Jupiter Topco LLC Acquires New Position in NetApp, Inc. $NTAP

Key Points

• Jupiter Topco LLC acquired 32,391 NetApp shares worth approximately $5.0 million during the second quarter. Other institutions also initiated positions, bringing institutional and hedge-fund ownership to 92.17%.
• NetApp insiders sold 55,072 shares valued at approximately $8.7 million over the last quarter, while insider ownership remains low at 0.36%.
• Analysts have raised several price targets, but the consensus rating remains “Hold” with an average target of $184.08. NetApp shares opened at $185.29, compared with a 52-week range of $93.69 to $209.06.

Jupiter Topco LLC bought a new position in shares of NetApp, Inc. (NASDAQ:NTAP - Free Report) during the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor bought 32,391 shares of the data storage provider's stock, valued at approximately $5,011,000.

A number of other hedge funds and other institutional investors also recently modified their holdings of the stock. Primecap Management Co. CA purchased a new stake in shares of NetApp during the 2nd quarter worth approximately $1,395,423,000. Canada Pension Plan Investment Board acquired a new position in NetApp during the second quarter worth $8,931,000. Legal & General Group Plc purchased a new stake in NetApp during the second quarter worth $258,093,000. The Manufacturers Life Insurance Company acquired a new stake in NetApp in the second quarter valued at $18,950,000. Finally, Fiduciary Financial Advisors purchased a new position in shares of NetApp in the second quarter valued at $109,000. 92.17% of the stock is currently owned by institutional investors and hedge funds.

Insider Transactions at NetApp

In other news, President Cesar Cernuda sold 2,608 shares of the business's stock in a transaction that occurred on Monday, August 17th. The shares were sold at an average price of $204.48, for a total value of $533,283.84. Following the completion of the transaction, the president owned 46,530 shares of the company's stock, valued at $9,514,454.40. The trade was a 5.31% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, EVP Elizabeth M. O'callahan sold 1,000 shares of the business's stock in a transaction that occurred on Monday, August 10th. The shares were sold at an average price of $193.82, for a total transaction of $193,820.00. Following the completion of the transaction, the executive vice president directly owned 30,297 shares of the company's stock, valued at approximately $5,872,164.54. This represents a 3.20% decrease in their position. The disclosure for this sale is available in the SEC filing. Over the last quarter, insiders have sold 55,072 shares of company stock valued at $8,719,520. Insiders own 0.36% of the company's stock.

Analysts Set New Price Targets

A number of equities research analysts recently commented on the stock. Wells Fargo & Company increased their price objective on shares of NetApp from $115.00 to $180.00 and gave the company an "equal weight" rating in a research note on Friday, May 29th. Wedbush upped their price target on shares of NetApp from $115.00 to $150.00 and gave the company a "neutral" rating in a report on Friday, May 29th. Evercore set a $210.00 price target on shares of NetApp in a research report on Monday, August 24th. 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, Susquehanna lifted their price objective on NetApp from $110.00 to $185.00 and gave the stock a "neutral" rating in a research report on Friday, May 29th. Five equities research analysts have rated the stock with a Buy rating and ten have assigned a Hold rating to the stock. According to data from MarketBeat, NetApp presently has an average rating of "Hold" and a consensus price target of $184.08.

NetApp Trading Down 0.9%

Shares of NTAP stock opened at $185.29 on Tuesday. The firm has a 50-day moving average price of $176.44 and a 200 day moving average price of $138.83. NetApp, Inc. has a twelve month low of $93.69 and a twelve month high of $209.06. The company has a market capitalization of $36.36 billion, a price-to-earnings ratio of 29.13, a PEG ratio of 3.33 and a beta of 1.45. The company has a current ratio of 1.44, a quick ratio of 1.39 and a debt-to-equity ratio of 1.84.

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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