NetApp, Inc. $NTAP Shares Acquired by OMERS ADMINISTRATION Corp

Key Points

• OMERS ADMINISTRATION Corp increased its holdings in NetApp, Inc. by 24.5% in Q1, now owning 23,743 shares valued at approximately $2.1 million.
• Company insiders have sold a total of 27,802 shares worth nearly $3 million over the last ninety days, indicating a slight decrease in their ownership positions.
• NetApp's latest quarterly earnings beat analyst expectations, reporting $1.93 EPS with revenues of $1.73 billion, a 3.8% increase year-over-year.

OMERS ADMINISTRATION Corp lifted its stake in shares of NetApp, Inc. (NASDAQ:NTAP - Free Report) by 24.5% in the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 23,743 shares of the data storage provider's stock after buying an additional 4,671 shares during the quarter. OMERS ADMINISTRATION Corp's holdings in NetApp were worth $2,086,000 at the end of the most recent reporting period.

Other institutional investors have also modified their holdings of the company. Itau Unibanco Holding S.A. lifted its position in shares of NetApp by 929.6% during the 4th quarter. Itau Unibanco Holding S.A. now owns 278 shares of the data storage provider's stock worth $32,000 after buying an additional 251 shares during the last quarter. Manchester Capital Management LLC increased its holdings in shares of NetApp by 375.0% in the 1st quarter. Manchester Capital Management LLC now owns 285 shares of the data storage provider's stock valued at $25,000 after acquiring an additional 225 shares during the period. Park Square Financial Group LLC acquired a new position in shares of NetApp in the 4th quarter valued at $36,000. Olde Wealth Management LLC acquired a new position in shares of NetApp in the 1st quarter valued at $29,000. Finally, Migdal Insurance & Financial Holdings Ltd. increased its holdings in shares of NetApp by 54.9% in the 1st quarter. Migdal Insurance & Financial Holdings Ltd. now owns 350 shares of the data storage provider's stock valued at $31,000 after acquiring an additional 124 shares during the period. Hedge funds and other institutional investors own 92.17% of the company's stock.

Analyst Upgrades and Downgrades

A number of equities analysts have recently commented on the stock. UBS Group lifted their target price on shares of NetApp from $108.00 to $114.00 and gave the company a "neutral" rating in a report on Thursday, August 28th. Bank of America lifted their target price on shares of NetApp from $121.00 to $125.00 and gave the company a "neutral" rating in a report on Monday, August 25th. Barclays lifted their target price on shares of NetApp from $117.00 to $125.00 and gave the company an "overweight" rating in a report on Thursday, August 28th. Wells Fargo & Company dropped their price objective on shares of NetApp from $115.00 to $100.00 and set an "equal weight" rating on the stock in a research note on Friday, May 30th. Finally, Northland Securities boosted their price objective on shares of NetApp from $119.00 to $120.00 and gave the company a "market perform" rating in a research note on Thursday, August 28th. Seven research analysts have rated the stock with a Buy rating and ten have given a Hold rating to the stock. According to MarketBeat.com, NetApp has an average rating of "Hold" and a consensus price target of $124.07.

NetApp Price Performance

Shares of NASDAQ:NTAP traded up $1.10 on Wednesday, reaching $116.47. 1,982,235 shares of the company were exchanged, compared to its average volume of 2,060,619. The company has a current ratio of 1.31, a quick ratio of 1.22 and a debt-to-equity ratio of 2.55. NetApp, Inc. has a 1-year low of $71.84 and a 1-year high of $135.45. The firm 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 50-day moving average of $107.12 and a 200-day moving average of $100.01.

NetApp Announces Dividend

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

Insider Activity

In related news, EVP Elizabeth M. O'callahan sold 1,000 shares of the business's stock in a transaction dated Monday, August 11th. The shares were sold at an average price of $105.90, for a total value of $105,900.00. Following the sale, the executive vice president directly owned 23,251 shares in the company, valued at $2,462,280.90. The trade was a 4.12% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CEO George Kurian sold 8,500 shares of the business's stock in a transaction dated Monday, August 18th. The stock was sold at an average price of $108.85, for a total transaction of $925,225.00. Following the completion of the sale, the chief executive officer owned 283,688 shares in the company, valued at $30,879,438.80. This represents a 2.91% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 27,500 shares of company stock worth $2,921,775 over the last quarter. Insiders own 0.28% of the company's stock.

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.