McKinley Carter Wealth Services Inc. purchased a new stake in NetApp Inc. (NASDAQ:NTAP) in the 3rd quarter, HoldingsChannel.com reports. The institutional investor purchased 28,388 shares of the data storage provider’s stock, valued at approximately $2,438,000.
A number of other hedge funds have also modified their holdings of the business. Commonwealth Equity Services LLC boosted its position in NetApp by 12.7% in the 3rd quarter. Commonwealth Equity Services LLC now owns 6,782 shares of the data storage provider’s stock valued at $582,000 after buying an additional 762 shares during the period. Unigestion Holding SA boosted its position in NetApp by 16.9% in the 3rd quarter. Unigestion Holding SA now owns 48,175 shares of the data storage provider’s stock valued at $4,138,000 after buying an additional 6,973 shares during the period. Skandinaviska Enskilda Banken AB publ boosted its position in NetApp by 3.0% in the 3rd quarter. Skandinaviska Enskilda Banken AB publ now owns 34,847 shares of the data storage provider’s stock valued at $2,993,000 after buying an additional 1,000 shares during the period. Dupont Capital Management Corp boosted its position in NetApp by 9.3% in the 3rd quarter. Dupont Capital Management Corp now owns 33,749 shares of the data storage provider’s stock valued at $2,899,000 after buying an additional 2,875 shares during the period. Finally, Global Financial Private Capital LLC purchased a new position in NetApp in the 3rd quarter valued at approximately $3,102,000. 95.52% of the stock is owned by institutional investors.
In related news, VP Joel D. Reich sold 7,157 shares of the business’s stock in a transaction on Friday, August 31st. The shares were sold at an average price of $86.83, for a total value of $621,442.31. Following the completion of the sale, the vice president now directly owns 603 shares of the company’s stock, valued at $52,358.49. The sale was disclosed in a filing with the SEC, which is available through this hyperlink. Also, CEO George Kurian sold 36,646 shares of the business’s stock in a transaction on Monday, August 20th. The shares were sold at an average price of $81.69, for a total transaction of $2,993,611.74. Following the completion of the sale, the chief executive officer now directly owns 64,147 shares of the company’s stock, valued at $5,240,168.43. The disclosure for this sale can be found here. Over the last three months, insiders sold 127,451 shares of company stock valued at $10,579,434. 0.19% of the stock is owned by corporate insiders.
Several equities analysts have commented on NTAP shares. Susquehanna Bancshares raised their price target on shares of NetApp from $75.00 to $100.00 and gave the company a “positive” rating in a research report on Tuesday, July 24th. BidaskClub cut shares of NetApp from a “strong-buy” rating to a “buy” rating in a research report on Tuesday, October 9th. Goldman Sachs Group raised shares of NetApp from a “neutral” rating to a “conviction-buy” rating and set a $91.00 price target for the company in a research report on Wednesday, October 17th. Deutsche Bank raised their price target on shares of NetApp from $43.00 to $60.00 and gave the company a “sell” rating in a research report on Thursday, August 16th. Finally, Bank of America lifted their price objective on shares of NetApp from $88.00 to $90.00 and gave the stock a “buy” rating in a research report on Monday, August 13th. Two investment analysts have rated the stock with a sell rating, ten have issued a hold rating, sixteen have assigned a buy rating and two have assigned a strong buy rating to the company. The company presently has a consensus rating of “Buy” and an average target price of $81.17.
NetApp 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 firm has a market cap of $21.48 billion, a PE ratio of 24.29, a PEG 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 announced its quarterly earnings results on Wednesday, August 15th. The data storage provider reported $1.04 earnings per share for the quarter, beating analysts’ consensus estimates of $0.80 by $0.24. NetApp had a net margin of 3.68% and a return on equity of 41.75%. The firm had revenue of $1.47 billion during the quarter, compared to analysts’ expectations of $1.42 billion. During the same period in the previous year, the company earned $0.62 earnings per share. NetApp’s quarterly revenue was up 11.6% compared to the same quarter last year. As a group, sell-side analysts forecast that NetApp Inc. will post 3.92 earnings per share for the current year.
The business also recently declared a quarterly dividend, which was paid on Wednesday, October 24th. Investors of record on Friday, October 5th were given a $0.40 dividend. The ex-dividend date of this dividend was Thursday, October 4th. This represents a $1.60 dividend on an annualized basis and a yield of 1.96%. NetApp’s dividend payout ratio (DPR) is presently 53.51%.
NetApp Company Profile
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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