IFM Investors Pty Ltd reduced its stake in NetApp, Inc. (NASDAQ:NTAP - Free Report) by 7.5% during the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 47,969 shares of the data storage provider's stock after selling 3,891 shares during the period. IFM Investors Pty Ltd's holdings in NetApp were worth $4,214,000 at the end of the most recent quarter.
Other hedge funds and other institutional investors also recently modified their holdings of the company. Larson Financial Group LLC increased its stake in NetApp by 2.5% in the fourth quarter. Larson Financial Group LLC now owns 3,778 shares of the data storage provider's stock valued at $438,000 after acquiring an additional 92 shares during the last quarter. Moors & Cabot Inc. increased its holdings in NetApp by 3.6% in the fourth quarter. Moors & Cabot Inc. now owns 2,906 shares of the data storage provider's stock valued at $337,000 after purchasing an additional 100 shares during the period. Coppell Advisory Solutions LLC boosted its holdings in NetApp by 50.0% in the fourth quarter. Coppell Advisory Solutions LLC now owns 300 shares of the data storage provider's stock valued at $35,000 after acquiring an additional 100 shares during the last quarter. Utah Retirement Systems boosted its holdings in NetApp by 0.3% in the fourth quarter. Utah Retirement Systems now owns 34,152 shares of the data storage provider's stock valued at $3,964,000 after acquiring an additional 100 shares during the last quarter. Finally, Steward Partners Investment Advisory LLC lifted its stake in shares of NetApp by 2.5% in the 4th quarter. Steward Partners Investment Advisory LLC now owns 4,597 shares of the data storage provider's stock valued at $534,000 after purchasing an additional 111 shares during the period. Institutional investors and hedge funds own 92.17% of the company's stock.
Analysts Set New Price Targets
A number of research analysts recently weighed in on the company. UBS Group dropped their price target on NetApp from $115.00 to $108.00 and set a "neutral" rating on the stock in a research note on Friday, May 30th. Evercore ISI dropped 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. Morgan Stanley reaffirmed a "cautious" rating on shares of NetApp in a research report on Tuesday, May 20th. Wedbush reaffirmed a "neutral" rating and set a $110.00 target price on shares of NetApp in a research report on Friday, May 30th. Finally, JPMorgan Chase & Co. decreased their target price on NetApp from $120.00 to $115.00 and set an "overweight" rating for the company in a research report on Friday, May 30th. One analyst has rated the stock with a sell rating, ten have assigned a hold rating and six have assigned a buy rating to the company's stock. Based on data from MarketBeat, the stock presently has a consensus rating of "Hold" and an average price target of $117.79.
View Our Latest Stock Analysis on NTAP
Insiders Place Their Bets
In other news, CAO Lorenzo Daniel De sold 302 shares of the business's stock in a transaction on Tuesday, June 3rd. The shares were sold at an average price of $98.77, for a total transaction of $29,828.54. Following the sale, the chief accounting officer directly owned 455 shares of the company's stock, valued at $44,940.35. The trade was a 39.89% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CEO George Kurian sold 8,500 shares of the business's stock in a transaction on Monday, June 16th. The shares were sold at an average price of $101.78, for a total transaction of $865,130.00. Following the sale, the chief executive officer directly owned 296,805 shares in the company, valued at $30,208,812.90. This trade represents a 2.78% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 17,302 shares of company stock worth $1,590,514 over the last three months. Corporate insiders own 0.47% of the company's stock.
NetApp Stock Up 1.1%
Shares of NTAP stock traded up $1.16 during mid-day trading on Tuesday, hitting $106.66. The stock had a trading volume of 1,270,393 shares, compared to its average volume of 1,921,126. NetApp, Inc. has a 12-month low of $71.84 and a 12-month high of $135.45. The firm has a market capitalization of $21.37 billion, a P/E ratio of 18.78, a price-to-earnings-growth ratio of 2.47 and a beta of 1.42. The firm's 50-day moving average is $100.63 and its two-hundred day moving average is $103.45. 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 issued its quarterly earnings data on Thursday, May 29th. The data storage provider reported $1.93 earnings per share for the quarter, topping analysts' consensus estimates of $1.90 by $0.03. The firm had revenue of $1.73 billion during the quarter, compared to analysts' expectations of $1.72 billion. NetApp had a return on equity of 126.96% and a net margin of 18.05%. The firm's quarterly revenue was up 3.8% on a year-over-year basis. During the same period in the prior year, the business posted $1.80 EPS. On average, analysts predict that NetApp, Inc. will post 5.89 earnings per share for the current fiscal year.
NetApp Announces Dividend
The business also recently announced a quarterly dividend, which will be paid on Wednesday, July 23rd. Shareholders of record on Thursday, July 3rd will be given a dividend of $0.52 per share. This represents a $2.08 annualized dividend and a yield of 1.95%. The ex-dividend date is Thursday, July 3rd. NetApp's dividend payout ratio is presently 36.62%.
About NetApp
(
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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