Cibc World Market Inc. Makes New Investment in NetApp, Inc. $NTAP

Key Points

• CIBC World Markets acquired 23,882 NetApp shares during the second quarter, valued at approximately $3.7 million. Institutional investors collectively own 92.17% of the company.
• NetApp shares opened at $193.85, near their 52-week high of $209.06. The company reported quarterly revenue of $1.95 billion, up 12.5% year over year, but earnings per share of $2.03 missed consensus estimates of $2.27.
• Analyst sentiment remains mixed, with five Buy ratings and ten Holds, producing a consensus rating of Hold and an average price target of $179.77. Meanwhile, insiders sold 55,297 shares worth approximately $8.8 million during the quarter.

Cibc World Market Inc. acquired a new stake in NetApp, Inc. (NASDAQ:NTAP - Free Report) in the 2nd quarter, according to the company in its most recent 13F filing with the SEC. The firm acquired 23,882 shares of the data storage provider's stock, valued at approximately $3,696,000.

Other institutional investors also recently modified their holdings of the company. Geneos Wealth Management Inc. raised its position in NetApp by 38.3% in the 1st quarter. Geneos Wealth Management Inc. now owns 759 shares of the data storage provider's stock worth $67,000 after purchasing an additional 210 shares during the last quarter. Sivia Capital Partners LLC acquired a new stake in shares of NetApp in the 2nd quarter valued at $315,000. Cerity Partners LLC increased its stake in shares of NetApp by 9.9% in the 2nd quarter. Cerity Partners LLC now owns 46,792 shares of the data storage provider's stock valued at $4,986,000 after buying an additional 4,232 shares during the period. Bank of Nova Scotia raised its position in shares of NetApp by 7.3% during the second quarter. Bank of Nova Scotia now owns 24,301 shares of the data storage provider's stock worth $2,589,000 after acquiring an additional 1,662 shares during the last quarter. Finally, NewEdge Advisors LLC raised its position in shares of NetApp by 12.7% during the second quarter. NewEdge Advisors LLC now owns 20,161 shares of the data storage provider's stock worth $2,148,000 after acquiring an additional 2,277 shares during the last quarter. 92.17% of the stock is owned by institutional investors.

NetApp Stock Performance

NTAP stock opened at $193.85 on Thursday. NetApp, Inc. has a twelve month low of $93.69 and a twelve month high of $209.06. The company has a quick ratio of 1.39, a current ratio of 1.44 and a debt-to-equity ratio of 1.84. The company has a market cap of $38.04 billion, a P/E ratio of 30.48, a price-to-earnings-growth ratio of 3.35 and a beta of 1.45. The business's fifty day moving average is $174.74 and its 200-day moving average is $137.07.

NetApp (NASDAQ:NTAP - Get Free Report) last announced its quarterly earnings data 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). The company had revenue of $1.95 billion for the quarter, compared to analyst estimates of $1.87 billion. NetApp had a return on equity of 117.23% and a net margin of 18.43%.The firm's revenue for the quarter was up 12.5% on a year-over-year basis. During the same period last year, the firm earned $1.93 earnings per share. Equities research analysts forecast that NetApp, Inc. will post 7.32 EPS for the current year.

Analyst Ratings Changes

Several research firms recently issued reports on NTAP. Argus raised their price target on NetApp from $130.00 to $200.00 and gave the company a "buy" rating in a report on Monday, June 1st. Bank of America boosted their price objective on NetApp from $125.00 to $150.00 and gave the stock a "neutral" rating in a report on Friday, May 29th. Susquehanna upped their target price on shares of NetApp from $110.00 to $185.00 and gave the company 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, Morgan Stanley upgraded shares of NetApp from an "underweight" rating to an "equal weight" rating and lifted their price target for the stock from $137.00 to $173.00 in a research report on Monday, August 10th. Five analysts have rated the stock with a Buy rating and ten have given a Hold rating to the stock. According to data from MarketBeat.com, the company presently has a consensus rating of "Hold" and a consensus price target of $179.77.

Insider Buying and Selling at NetApp

In other NetApp news, President Cesar Cernuda sold 49,464 shares of the firm's stock in a transaction dated Tuesday, June 23rd. The stock was sold at an average price of $154.82, for a total transaction of $7,658,016.48. Following the transaction, 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 ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CAO Lorenzo Daniel De sold 225 shares of the business's stock in a transaction dated Monday, June 1st. The stock was sold at an average price of $171.09, for a total value of $38,495.25. Following the transaction, the chief accounting officer owned 1,090 shares of the company's stock, valued at $186,488.10. The trade was a 17.11% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Over the last quarter, insiders have sold 55,297 shares of company stock valued at $8,758,016. 0.36% of the stock is currently owned by company insiders.

NetApp Profile

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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