Vident Advisory LLC Has $3.70 Million Position in NetApp, Inc. $NTAP

Key Points

• Vident Advisory LLC significantly increased its stake in NetApp, Inc. by 265.2%, owning 42,139 shares worth approximately $3.7 million by the end of Q1.
• NetApp reported a quarterly earnings per share of $1.93, exceeding analyst expectations of $1.90, with a revenue of $1.73 billion, a 3.8% year-over-year increase.
• The company declared a quarterly dividend of $0.52 per share, translating to an annualized dividend yield of 1.8%, with a payout ratio of 36.75%.

Vident Advisory LLC increased its position in shares of NetApp, Inc. (NASDAQ:NTAP - Free Report) by 265.2% during the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 42,139 shares of the data storage provider's stock after buying an additional 30,600 shares during the period. Vident Advisory LLC's holdings in NetApp were worth $3,702,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors have also added to or reduced their stakes in the company. Manchester Capital Management LLC increased its holdings in NetApp by 375.0% during the first quarter. Manchester Capital Management LLC now owns 285 shares of the data storage provider's stock worth $25,000 after buying an additional 225 shares during the last quarter. Olde Wealth Management LLC acquired a new position in NetApp during the first quarter worth $29,000. Migdal Insurance & Financial Holdings Ltd. increased its holdings in NetApp by 54.9% during the first quarter. Migdal Insurance & Financial Holdings Ltd. now owns 350 shares of the data storage provider's stock worth $31,000 after buying an additional 124 shares during the last quarter. Itau Unibanco Holding S.A. increased its holdings in NetApp by 929.6% during the fourth 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. Finally, Park Square Financial Group LLC acquired a new position in NetApp during the fourth quarter worth $36,000. 92.17% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity

In other NetApp news, 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 transaction, the executive vice president owned 23,251 shares of the company's stock, valued at approximately $2,462,280.90. The trade was a 4.12% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 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 value of $925,225.00. Following the transaction, the chief executive officer directly owned 283,688 shares of the company's stock, valued at approximately $30,879,438.80. The trade was a 2.91% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 27,500 shares of company stock valued at $2,921,775 in the last ninety days. 0.28% of the stock is currently owned by company insiders.

NetApp Price Performance

NTAP traded up $1.10 on Wednesday, hitting $116.47. 1,982,235 shares of the stock were exchanged, 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 has a 50-day moving average of $107.12 and a two-hundred day moving average of $100.01. The company has a debt-to-equity ratio of 2.55, a current ratio of 1.31 and a quick ratio of 1.22. The firm has a market capitalization of $23.25 billion, a price-to-earnings ratio of 20.58, a PEG ratio of 2.48 and a beta of 1.46.

NetApp Announces Dividend

The company 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 dividend of $0.52 per share. The ex-dividend date of this dividend is Friday, October 3rd. This represents a $2.08 annualized dividend and a yield of 1.8%. NetApp's dividend payout ratio is currently 36.75%.

Analysts Set New Price Targets

A number of equities analysts have commented on NTAP shares. Barclays lifted their price objective on shares of NetApp from $117.00 to $125.00 and gave the stock an "overweight" rating in a research report on Thursday, August 28th. UBS Group lifted their price objective on shares of NetApp from $108.00 to $114.00 and gave the stock a "neutral" rating in a research report on Thursday, August 28th. Morgan Stanley set a $117.00 price objective on shares of NetApp in a research report on Thursday, August 28th. Citigroup lifted their price objective 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. Finally, JPMorgan Chase & Co. lifted their price objective on shares of NetApp from $115.00 to $130.00 and gave the stock an "overweight" rating in a research report on Thursday, July 17th. Seven research analysts have rated the stock with a Buy rating and ten have issued a Hold rating to the company. According to MarketBeat.com, the stock presently has a consensus rating of "Hold" and a consensus price target of $124.07.

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.