State Treasurer State of Michigan reduced its stake in shares of NetApp Inc. (NASDAQ:NTAP) by 3.2% during the third quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 97,255 shares of the data storage provider’s stock after selling 3,200 shares during the period. State Treasurer State of Michigan’s holdings in NetApp were worth $3,484,000 at the end of the most recent reporting period.

Several other hedge funds have also added to or reduced their stakes in NTAP. CIBC Asset Management Inc raised its stake in NetApp by 0.3% in the second quarter. CIBC Asset Management Inc now owns 42,618 shares of the data storage provider’s stock valued at $1,048,000 after buying an additional 120 shares in the last quarter. Creative Planning raised its stake in NetApp by 1.6% in the third quarter. Creative Planning now owns 10,661 shares of the data storage provider’s stock valued at $382,000 after buying an additional 166 shares in the last quarter. World Asset Management Inc raised its stake in NetApp by 0.6% in the second quarter. World Asset Management Inc now owns 29,471 shares of the data storage provider’s stock valued at $725,000 after buying an additional 185 shares in the last quarter. Thrivent Financial for Lutherans raised its stake in NetApp by 3.2% in the second quarter. Thrivent Financial for Lutherans now owns 8,840 shares of the data storage provider’s stock valued at $217,000 after buying an additional 270 shares in the last quarter. Finally, Advantus Capital Management Inc raised its stake in NetApp by 1.2% in the second quarter. Advantus Capital Management Inc now owns 28,040 shares of the data storage provider’s stock valued at $690,000 after buying an additional 329 shares in the last quarter. Institutional investors and hedge funds own 89.05% of the company’s stock.

Institutional Ownership by Quarter for NetApp (NASDAQ:NTAP)

Shares of NetApp Inc. (NASDAQ:NTAP) traded up 0.22% on Tuesday, reaching $36.51. 2,766,832 shares of the company were exchanged. The stock has a 50 day moving average price of $34.21 and a 200-day moving average price of $30.14. NetApp Inc. has a 12 month low of $20.66 and a 12 month high of $39.00. The stock has a market capitalization of $10.15 billion, a P/E ratio of 33.13 and a beta of 1.49.

NetApp (NASDAQ:NTAP) last released its earnings results on Wednesday, November 16th. The data storage provider reported $0.60 earnings per share for the quarter, beating the consensus estimate of $0.54 by $0.06. NetApp had a net margin of 5.89% and a return on equity of 15.66%. The business earned $1.34 billion during the quarter, compared to analysts’ expectations of $1.36 billion. During the same period last year, the business earned $0.61 earnings per share. The firm’s revenue was down 7.3% on a year-over-year basis. On average, equities analysts expect that NetApp Inc. will post $2.56 EPS for the current fiscal year.

The company also recently announced a quarterly dividend, which will be paid on Wednesday, January 25th. Investors of record on Friday, January 6th will be paid a $0.19 dividend. The ex-dividend date is Wednesday, January 4th. This represents a $0.76 annualized dividend and a dividend yield of 2.08%. NetApp’s dividend payout ratio is presently 69.09%.

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A number of analysts recently issued reports on the stock. JMP Securities raised their target price on shares of NetApp from $21.00 to $24.00 and gave the stock a “market underperform” rating in a research report on Thursday, August 18th. raised their target price on shares of NetApp from $24.00 to $32.00 and gave the stock an “underperform” rating in a research report on Thursday, August 18th. Summit Redstone raised their target price on shares of NetApp from $20.00 to $30.00 and gave the stock a “sell” rating in a research report on Thursday, August 18th. Drexel Hamilton restated a “hold” rating on shares of NetApp in a research report on Wednesday, August 17th. Finally, RBC Capital Markets restated a “sector perform” rating and set a $29.00 target price (up previously from $26.00) on shares of NetApp in a research report on Tuesday, August 16th. Eleven 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 presently has a consensus rating of “Hold” and a consensus target price of $32.54.

In other NetApp news, CEO George Kurian sold 4,000 shares of NetApp stock in a transaction on Friday, September 30th. The shares were sold at an average price of $35.16, for a total transaction of $140,640.00. Following the completion of the transaction, the chief executive officer now directly owns 40,570 shares of the company’s stock, valued at $1,426,441.20. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, Director Robert T. Wall sold 22,944 shares of NetApp stock in a transaction on Tuesday, September 27th. The stock was sold at an average price of $35.45, for a total transaction of $813,364.80. Following the transaction, 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. 0.49% of the stock is currently owned by corporate insiders.

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.

5 Day Chart for NASDAQ:NTAP

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