Rakuten Investment Management Inc. purchased a new stake in NetApp, Inc. (NASDAQ:NTAP - Free Report) during the 2nd quarter, according to its most recent Form 13F filing with the SEC. The institutional investor purchased 32,275 shares of the data storage provider's stock, valued at approximately $5,005,000.
Other hedge funds have also recently bought and sold shares of the company. Parallel Advisors LLC boosted its holdings in shares of NetApp by 2.1% during the fourth quarter. Parallel Advisors LLC now owns 5,007 shares of the data storage provider's stock worth $536,000 after acquiring an additional 101 shares during the period. Park Square Financial Group LLC lifted its holdings in NetApp by 68.7% during the 4th quarter. Park Square Financial Group LLC now owns 253 shares of the data storage provider's stock worth $29,000 after purchasing an additional 103 shares during the last quarter. Assetmark Inc. boosted its stake in NetApp by 3.0% in the 1st quarter. Assetmark Inc. now owns 3,540 shares of the data storage provider's stock valued at $362,000 after purchasing an additional 104 shares during the period. Fifth Third Bancorp boosted its stake in NetApp by 0.9% in the 4th quarter. Fifth Third Bancorp now owns 12,559 shares of the data storage provider's stock valued at $1,345,000 after purchasing an additional 108 shares during the period. Finally, Transamerica Financial Advisors LLC grew its holdings in NetApp by 16.8% in the 4th quarter. Transamerica Financial Advisors LLC now owns 833 shares of the data storage provider's stock valued at $89,000 after buying an additional 120 shares in the last quarter. 92.17% of the stock is currently owned by institutional investors and hedge funds.
Analyst Ratings Changes
A number of equities research analysts have recently weighed in on NTAP shares. Wedbush lifted their target price on NetApp from $115.00 to $150.00 and gave the stock a "neutral" rating in a report on Friday, May 29th. UBS Group restated a "neutral" rating and issued a $160.00 price target on shares of NetApp in a research note on Friday, May 29th. Bank of America raised their price target on shares of NetApp from $125.00 to $150.00 and gave the stock a "neutral" rating in a research report on Friday, May 29th. Northland Securities lifted their price objective on shares of NetApp from $137.00 to $171.00 and gave the stock an "outperform" rating in a research note on Friday, May 29th. Finally, Evercore set a $210.00 target price on shares of NetApp in a research report on Monday, August 24th. Five equities research analysts have rated the stock with a Buy rating and ten have issued a Hold rating to the company. According to data from MarketBeat.com, the company presently has an average rating of "Hold" and a consensus target price of $179.77.
Read Our Latest Stock Report on NTAP
NetApp Stock Performance
NASDAQ:NTAP opened at $187.02 on Friday. The company has a market cap of $36.70 billion, a price-to-earnings ratio of 29.41, a PEG ratio of 3.33 and a beta of 1.45. NetApp, Inc. has a fifty-two week low of $93.69 and a fifty-two week high of $209.06. The company has a debt-to-equity ratio of 1.84, a quick ratio of 1.39 and a current ratio of 1.44. The stock has a fifty day moving average price of $175.90 and a 200-day moving average price of $138.03.
NetApp (NASDAQ:NTAP - Get Free Report) last posted its quarterly earnings results on Thursday, May 28th. The data storage provider reported $2.03 EPS for the quarter, missing analysts' consensus estimates of $2.27 by ($0.24). NetApp had a net margin of 18.43% and a return on equity of 117.23%. The company had revenue of $1.95 billion during the quarter, compared to analyst estimates of $1.87 billion. During the same period last year, the firm earned $1.93 EPS. The firm's revenue for the quarter was up 12.5% compared to the same quarter last year. As a group, equities analysts anticipate that NetApp, Inc. will post 7.34 EPS for the current fiscal year.
Insider Buying and Selling at NetApp
In related news, President Cesar Cernuda sold 49,464 shares of the stock in a transaction that occurred on Tuesday, June 23rd. The shares were sold at an average price of $154.82, for a total transaction of $7,658,016.48. Following the sale, the president owned 46,806 shares in the company, valued at approximately $7,246,504.92. This trade represents a 51.38% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, EVP Elizabeth M. O'callahan sold 1,000 shares of the business's stock in a transaction that occurred on Monday, August 10th. The shares were sold at an average price of $193.82, for a total transaction of $193,820.00. Following the transaction, the executive vice president owned 30,297 shares of the company's stock, valued at approximately $5,872,164.54. This represents a 3.20% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold a total of 55,297 shares of company stock valued at $8,758,016 in the last ninety days. 0.36% of the stock is currently owned by company insiders.
NetApp Profile
(
Free Report)
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.
Further Reading
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