NetApp, Inc. $NTAP Shares Purchased by Magnetar Financial LLC

Key Points

• Magnetar Financial LLC has increased its holdings in NetApp, Inc. by 114.2% in the first quarter, now owning 9,806 shares valued at approximately $861,000.
• NetApp reported earnings per share (EPS) of $1.93 for the last quarter, surpassing expectations, with revenue of $1.73 billion, reflecting a 3.8% year-over-year increase.
• The company declared a quarterly dividend of $0.52 per share, which will be paid on October 22nd, representing an annualized yield of 1.8%.

Magnetar Financial LLC raised its holdings in shares of NetApp, Inc. (NASDAQ:NTAP - Free Report) by 114.2% during the first quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 9,806 shares of the data storage provider's stock after acquiring an additional 5,227 shares during the quarter. Magnetar Financial LLC's holdings in NetApp were worth $861,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds and other institutional investors have also bought and sold shares of the company. Manchester Capital Management LLC increased its holdings in shares of NetApp by 375.0% in the first quarter. Manchester Capital Management LLC now owns 285 shares of the data storage provider's stock worth $25,000 after purchasing an additional 225 shares during the period. Olde Wealth Management LLC bought a new position in shares of NetApp in the first quarter worth $29,000. Migdal Insurance & Financial Holdings Ltd. increased its holdings in shares of NetApp by 54.9% in the first quarter. Migdal Insurance & Financial Holdings Ltd. now owns 350 shares of the data storage provider's stock worth $31,000 after purchasing an additional 124 shares during the period. Itau Unibanco Holding S.A. increased its holdings 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 purchasing an additional 251 shares during the period. Finally, Park Square Financial Group LLC bought a new position in shares of NetApp in the fourth quarter worth $36,000. Institutional investors own 92.17% of the company's stock.

Insider Buying and Selling at NetApp

In related news, CEO George Kurian sold 8,500 shares of NetApp 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 transaction, the chief executive officer owned 296,805 shares in the company, valued at approximately $30,208,812.90. The trade was a 2.78% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, EVP Elizabeth M. O'callahan sold 1,000 shares of the business's stock in a transaction dated Monday, August 11th. The stock was sold at an average price of $105.90, for a total transaction of $105,900.00. Following the completion of the sale, the executive vice president owned 23,251 shares in the company, valued at approximately $2,462,280.90. This trade represents a 4.12% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 27,500 shares of company stock worth $2,921,775 in the last quarter. Corporate insiders own 0.28% of the company's stock.

Wall Street Analyst Weigh In

NTAP has been the subject of several research reports. Wedbush reiterated a "neutral" rating and issued a $150.00 target price on shares of NetApp in a research report on Thursday, August 28th. Citigroup upped their price target on shares of NetApp from $110.00 to $115.00 and gave the company a "neutral" rating in a research report on Monday, August 11th. Morgan Stanley set a $117.00 price target on shares of NetApp in a research report on Thursday, August 28th. Wells Fargo & Company cut their price target on shares of NetApp from $115.00 to $100.00 and set an "equal weight" rating for the company in a research report on Friday, May 30th. Finally, JPMorgan Chase & Co. increased their target price on shares of NetApp from $115.00 to $130.00 and gave the stock an "overweight" rating in a report on Thursday, July 17th. Seven analysts have rated the stock with a Buy rating and ten have assigned a Hold rating to the company's stock. According to data from MarketBeat, NetApp presently has an average rating of "Hold" and an average price target of $124.07.

NetApp Stock Up 1.0%

Shares of NASDAQ NTAP traded up $1.10 on Wednesday, reaching $116.47. 1,982,235 shares of the company's stock traded hands, compared to its average volume of 2,060,619. NetApp, Inc. has a 12 month low of $71.84 and a 12 month high of $135.45. The business's 50 day simple moving average is $107.12 and its two-hundred day simple moving average is $100.01. The company has a market cap of $23.25 billion, a price-to-earnings ratio of 20.58, a price-to-earnings-growth ratio of 2.48 and a beta of 1.46. The company has a quick ratio of 1.22, a current ratio of 1.31 and a debt-to-equity ratio of 2.55.

NetApp Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Wednesday, October 22nd. Stockholders of record on Friday, October 3rd will be paid a dividend of $0.52 per share. This represents a $2.08 annualized dividend and a dividend yield of 1.8%. The ex-dividend date is Friday, October 3rd. NetApp's dividend payout ratio (DPR) is currently 36.75%.

About NetApp

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.