Connor Clark & Lunn Investment Management Ltd. Has $38.89 Million Holdings in NetApp, Inc. (NASDAQ:NTAP)

Key Points

• Connor Clark & Lunn Investment Management Ltd. has reduced its holdings in NetApp, Inc. by 7.0%, selling 33,163 shares, and now owns approximately 0.22% of the company valued at $38.89 million.
• Despite the decrease by some investors, Wellington Management and others have increased their stakes, with Wellington raising its holdings in NetApp by 16.4% in the last quarter.
Citigroup raising it to $110 and JPMorgan Chase raising it to $130, amid a mix of ratings from analysts.

Connor Clark & Lunn Investment Management Ltd. reduced its position in shares of NetApp, Inc. (NASDAQ:NTAP - Free Report) by 7.0% during the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 442,697 shares of the data storage provider's stock after selling 33,163 shares during the quarter. Connor Clark & Lunn Investment Management Ltd. owned 0.22% of NetApp worth $38,887,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also recently modified their holdings of the company. Pacer Advisors Inc. raised its stake in NetApp by 4,687.6% in the 1st quarter. Pacer Advisors Inc. now owns 1,068,694 shares of the data storage provider's stock valued at $93,874,000 after acquiring an additional 1,046,372 shares during the period. Ameriprise Financial Inc. grew its holdings in NetApp by 14.5% during the 4th quarter. Ameriprise Financial Inc. now owns 7,024,456 shares of the data storage provider's stock valued at $815,402,000 after buying an additional 888,671 shares in the last quarter. Clark Capital Management Group Inc. raised its position in NetApp by 5,858.0% during the 4th quarter. Clark Capital Management Group Inc. now owns 895,435 shares of the data storage provider's stock valued at $103,942,000 after purchasing an additional 880,406 shares in the last quarter. Vanguard Group Inc. increased its holdings in shares of NetApp by 2.3% in the first quarter. Vanguard Group Inc. now owns 27,041,930 shares of the data storage provider's stock valued at $2,375,363,000 after purchasing an additional 597,956 shares during the period. Finally, Northern Trust Corp raised its holdings in shares of NetApp by 24.2% during the fourth quarter. Northern Trust Corp now owns 2,824,327 shares of the data storage provider's stock valued at $327,848,000 after acquiring an additional 550,607 shares during the last quarter. 92.17% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

NTAP has been the topic of a number of analyst reports. JPMorgan Chase & Co. lifted their price objective on shares of NetApp from $115.00 to $130.00 and gave the company an "overweight" rating in a research report on Thursday, July 17th. Citigroup boosted their target price on shares of NetApp from $110.00 to $115.00 and gave the stock a "neutral" rating in a research report on Monday. Wells Fargo & Company cut their target price on shares of NetApp from $115.00 to $100.00 and set an "equal weight" rating on the stock in a report on Friday, May 30th. Morgan Stanley reiterated a "cautious" rating on shares of NetApp in a research report on Tuesday, May 20th. Finally, UBS Group lowered their price objective on shares of NetApp from $115.00 to $108.00 and set a "neutral" rating on the stock in a 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 stock. According to data from MarketBeat, the stock currently has an average rating of "Hold" and an average target price of $119.21.

Insider Transactions at NetApp

In other NetApp 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 represents a 39.89% 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 on Thursday, July 10th. The shares were sold at an average price of $106.84, for a total transaction of $106,840.00. Following the completion of the sale, the executive vice president owned 24,251 shares in the company, valued at $2,590,976.84. The trade was a 3.96% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 18,302 shares of company stock valued at $1,920,479 in the last ninety days. 0.28% of the stock is currently owned by corporate insiders.

NetApp Stock Down 0.3%

Shares of NASDAQ:NTAP traded down $0.33 during midday trading on Monday, reaching $105.88. The company had a trading volume of 1,334,343 shares, compared to its average volume of 1,478,676. The stock's fifty day moving average price is $104.68 and its 200-day moving average price is $101.15. The stock has a market capitalization of $21.22 billion, a P/E ratio of 18.64, a PEG ratio of 2.44 and a beta of 1.44. 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, Inc. has a one year low of $71.84 and a one year high of $135.45.

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 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 business had revenue of $1.73 billion during the quarter, compared to the consensus estimate of $1.72 billion. During the same period in the previous year, the company posted $1.80 EPS. The firm's quarterly revenue was up 3.8% on a year-over-year basis. Equities 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 declared a quarterly dividend, which was paid on Wednesday, July 23rd. Stockholders of record on Thursday, July 3rd were given a $0.52 dividend. This represents a $2.08 dividend on an annualized basis and a dividend yield of 2.0%. The ex-dividend date of this dividend was Thursday, July 3rd. NetApp's payout ratio is currently 36.62%.

NetApp 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.