Canada Pension Plan Investment Board purchased a new position in NetApp, Inc. (NASDAQ:NTAP - Free Report) during the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor purchased 57,706 shares of the data storage provider's stock, valued at approximately $8,931,000.
A number of other institutional investors and hedge funds have also recently modified their holdings of NTAP. Parallel Advisors LLC increased its stake in NetApp by 2.1% in the fourth quarter. Parallel Advisors LLC now owns 5,007 shares of the data storage provider's stock worth $536,000 after purchasing an additional 101 shares during the period. Park Square Financial Group LLC boosted its stake in shares of NetApp by 68.7% during the fourth quarter. Park Square Financial Group LLC now owns 253 shares of the data storage provider's stock valued at $29,000 after purchasing an additional 103 shares during the period. Assetmark Inc. boosted its stake in shares of NetApp by 3.0% during the first 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 grew its holdings in shares of NetApp by 0.9% in the fourth quarter. Fifth Third Bancorp now owns 12,559 shares of the data storage provider's stock worth $1,345,000 after purchasing an additional 108 shares during the last quarter. Finally, Transamerica Financial Advisors LLC grew its holdings in shares of NetApp by 16.8% in the fourth quarter. Transamerica Financial Advisors LLC now owns 833 shares of the data storage provider's stock worth $89,000 after purchasing an additional 120 shares during the last quarter. 92.17% of the stock is owned by institutional investors.
NetApp Stock Performance
Shares of NetApp stock opened at $187.02 on Friday. The company has a market capitalization of $36.70 billion, a PE ratio of 29.41, a P/E/G ratio of 3.33 and a beta of 1.45. The company has a 50-day simple moving average of $175.90 and a two-hundred day simple moving average of $138.03. NetApp, Inc. has a one year low of $93.69 and a one year 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.
NetApp (NASDAQ:NTAP - Get Free Report) last released its quarterly earnings results on Thursday, May 28th. The data storage provider reported $2.03 earnings per share 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 firm had revenue of $1.95 billion during the quarter, compared to the consensus estimate of $1.87 billion. During the same quarter in the prior year, the business posted $1.93 earnings per share. The firm's quarterly revenue was up 12.5% on a year-over-year basis. Research analysts expect that NetApp, Inc. will post 7.34 EPS for the current fiscal year.
Analysts Set New Price Targets
NTAP has been the subject of a number of research analyst reports. Evercore set a $210.00 price objective on shares of NetApp in a report on Monday, August 24th. The Goldman Sachs Group restated a "buy" rating and issued a $200.00 target price on shares of NetApp in a research note on Tuesday, June 2nd. JPMorgan Chase & Co. raised their target price on shares of NetApp from $110.00 to $150.00 and gave the stock a "neutral" rating in a research report on Friday, May 29th. Weiss Ratings raised shares of NetApp from a "hold (c+)" rating to a "buy (b-)" rating in a research note on Monday, June 8th. Finally, Susquehanna boosted their price target on NetApp from $110.00 to $185.00 and gave the company a "neutral" rating in a report on Friday, May 29th. Five equities research analysts have rated the stock with a Buy rating and ten have given a Hold rating to the stock. According to MarketBeat, the stock has a consensus rating of "Hold" and a consensus price target of $179.77.
Check Out Our Latest Analysis on NetApp
Insider Buying and Selling
In related news, EVP Elizabeth M. O'callahan sold 1,000 shares of the 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 completion of the sale, the executive vice president owned 30,297 shares of the company's stock, valued at $5,872,164.54. This represents a 3.20% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, CAO Lorenzo Daniel De sold 225 shares of the firm's stock in a transaction that occurred on Monday, June 1st. The shares were sold at an average price of $171.09, for a total transaction of $38,495.25. Following the completion of the sale, the chief accounting officer owned 1,090 shares of the company's stock, valued at approximately $186,488.10. This trade represents a 17.11% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders sold a total of 55,297 shares of company stock worth $8,758,016 in the last 90 days. 0.36% of the stock is owned by corporate insiders.
NetApp Company Profile
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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.
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