Pendal Group Ltd acquired a new stake in shares of NetApp Inc. (NASDAQ:NTAP) during the 3rd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor acquired 20,327 shares of the data storage provider’s stock, valued at approximately $1,746,000.
A number of other hedge funds and other institutional investors have also recently made changes to their positions in NTAP. CENTRAL TRUST Co raised its position in shares of NetApp by 589.7% during the 3rd quarter. CENTRAL TRUST Co now owns 1,276 shares of the data storage provider’s stock worth $110,000 after purchasing an additional 1,091 shares during the period. Migdal Insurance & Financial Holdings Ltd. raised its position in shares of NetApp by 16,433.3% during the 2nd quarter. Migdal Insurance & Financial Holdings Ltd. now owns 1,488 shares of the data storage provider’s stock worth $116,000 after purchasing an additional 1,479 shares during the period. Cerebellum GP LLC acquired a new stake in shares of NetApp during the 3rd quarter worth approximately $182,000. Checchi Capital Advisers LLC acquired a new stake in shares of NetApp during the 3rd quarter worth approximately $201,000. Finally, Greenleaf Trust acquired a new stake in shares of NetApp during the 2nd quarter worth approximately $206,000. Hedge funds and other institutional investors own 95.52% of the company’s stock.
Shares of NTAP stock opened at $81.66 on Friday. NetApp Inc. has a 12-month low of $45.24 and a 12-month high of $88.08. The company has a market capitalization of $21.47 billion, a P/E ratio of 24.29, a price-to-earnings-growth ratio of 1.50 and a beta of 1.38. The company has a debt-to-equity ratio of 0.80, a current ratio of 2.06 and a quick ratio of 2.03.
NetApp (NASDAQ:NTAP) last issued its quarterly earnings data on Wednesday, August 15th. The data storage provider reported $1.04 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.80 by $0.24. NetApp had a return on equity of 41.75% and a net margin of 3.68%. The business had revenue of $1.47 billion during the quarter, compared to analyst estimates of $1.42 billion. During the same period in the prior year, the company posted $0.62 EPS. The business’s revenue for the quarter was up 11.6% compared to the same quarter last year. Equities research analysts forecast that NetApp Inc. will post 3.92 EPS for the current fiscal year.
The firm also recently disclosed a quarterly dividend, which was paid on Wednesday, October 24th. Investors of record on Friday, October 5th were issued a $0.40 dividend. This represents a $1.60 dividend on an annualized basis and a yield of 1.96%. The ex-dividend date was Thursday, October 4th. NetApp’s dividend payout ratio (DPR) is 53.51%.
A number of analysts have recently weighed in on NTAP shares. Bank of America increased their price target on NetApp from $88.00 to $90.00 and gave the stock a “buy” rating in a research report on Monday, August 13th. BidaskClub cut NetApp from a “strong-buy” rating to a “buy” rating in a research report on Wednesday, July 25th. Lake Street Capital dropped their price target on NetApp from $88.00 to $72.00 and set a “buy” rating on the stock in a research report on Thursday, August 16th. JPMorgan Chase & Co. reiterated a “buy” rating and set a $92.00 price target on shares of NetApp in a research report on Thursday, August 16th. Finally, Maxim Group increased their price target on NetApp from $81.00 to $91.00 and gave the stock a “buy” rating in a research report on Thursday, August 16th. Two investment analysts have rated the stock with a sell rating, ten have given a hold rating, sixteen have assigned a buy rating and two have issued a strong buy rating to the company’s stock. The company presently has a consensus rating of “Buy” and an average price target of $81.17.
In other NetApp news, CEO George Kurian sold 36,646 shares of the stock in a transaction on Monday, August 20th. The stock was sold at an average price of $81.69, for a total transaction of $2,993,611.74. Following the completion of the transaction, the chief executive officer now directly owns 64,147 shares of the company’s stock, valued at approximately $5,240,168.43. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, EVP Henri P. Richard sold 2,525 shares of the stock in a transaction on Tuesday, October 16th. The shares were sold at an average price of $76.99, for a total value of $194,399.75. Following the transaction, the executive vice president now directly owns 65,907 shares of the company’s stock, valued at $5,074,179.93. The disclosure for this sale can be found here. Insiders sold a total of 127,451 shares of company stock valued at $10,579,434 over the last three months. Corporate insiders own 0.19% of the company’s stock.
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NetApp, Inc provides software, systems, and services to manage and share date on-premises, and private and public clouds worldwide. It offers cloud data services, such as ONTAP cloud storage data management and NetApp cloud sync data synchronization services; NetApp SaaS backup for Microsoft Office 365; NetApp cloud backup solutions; OnCommand management software and management integration tools; and NetApp private storage for cloud.
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