QRG Capital Management Inc. lessened its holdings in shares of NetApp, Inc. (NASDAQ:NTAP - Free Report) by 70.3% in the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 27,194 shares of the data storage provider's stock after selling 64,491 shares during the quarter. QRG Capital Management Inc.'s holdings in NetApp were worth $2,897,000 as of its most recent SEC filing.
A number of other large investors have also recently made changes to their positions in the business. Ameritas Advisory Services LLC bought a new stake in shares of NetApp during the second quarter worth about $148,000. Lecap Asset Management Ltd. bought a new stake in NetApp during the 2nd quarter worth approximately $285,000. EWA LLC raised its stake in shares of NetApp by 5.4% in the second quarter. EWA LLC now owns 2,535 shares of the data storage provider's stock worth $270,000 after purchasing an additional 131 shares during the last quarter. Philip James Wealth Mangement LLC raised its stake in shares of NetApp by 3.2% in the second quarter. Philip James Wealth Mangement LLC now owns 15,748 shares of the data storage provider's stock worth $1,678,000 after purchasing an additional 491 shares during the last quarter. Finally, Clarity Financial LLC bought a new position in shares of NetApp in the second quarter valued at approximately $239,000. 92.17% of the stock is owned by institutional investors.
Analyst Ratings Changes
A number of research firms recently commented on NTAP. Bank of America increased their price target on NetApp from $121.00 to $125.00 and gave the company a "neutral" rating in a research report on Monday, August 25th. Northland Securities raised their price target on shares of NetApp from $119.00 to $120.00 and gave the company a "market perform" rating in a research report on Thursday, August 28th. JPMorgan Chase & Co. raised their price target on shares of NetApp from $115.00 to $130.00 and gave the company an "overweight" rating in a research report on Thursday, July 17th. Morgan Stanley set a $117.00 price objective on shares of NetApp in a research report on Thursday, August 28th. Finally, Citigroup lifted their target price on shares of NetApp from $110.00 to $115.00 and gave the stock a "neutral" rating in a research report on Monday, August 11th. Seven research analysts have rated the stock with a Buy rating and eleven have assigned a Hold rating to the company. According to data from MarketBeat, NetApp currently has a consensus rating of "Hold" and an average target price of $124.07.
Read Our Latest Analysis on NetApp
Insider Activity at NetApp
In other NetApp news, CEO George Kurian sold 8,750 shares of the stock in a transaction on Wednesday, September 17th. The stock was sold at an average price of $122.91, for a total transaction of $1,075,462.50. Following the completion of the transaction, the chief executive officer directly owned 274,938 shares of the company's stock, valued at approximately $33,792,629.58. This represents a 3.08% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, EVP Elizabeth M. O'callahan sold 1,000 shares of the firm's stock in a transaction on Monday, August 11th. The stock was sold at an average price of $105.90, for a total value of $105,900.00. Following the completion of the sale, the executive vice president directly owned 23,251 shares of the company's stock, valued at $2,462,280.90. This represents a 4.12% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 29,529 shares of company stock worth $3,350,714. Insiders own 0.28% of the company's stock.
NetApp Stock Performance
NASDAQ NTAP opened at $120.42 on Tuesday. The company has a market capitalization of $24.04 billion, a PE ratio of 21.28, a price-to-earnings-growth ratio of 2.58 and a beta of 1.45. The company has a debt-to-equity ratio of 2.55, a quick ratio of 1.28 and a current ratio of 1.31. NetApp, Inc. has a 52-week low of $71.84 and a 52-week high of $135.45. The company has a 50-day simple moving average of $114.64 and a 200 day simple moving average of $103.01.
NetApp Announces Dividend
The business also recently declared a quarterly dividend, which will be paid on Wednesday, October 22nd. Investors of record on Friday, October 3rd will be issued a $0.52 dividend. This represents a $2.08 dividend on an annualized basis and a dividend yield of 1.7%. The ex-dividend date of this dividend is Friday, October 3rd. NetApp's payout ratio is 36.75%.
NetApp Profile
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Free Report)
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.
See Also
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