Jupiter Asset Management Ltd. Has $37.60 Million Holdings in NetApp, Inc. (NASDAQ:NTAP)

Key Points

• Jupiter Asset Management Ltd. reduced its stake in NetApp, Inc. by 10.7%, selling 51,130 shares, and now owns approximately 428,048 shares worth $37.6 million.
• In the fourth quarter, several institutional investors increased their stakes in NetApp, including Ameriprise Financial by 14.5% and Invesco by 20.4%, with institutional investors now owning 92.17% of the stock.
• NetApp reported quarterly earnings of $1.93 per share, surpassing analysts' estimates, and declared a quarterly dividend of $0.52, reflecting an annualized dividend yield of 2.1%.

Jupiter Asset Management Ltd. cut its position in shares of NetApp, Inc. (NASDAQ:NTAP - Free Report) by 10.7% in the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 428,048 shares of the data storage provider's stock after selling 51,130 shares during the quarter. Jupiter Asset Management Ltd. owned approximately 0.21% of NetApp worth $37,600,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also modified their holdings of the company. Olde Wealth Management LLC purchased a new stake in shares of NetApp during the first quarter worth about $29,000. Migdal Insurance & Financial Holdings Ltd. grew its holdings in shares of NetApp by 54.9% during the first quarter. Migdal Insurance & Financial Holdings Ltd. now owns 350 shares of the data storage provider's stock worth $31,000 after buying an additional 124 shares in the last quarter. Itau Unibanco Holding S.A. boosted its position in shares of NetApp by 929.6% in the fourth quarter. Itau Unibanco Holding S.A. now owns 278 shares of the data storage provider's stock worth $32,000 after acquiring an additional 251 shares during the last quarter. Coppell Advisory Solutions LLC boosted its position in shares of NetApp by 50.0% in the fourth quarter. Coppell Advisory Solutions LLC now owns 300 shares of the data storage provider's stock worth $35,000 after acquiring an additional 100 shares during the last quarter. Finally, Park Square Financial Group LLC acquired a new stake in shares of NetApp in the fourth quarter worth approximately $36,000. 92.17% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

Several research firms recently issued reports on NTAP. Morgan Stanley reissued a "cautious" rating on shares of NetApp in a research report on Tuesday, May 20th. JPMorgan Chase & Co. raised 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. Evercore ISI decreased 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. UBS Group decreased their target price on shares of NetApp from $115.00 to $108.00 and set a "neutral" rating on the stock in a research report on Friday, May 30th. Finally, Citigroup raised their target price on shares of NetApp from $105.00 to $110.00 and gave the stock a "neutral" rating in a research report on Monday, June 2nd. 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.com, NetApp has an average rating of "Hold" and an average price target of $118.86.

Insider Buying and Selling at NetApp

In other NetApp news, EVP Elizabeth M. O'callahan sold 1,000 shares of the business'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 transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, CEO George Kurian sold 8,500 shares of the business's stock in a transaction on Monday, July 21st. The shares were sold at an average price of $108.08, for a total transaction of $918,680.00. Following 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. Insiders sold a total of 18,302 shares of company stock worth $1,920,479 over the last 90 days. Insiders own 0.28% of the company's stock.

NetApp Stock Up 2.1%

Shares of NASDAQ NTAP traded up $2.13 during trading on Monday, reaching $103.23. 1,193,766 shares of the stock were exchanged, compared to its average volume of 1,481,493. The business's 50-day moving average price is $104.23 and its 200 day moving average price is $101.86. NetApp, Inc. has a twelve month low of $71.84 and a twelve month high of $135.45. The company has a quick ratio of 1.22, a current ratio of 1.25 and a debt-to-equity ratio of 2.39. The company has a market capitalization of $20.68 billion, a price-to-earnings ratio of 18.17, a price-to-earnings-growth ratio of 2.33 and a beta of 1.44.

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

NetApp Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Wednesday, July 23rd. Shareholders of record on Thursday, July 3rd were paid a dividend of $0.52 per share. The ex-dividend date was Thursday, July 3rd. This represents a $2.08 annualized dividend and a yield of 2.0%. NetApp's payout ratio is presently 36.62%.

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.