Charles Schwab Investment Management Inc. Has $112.76 Million Stock Holdings in NetApp, Inc. (NASDAQ:NTAP)

Key Points

• Charles Schwab Investment Management Inc. reduced its holdings in NetApp, Inc. by 0.3%, owning approximately 1,283,637 shares valued at $112.75 million.
• NetApp's recent quarterly earnings reported an EPS of $1.93, surpassing analysts' estimates, while revenue grew 3.8% year-over-year to $1.73 billion.
• The company announced a quarterly dividend of $0.52, representing an annualized amount of $2.08 and a yield of 2.0%.

Charles Schwab Investment Management Inc. decreased its holdings in shares of NetApp, Inc. (NASDAQ:NTAP - Free Report) by 0.3% during the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 1,283,637 shares of the data storage provider's stock after selling 3,795 shares during the quarter. Charles Schwab Investment Management Inc. owned 0.63% of NetApp worth $112,755,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors and hedge funds have also modified their holdings of NTAP. FIL Ltd increased its stake in shares of NetApp by 86.9% in the fourth quarter. FIL Ltd now owns 4,565 shares of the data storage provider's stock worth $530,000 after acquiring an additional 2,122 shares during the last quarter. Sterling Capital Management LLC increased its stake in shares of NetApp by 19.9% in the fourth quarter. Sterling Capital Management LLC now owns 13,294 shares of the data storage provider's stock worth $1,543,000 after acquiring an additional 2,209 shares during the last quarter. Sagespring Wealth Partners LLC acquired a new position in shares of NetApp in the fourth quarter worth $218,000. Savvy Advisors Inc. increased its stake in shares of NetApp by 14.4% in the fourth quarter. Savvy Advisors Inc. now owns 1,982 shares of the data storage provider's stock worth $230,000 after acquiring an additional 250 shares during the last quarter. Finally, Mariner LLC increased its stake in shares of NetApp by 1.9% in the fourth quarter. Mariner LLC now owns 500,117 shares of the data storage provider's stock worth $58,054,000 after acquiring an additional 9,154 shares during the last quarter. Hedge funds and other institutional investors own 92.17% of the company's stock.

Insider Activity at NetApp

In related news, CAO Lorenzo Daniel De sold 302 shares of the stock in a transaction dated Tuesday, June 3rd. The shares were sold at an average price of $98.77, for a total value of $29,828.54. Following the completion of the sale, the chief accounting officer owned 455 shares in the company, valued at approximately $44,940.35. This trade represents a 39.89% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CEO George Kurian sold 8,500 shares of the stock in a transaction dated Monday, July 21st. The shares were sold at an average price of $108.08, for a total transaction of $918,680.00. Following the completion of the sale, the chief executive officer owned 288,305 shares of the company's stock, valued at approximately $31,160,004.40. The trade was a 2.86% decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 19,302 shares of company stock worth $2,026,379. Company insiders own 0.28% of the company's stock.

NetApp Stock Performance

NTAP stock traded down $1.25 during mid-day trading on Friday, reaching $108.31. 889,763 shares of the stock traded hands, compared to its average volume of 2,025,215. 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 business has a 50-day moving average of $105.12 and a two-hundred day moving average of $101.04. The firm has a market capitalization of $21.70 billion, a PE ratio of 19.07, a P/E/G ratio of 2.52 and a beta of 1.44.

NetApp (NASDAQ:NTAP - Get Free Report) last released its quarterly earnings results on Thursday, May 29th. The data storage provider reported $1.93 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $1.90 by $0.03. NetApp had a net margin of 18.05% and a return on equity of 126.96%. The company had revenue of $1.73 billion during the quarter, compared to analysts' expectations of $1.72 billion. During the same period in the prior year, the company earned $1.80 earnings per share. The business's quarterly revenue was up 3.8% compared to the same quarter last year. As a group, equities analysts predict that NetApp, Inc. will post 5.89 EPS for the current fiscal year.

NetApp Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Wednesday, July 23rd. Investors of record on Thursday, July 3rd were paid a $0.52 dividend. This represents a $2.08 annualized dividend and a dividend yield of 1.9%. The ex-dividend date was Thursday, July 3rd. NetApp's dividend payout ratio (DPR) is presently 36.62%.

Wall Street Analysts Forecast Growth

NTAP has been the topic of a number of research reports. Barclays upped their price target on shares of NetApp from $115.00 to $117.00 and gave the stock an "overweight" rating in a research note on Friday, May 30th. Morgan Stanley reaffirmed a "cautious" rating on shares of NetApp in a research note on Tuesday, May 20th. Wedbush reissued a "neutral" rating and set a $110.00 target price on shares of NetApp in a research report on Friday, May 30th. Evercore ISI lowered their target price on shares of 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, JPMorgan Chase & Co. increased their target price on shares of NetApp from $115.00 to $130.00 and gave the stock an "overweight" rating in a research report on Thursday, July 17th. One research analyst has rated the stock with a sell rating, ten have issued a hold rating and six have issued a buy rating to the company. According to data from MarketBeat, the company currently has an average rating of "Hold" and an average target price of $119.21.

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.