NetApp, Inc. (NASDAQ:NTAP) Holdings Lifted by Rhumbline Advisers

Rhumbline Advisers increased its holdings in shares of NetApp, Inc. (NASDAQ:NTAP - Free Report) by 5.6% in the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 580,655 shares of the data storage provider's stock after purchasing an additional 30,981 shares during the period. Rhumbline Advisers owned 0.29% of NetApp worth $51,005,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors have also recently added to or reduced their stakes in the company. M&T Bank Corp boosted its position in NetApp by 4.8% in the 4th quarter. M&T Bank Corp now owns 12,794 shares of the data storage provider's stock valued at $1,485,000 after buying an additional 581 shares during the last quarter. Versor Investments LP purchased a new position in NetApp in the 4th quarter valued at about $395,000. AMJ Financial Wealth Management boosted its position in NetApp by 120.7% in the 4th quarter. AMJ Financial Wealth Management now owns 68,897 shares of the data storage provider's stock valued at $7,998,000 after buying an additional 37,684 shares during the last quarter. Brandywine Global Investment Management LLC purchased a new position in NetApp in the 4th quarter valued at about $5,151,000. Finally, Vanguard Group Inc. boosted its position in NetApp by 1.7% in the 4th quarter. Vanguard Group Inc. now owns 26,443,974 shares of the data storage provider's stock valued at $3,069,617,000 after buying an additional 429,343 shares during the last quarter. 92.17% of the stock is owned by hedge funds and other institutional investors.

Insiders Place Their Bets

In other NetApp news, CAO Lorenzo Daniel De sold 302 shares of the company's 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 transaction, the chief accounting officer now owns 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 document filed with the Securities & Exchange Commission, which is available at this link. Also, CEO George Kurian sold 8,500 shares of the company's stock in a transaction dated Monday, April 21st. The stock was sold at an average price of $81.83, for a total transaction of $695,555.00. Following the completion of the transaction, the chief executive officer now owns 249,765 shares of the company's stock, valued at approximately $20,438,269.95. This trade represents a 3.29% decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders sold 29,026 shares of company stock worth $2,549,860. Insiders own 0.47% of the company's stock.

NetApp Stock Performance

NTAP traded up $0.84 on Thursday, hitting $104.60. 2,673,662 shares of the company's stock were exchanged, compared to its average volume of 1,924,257. The firm has a market cap of $21.28 billion, a PE ratio of 19.23, a P/E/G ratio of 2.45 and a beta of 1.40. NetApp, Inc. has a twelve month low of $71.84 and a twelve month high of $135.45. The stock has a fifty day moving average of $90.87 and a two-hundred day moving average of $106.76. The company has a current ratio of 0.91, a quick ratio of 0.84 and a debt-to-equity ratio of 1.39.

NetApp (NASDAQ:NTAP - Get Free Report) last released its quarterly earnings data on Thursday, May 29th. The data storage provider reported $1.93 earnings per share for the quarter, topping the consensus estimate of $1.90 by $0.03. The firm had revenue of $1.73 billion for the quarter, compared to analyst estimates of $1.72 billion. NetApp had a net margin of 17.78% and a return on equity of 123.63%. NetApp's quarterly revenue was up 3.8% on a year-over-year basis. During the same quarter in the prior year, the business earned $1.80 earnings per share. On average, research analysts anticipate that NetApp, Inc. will post 5.89 earnings per share for the current fiscal year.

NetApp Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, July 23rd. Investors of record on Thursday, July 3rd will be paid a dividend of $0.52 per share. The ex-dividend date is Thursday, July 3rd. This represents a $2.08 annualized dividend and a yield of 1.99%. NetApp's dividend payout ratio (DPR) is 36.62%.

Analysts Set New Price Targets

A number of research firms have weighed in on NTAP. TD Cowen decreased their price objective on shares of NetApp from $160.00 to $130.00 and set a "buy" rating for the company in a research report on Friday, February 28th. Loop Capital cut their target price on shares of NetApp from $150.00 to $130.00 and set a "buy" rating on the stock in a research note on Tuesday, March 4th. Evercore ISI cut 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 note on Monday, April 28th. Keefe, Bruyette & Woods upgraded shares of NetApp to an "outperform" rating in a research note on Wednesday, February 19th. Finally, Wedbush restated a "neutral" rating and issued a $110.00 target price on shares of NetApp in a research note on Friday, May 30th. One equities research analyst has rated the stock with a sell rating, ten have given a hold rating and seven have assigned a buy rating to the company. According to data from MarketBeat, NetApp currently has an average rating of "Hold" and a consensus price target of $119.27.

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.