QRG Capital Management Inc. Has $8.05 Million Holdings in NetApp, Inc. (NASDAQ:NTAP)

QRG Capital Management Inc. lifted its holdings in NetApp, Inc. (NASDAQ:NTAP - Free Report) by 73.9% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 91,685 shares of the data storage provider's stock after acquiring an additional 38,961 shares during the quarter. QRG Capital Management Inc.'s holdings in NetApp were worth $8,054,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also modified their holdings of the business. Vanguard Group Inc. boosted its holdings in shares of NetApp by 1.7% in the 4th quarter. Vanguard Group Inc. now owns 26,443,974 shares of the data storage provider's stock worth $3,069,617,000 after acquiring an additional 429,343 shares in the last quarter. Ameriprise Financial Inc. boosted its holdings in shares of NetApp by 14.5% in the 4th quarter. Ameriprise Financial Inc. now owns 7,024,456 shares of the data storage provider's stock worth $815,402,000 after acquiring an additional 888,671 shares in the last quarter. Invesco Ltd. boosted its holdings in shares of NetApp by 20.4% in the 4th quarter. Invesco Ltd. now owns 3,123,228 shares of the data storage provider's stock worth $362,544,000 after acquiring an additional 529,471 shares in the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC boosted its holdings in shares of NetApp by 8.0% in the 4th quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 2,986,330 shares of the data storage provider's stock worth $346,653,000 after acquiring an additional 220,393 shares in the last quarter. Finally, Beutel Goodman & Co Ltd. boosted its holdings in shares of NetApp by 0.4% in the 4th quarter. Beutel Goodman & Co Ltd. now owns 2,887,795 shares of the data storage provider's stock worth $335,215,000 after acquiring an additional 12,919 shares in the last quarter. 92.17% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

Several research analysts recently weighed in on NTAP shares. UBS Group dropped their price objective on shares of NetApp from $115.00 to $108.00 and set a "neutral" rating for the company in a research report on Friday, May 30th. Wedbush restated a "neutral" rating and issued a $110.00 price objective on shares of NetApp in a research report on Friday, May 30th. Barclays boosted their price objective on shares of NetApp from $115.00 to $117.00 and gave the stock an "overweight" rating in a research report on Friday, May 30th. TD Cowen dropped 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. Finally, Morgan Stanley restated a "cautious" rating on shares of NetApp in a research report on Tuesday, May 20th. One investment analyst has rated the stock with a sell rating, ten have assigned a hold rating and six have given a buy rating to the stock. According to MarketBeat.com, the stock presently has a consensus rating of "Hold" and a consensus target price of $117.79.

NetApp Price Performance

Shares of NTAP stock opened at $103.20 on Wednesday. The company has a quick ratio of 1.22, a current ratio of 1.25 and a debt-to-equity ratio of 2.39. NetApp, Inc. has a 12-month low of $71.84 and a 12-month high of $135.45. The firm has a fifty day moving average of $94.65 and a 200-day moving average of $105.37. The firm has a market capitalization of $20.68 billion, a price-to-earnings ratio of 18.17, a price-to-earnings-growth ratio of 2.39 and a beta of 1.42.

NetApp (NASDAQ:NTAP - Get Free Report) last posted its earnings results on Thursday, May 29th. The data storage provider reported $1.93 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $1.90 by $0.03. The firm had revenue of $1.73 billion during the quarter, compared to analysts' expectations of $1.72 billion. NetApp had a return on equity of 126.96% and a net margin of 18.05%. The company's revenue was up 3.8% on a year-over-year basis. During the same period in the previous year, the firm earned $1.80 earnings per share. On average, equities research analysts forecast that NetApp, Inc. will post 5.89 earnings per share for the current year.

NetApp Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, July 23rd. Stockholders of record on Thursday, July 3rd will be given a dividend of $0.52 per share. This represents a $2.08 annualized dividend and a dividend yield of 2.02%. The ex-dividend date is Thursday, July 3rd. NetApp's dividend payout ratio is 36.62%.

Insider Transactions at NetApp

In other news, Director Anders Gustafsson bought 2,800 shares of the stock in a transaction on Thursday, March 27th. The stock was purchased at an average price of $91.00 per share, for a total transaction of $254,800.00. Following the acquisition, the director now owns 6,348 shares in the company, valued at approximately $577,668. This trade represents a 78.92% increase in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. Also, CAO Lorenzo Daniel De sold 302 shares of the stock in a transaction dated Tuesday, June 3rd. The stock was sold at an average price of $98.77, for a total value of $29,828.54. Following the transaction, the chief accounting officer now owns 455 shares of the company's stock, valued at approximately $44,940.35. This trade represents a 39.89% decrease in their position. The disclosure for this sale can be found here. Insiders sold 28,498 shares of company stock valued at $2,500,978 over the last quarter. Corporate insiders own 0.47% of the company's stock.

NetApp 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.

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