Short Interest in NetApp Inc. (NASDAQ:NTAP) Drops By 25.7%

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NetApp Inc. (NASDAQ:NTAP) was the recipient of a large decrease in short interest during the month of August. As of August 31st, there was short interest totalling 12,603,900 shares, a decrease of 25.7% from the July 31st total of 16,955,400 shares. Currently, 5.3% of the company’s stock are sold short. Based on an average daily volume of 2,640,000 shares, the short-interest ratio is presently 4.8 days.

In other news, VP Joel D. Reich sold 3,963 shares of the stock in a transaction on Wednesday, August 21st. The stock was sold at an average price of $47.29, for a total transaction of $187,410.27. Following the completion of the sale, the vice president now owns 12,249 shares in the company, valued at approximately $579,255.21. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, VP Joel D. Reich sold 23,650 shares of the stock in a transaction on Tuesday, June 18th. The shares were sold at an average price of $61.49, for a total value of $1,454,238.50. Following the sale, the vice president now owns 16,212 shares of the company’s stock, valued at approximately $996,875.88. The disclosure for this sale can be found here. In the last quarter, insiders have sold 82,808 shares of company stock valued at $4,792,561. Company insiders own 0.33% of the company’s stock.

Several hedge funds have recently bought and sold shares of NTAP. Shelton Capital Management purchased a new stake in shares of NetApp during the 1st quarter worth about $25,000. Hexavest Inc. purchased a new stake in shares of NetApp during the 2nd quarter worth about $26,000. Group One Trading L.P. boosted its stake in shares of NetApp by 196.9% during the 1st quarter. Group One Trading L.P. now owns 443 shares of the data storage provider’s stock worth $31,000 after acquiring an additional 900 shares in the last quarter. Kistler Tiffany Companies LLC boosted its stake in shares of NetApp by 315.4% during the 2nd quarter. Kistler Tiffany Companies LLC now owns 511 shares of the data storage provider’s stock worth $32,000 after acquiring an additional 388 shares in the last quarter. Finally, Parallel Advisors LLC boosted its stake in shares of NetApp by 83.8% during the 1st quarter. Parallel Advisors LLC now owns 509 shares of the data storage provider’s stock worth $35,000 after acquiring an additional 232 shares in the last quarter. 97.11% of the stock is currently owned by institutional investors and hedge funds.

NTAP has been the topic of several research reports. Goldman Sachs Group reissued a “buy” rating and issued a $61.00 target price (up from $54.00) on shares of NetApp in a research report on Thursday, August 15th. Morgan Stanley reissued a “sell” rating and issued a $41.00 target price on shares of NetApp in a research report on Sunday, August 11th. Stifel Nicolaus cut their target price on NetApp from $75.00 to $60.00 and set a “buy” rating on the stock in a research report on Friday, August 2nd. JPMorgan Chase & Co. upped their target price on NetApp from $64.00 to $67.00 and gave the company a “neutral” rating in a research report on Tuesday, June 25th. Finally, Piper Jaffray Companies downgraded NetApp from an “overweight” rating to a “neutral” rating and cut their target price for the company from $75.00 to $48.00 in a research report on Friday, August 2nd. Three investment analysts have rated the stock with a sell rating, sixteen have issued a hold rating and ten have issued a buy rating to the stock. The company has an average rating of “Hold” and an average target price of $60.55.

NTAP traded up $0.21 during midday trading on Friday, hitting $56.57. 1,909,073 shares of the company were exchanged, compared to its average volume of 2,752,087. The company’s 50 day simple moving average is $49.76 and its 200 day simple moving average is $62.00. The firm has a market capitalization of $12.97 billion, a price-to-earnings ratio of 14.07, a price-to-earnings-growth ratio of 1.21 and a beta of 1.52. The company has a current ratio of 1.42, a quick ratio of 1.39 and a debt-to-equity ratio of 1.33. NetApp has a 1-year low of $44.55 and a 1-year high of $87.65.

NetApp (NASDAQ:NTAP) last announced its quarterly earnings results on Wednesday, August 14th. The data storage provider reported $0.65 earnings per share for the quarter, topping the consensus estimate of $0.46 by $0.19. The company had revenue of $1.24 billion for the quarter, compared to the consensus estimate of $1.23 billion. NetApp had a return on equity of 77.11% and a net margin of 16.74%. The firm’s revenue for the quarter was down 16.1% compared to the same quarter last year. During the same period last year, the firm earned $1.04 EPS. On average, equities analysts anticipate that NetApp will post 3.49 EPS for the current year.

The company also recently announced a quarterly dividend, which will be paid on Wednesday, October 23rd. Stockholders of record on Friday, October 4th will be paid a dividend of $0.48 per share. This represents a $1.92 annualized dividend and a dividend yield of 3.39%. The ex-dividend date of this dividend is Thursday, October 3rd. NetApp’s payout ratio is currently 47.76%.

NetApp Company Profile

NetApp, Inc provides software, systems, and services to manage and share data 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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