.23 earnings per share. Research analysts predict that NetApp, Inc. will post 5.83 EPS for the current fiscal year.

NetApp Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, January 22nd. Stockholders of record on Friday, January 3rd will be paid a dividend of $0.52 per share. This represents a $2.08 dividend on an annualized basis and a dividend yield of 1.74%. The ex-dividend date of this dividend is Friday, January 3rd. NetApp’s payout ratio is 38.24%.

NetApp Company 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.