Burns Matteson Capital Management LLC acquired a new position in NetApp, Inc. (NASDAQ:NTAP - Free Report) in the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund acquired 3,657 shares of the data storage provider's stock, valued at approximately $321,000.
A number of other hedge funds also recently added to or reduced their stakes in NTAP. Olde Wealth Management LLC bought a new stake in shares of NetApp during the 1st quarter valued at $29,000. Itau Unibanco Holding S.A. boosted its holdings in NetApp by 929.6% in the 4th quarter. Itau Unibanco Holding S.A. now owns 278 shares of the data storage provider's stock worth $32,000 after buying an additional 251 shares during the period. Coppell Advisory Solutions LLC boosted its holdings in NetApp by 50.0% in the 4th quarter. Coppell Advisory Solutions LLC now owns 300 shares of the data storage provider's stock worth $35,000 after buying an additional 100 shares during the period. Park Square Financial Group LLC bought a new position in NetApp in the 4th quarter worth $36,000. Finally, Catalyst Capital Advisors LLC bought a new position in NetApp in the 1st quarter worth $46,000. 92.17% of the stock is currently owned by hedge funds and other institutional investors.
NetApp Trading Up 3.0%
Shares of NTAP stock traded up $3.09 during trading hours on Thursday, hitting $107.25. The company had a trading volume of 2,577,792 shares, compared to its average volume of 1,911,077. NetApp, Inc. has a fifty-two week low of $71.84 and a fifty-two week high of $135.45. The company's fifty day moving average is $102.61 and its 200 day moving average is $103.03. The stock has a market capitalization of $21.49 billion, a PE ratio of 18.88, a price-to-earnings-growth ratio of 2.40 and a beta of 1.42. The company has a debt-to-equity ratio of 2.39, a current ratio of 1.25 and a quick ratio of 1.22.
NetApp (NASDAQ:NTAP - Get Free Report) last announced its quarterly earnings results on Thursday, May 29th. The data storage provider reported $1.93 EPS for the quarter, topping the consensus estimate of $1.90 by $0.03. NetApp had a net margin of 18.05% and a return on equity of 126.96%. The firm had revenue of $1.73 billion for the quarter, compared to analyst estimates of $1.72 billion. During the same period last year, the business earned $1.80 EPS. NetApp's revenue for the quarter was up 3.8% compared to the same quarter last year. Research analysts expect that NetApp, Inc. will post 5.89 earnings per share for the current fiscal year.
NetApp Announces Dividend
The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, July 23rd. Shareholders of record on Thursday, July 3rd will be paid a dividend of $0.52 per share. The ex-dividend date of this dividend is Thursday, July 3rd. This represents a $2.08 dividend on an annualized basis and a yield of 1.94%. NetApp's dividend payout ratio (DPR) is 36.62%.
Analyst Upgrades and Downgrades
Several analysts have commented on the stock. JPMorgan Chase & Co. boosted their price target on shares of NetApp from $115.00 to $130.00 and gave the stock an "overweight" rating in a research note on Thursday. Evercore ISI decreased their price target on shares of NetApp from $120.00 to $100.00 and set an "in-line" rating on the stock in a research note on Monday, April 28th. Morgan Stanley reiterated a "cautious" rating on shares of NetApp in a research note on Tuesday, May 20th. Wedbush restated a "neutral" rating and set a $110.00 target price on shares of NetApp in a research report on Friday, May 30th. Finally, Barclays upped their target price on shares of NetApp from $115.00 to $117.00 and gave the company an "overweight" rating in a research report on Friday, May 30th. One analyst has rated the stock with a sell rating, ten have given a hold rating and six have given a buy rating to the company. According to data from MarketBeat.com, NetApp currently has a consensus rating of "Hold" and an average price target of $118.86.
Check Out Our Latest Analysis on NTAP
Insider Buying and Selling at NetApp
In related news, CEO George Kurian sold 8,500 shares of the stock in a transaction dated Monday, June 16th. The shares were sold at an average price of $101.78, for a total value of $865,130.00. Following the sale, the chief executive officer owned 296,805 shares of the company's stock, valued at $30,208,812.90. This trade represents a 2.78% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, EVP Elizabeth M. O'callahan sold 1,000 shares of the firm's stock in a transaction dated Thursday, July 10th. The shares were sold at an average price of $106.84, for a total transaction of $106,840.00. Following the transaction, the executive vice president directly owned 24,251 shares in the company, valued at approximately $2,590,976.84. The trade was a 3.96% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 18,302 shares of company stock worth $1,697,354 in the last ninety days. 0.47% of the stock is owned by insiders.
NetApp Company Profile
(
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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