Brandywine Global Investment Management LLC lifted its holdings in NetApp, Inc. (NASDAQ:NTAP - Free Report) by 60.6% during the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 71,272 shares of the data storage provider's stock after buying an additional 26,897 shares during the quarter. Brandywine Global Investment Management LLC's holdings in NetApp were worth $6,261,000 as of its most recent SEC filing.
A number of other institutional investors have also recently modified their holdings of the business. Coppell Advisory Solutions LLC boosted its stake in shares of NetApp by 50.0% in the fourth quarter. Coppell Advisory Solutions LLC now owns 300 shares of the data storage provider's stock valued at $35,000 after buying an additional 100 shares in the last quarter. Utah Retirement Systems boosted its position in NetApp by 0.3% during the fourth quarter. Utah Retirement Systems now owns 34,152 shares of the data storage provider's stock worth $3,964,000 after purchasing an additional 100 shares in the last quarter. Horizon Investments LLC boosted its position in NetApp by 3.8% during 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 in the last quarter. Coldstream Capital Management Inc. boosted its position in NetApp by 3.8% during the fourth quarter. Coldstream Capital Management Inc. now owns 3,197 shares of the data storage provider's stock worth $371,000 after purchasing an additional 117 shares in the last quarter. Finally, Migdal Insurance & Financial Holdings Ltd. boosted its position in 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 purchasing an additional 124 shares in the last quarter. 92.17% of the stock is currently owned by hedge funds and other institutional investors.
Analysts Set New Price Targets
A number of research firms have commented on NTAP. Morgan Stanley reiterated a "cautious" rating on shares of NetApp in a research report on Tuesday, May 20th. Wedbush reiterated a "neutral" rating and set a $110.00 target price on shares of NetApp in a research report on Friday, May 30th. Wells Fargo & Company decreased their target price on NetApp from $115.00 to $100.00 and set an "equal weight" rating on the stock in a research report on Friday, May 30th. Evercore ISI decreased their target price on NetApp from $120.00 to $100.00 and set an "in-line" rating on the stock in a research report on Monday, April 28th. Finally, Citigroup boosted their target price on NetApp from $110.00 to $115.00 and gave the stock a "neutral" rating in a research report on Monday, August 11th. One investment analyst has rated the stock with a sell rating, ten have issued a hold rating and six have assigned a buy rating to the company. Based on data from MarketBeat.com, the stock has an average rating of "Hold" and an average price target of $119.21.
Read Our Latest Report on NTAP
NetApp Stock Down 0.7%
Shares of NASDAQ:NTAP opened at $108.79 on Monday. The company has a quick ratio of 1.22, a current ratio of 1.25 and a debt-to-equity ratio of 2.39. NetApp, Inc. has a 52-week low of $71.84 and a 52-week high of $135.45. The stock's fifty day simple moving average is $105.17 and its 200-day simple moving average is $100.68. The company has a market capitalization of $21.80 billion, a P/E ratio of 19.15, a P/E/G ratio of 2.50 and a beta of 1.44.
NetApp (NASDAQ:NTAP - Get Free Report) last released its earnings results on Thursday, May 29th. The data storage provider reported $1.93 earnings per share for the quarter, topping the consensus estimate of $1.90 by $0.03. NetApp had a return on equity of 126.96% and a net margin of 18.05%. The firm had revenue of $1.73 billion for the quarter, compared to the consensus estimate of $1.72 billion. During the same period in the prior year, the business posted $1.80 earnings per share. The firm's revenue for the quarter was up 3.8% compared to the same quarter last year. As a group, equities research analysts forecast that NetApp, Inc. will post 5.89 earnings per share for the current fiscal year.
NetApp Announces Dividend
The firm also recently announced a quarterly dividend, which was paid on Wednesday, July 23rd. Investors of record on Thursday, July 3rd were given a dividend of $0.52 per share. The ex-dividend date was Thursday, July 3rd. This represents a $2.08 annualized dividend and a yield of 1.9%. NetApp's dividend payout ratio is 36.62%.
Insider Buying and Selling
In related news, CEO George Kurian sold 8,500 shares of the stock in a transaction dated Monday, June 16th. The stock was sold at an average price of $101.78, for a total transaction of $865,130.00. Following the transaction, the chief executive officer directly owned 296,805 shares in the company, valued at approximately $30,208,812.90. This represents a 2.78% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, CAO Lorenzo Daniel De sold 302 shares of the stock in a transaction dated Tuesday, June 3rd. The stock was sold at an average price of $98.77, for a total value of $29,828.54. Following the transaction, the chief accounting officer owned 455 shares in the company, valued at $44,940.35. This trade represents a 39.89% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 19,302 shares of company stock worth $2,026,379. 0.28% of the stock is owned by company insiders.
About NetApp
(
Free Report)
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.
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Want to see what other hedge funds are holding NTAP? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for NetApp, Inc. (NASDAQ:NTAP - Free Report).
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