NetApp Inc. (NTAP) Short Interest Update
NetApp Inc. (NASDAQ:NTAP) was the target of a large increase in short interest in October. As of October 31st, there was short interest totalling 14,866,345 shares, an increase of 14.8% from the October 14th total of 12,945,644 shares. Currently, 5.3% of the company’s stock are short sold. Based on an average daily volume of 2,507,280 shares, the days-to-cover ratio is presently 5.9 days.
Shares of NetApp (NASDAQ:NTAP) opened at 33.46 on Friday. The company has a market cap of $9.32 billion, a P/E ratio of 30.12 and a beta of 1.49. The stock’s 50 day moving average price is $34.01 and its 200 day moving average price is $29.03. NetApp has a 12-month low of $20.66 and a 12-month high of $36.10.
NetApp (NASDAQ:NTAP) last issued its quarterly earnings data on Wednesday, August 17th. The data storage provider reported $0.46 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $0.36 by $0.10. NetApp had a return on equity of 15.82% and a net margin of 5.87%. The company had revenue of $1.29 billion for the quarter, compared to analysts’ expectations of $1.26 billion. During the same period in the previous year, the firm posted $0.29 earnings per share. The firm’s revenue for the quarter was down 3.1% on a year-over-year basis. On average, analysts forecast that NetApp will post $2.36 EPS for the current year.
The business also recently disclosed a quarterly dividend, which was paid on Wednesday, October 26th. Shareholders of record on Friday, October 7th were paid a dividend of $0.19 per share. The ex-dividend date of this dividend was Wednesday, October 5th. This represents a $0.76 annualized dividend and a yield of 2.27%. NetApp’s payout ratio is currently 68.47%.
NTAP has been the subject of a number of research reports. Maxim Group increased their target price on NetApp from $39.00 to $40.00 and gave the stock a “buy” rating in a research note on Monday, August 15th. OTR Global raised shares of NetApp from a “negative” rating to a “mixed” rating in a research note on Thursday, August 11th. Zacks Investment Research cut shares of NetApp from a “hold” rating to a “sell” rating in a research note on Tuesday, July 26th. Susquehanna raised their price target on shares of NetApp from $36.00 to $42.00 and gave the stock a “positive” rating in a research note on Wednesday, September 21st. Finally, Deutsche Bank AG cut shares of NetApp from a “hold” rating to a “sell” rating and decreased their price target for the stock from $35.66 to $25.00 in a research note on Monday, September 26th. They noted that the move was a valuation call. Eleven investment analysts have rated the stock with a sell rating, twenty-four have given a hold rating and six have issued a buy rating to the company. The stock currently has a consensus rating of “Hold” and a consensus price target of $30.16.
In related news, CEO George Kurian sold 4,000 shares of the stock in a transaction that occurred on Friday, September 30th. The stock was sold at an average price of $35.16, for a total transaction of $140,640.00. Following the completion of the sale, the chief executive officer now directly owns 40,570 shares of the company’s stock, valued at approximately $1,426,441.20. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, Director Robert T. Wall sold 22,944 shares of the stock in a transaction that occurred on Tuesday, September 27th. The stock was sold at an average price of $35.45, for a total value of $813,364.80. Following the sale, the director now directly owns 36,048 shares of the company’s stock, valued at $1,277,901.60. The disclosure for this sale can be found here. Corporate insiders own 0.49% of the company’s stock.
A number of large investors have recently modified their holdings of NTAP. DNB Asset Management AS boosted its stake in shares of NetApp by 4.1% in the second quarter. DNB Asset Management AS now owns 17,797 shares of the data storage provider’s stock valued at $438,000 after buying an additional 700 shares during the last quarter. First Republic Investment Management Inc. boosted its stake in shares of NetApp by 46.9% in the first quarter. First Republic Investment Management Inc. now owns 19,931 shares of the data storage provider’s stock valued at $546,000 after buying an additional 6,363 shares during the last quarter. Cypress Capital Group boosted its stake in shares of NetApp by 3.4% in the first quarter. Cypress Capital Group now owns 14,900 shares of the data storage provider’s stock valued at $407,000 after buying an additional 495 shares during the last quarter. Babson Capital Management LLC boosted its stake in shares of NetApp by 25.4% in the first quarter. Babson Capital Management LLC now owns 154,067 shares of the data storage provider’s stock valued at $4,204,000 after buying an additional 31,200 shares during the last quarter. Finally, Panagora Asset Management Inc. boosted its stake in shares of NetApp by 140.1% in the first quarter. Panagora Asset Management Inc. now owns 833,047 shares of the data storage provider’s stock valued at $22,734,000 after buying an additional 486,062 shares during the last quarter. 89.49% of the stock is currently owned by institutional investors.
NetApp Company Profile
NetApp, Inc (NetApp) provides software, systems and services to manage and store customer data. The Company enables enterprises, service providers, governmental organizations, and partners to envision, deploy and evolve their information technology (IT) environments. The Company offers a portfolio of products and services that satisfy a range of customer workloads across different data types and deployment models.
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