NetApp Inc. (NTAP) Shares Bought by Envestnet Asset Management Inc.
Envestnet Asset Management Inc. boosted its position in shares of NetApp Inc. (NASDAQ:NTAP) by 146.2% during the first quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 40,620 shares of the data storage provider’s stock after buying an additional 24,120 shares during the period. Envestnet Asset Management Inc.’s holdings in NetApp were worth $1,702,000 as of its most recent SEC filing.
A number of other hedge funds and other institutional investors have also recently modified their holdings of NTAP. Seven Eight Capital LP purchased a new position in shares of NetApp during the fourth quarter worth $118,000. Carroll Financial Associates Inc. purchased a new position in shares of NetApp during the first quarter worth $123,000. NJ State Employees Deferred Compensation Plan bought a new position in shares of NetApp during the first quarter worth approximately $209,000. Integral Derivatives LLC bought a new position in shares of NetApp during the fourth quarter worth approximately $215,000. Finally, CAPROCK Group Inc. bought a new position in shares of NetApp during the first quarter worth approximately $219,000. Hedge funds and other institutional investors own 92.52% of the company’s stock.
Shares of NetApp Inc. (NTAP) traded down 0.50% during trading on Friday, hitting $39.41. The stock had a trading volume of 3,236,314 shares. The stock’s 50-day moving average price is $40.07 and its 200 day moving average price is $38.92. NetApp Inc. has a one year low of $22.89 and a one year high of $43.14. The stock has a market cap of $10.64 billion, a price-to-earnings ratio of 21.77 and a beta of 1.50.
NetApp (NASDAQ:NTAP) last issued its quarterly earnings results on Wednesday, May 24th. The data storage provider reported $0.86 earnings per share for the quarter, beating analysts’ consensus estimates of $0.82 by $0.04. The business had revenue of $1.48 billion during the quarter, compared to analyst estimates of $1.44 billion. NetApp had a net margin of 5.89% and a return on equity of 15.66%. NetApp’s revenue for the quarter was up 7.3% compared to the same quarter last year. During the same quarter last year, the business posted $0.55 earnings per share. On average, equities analysts forecast that NetApp Inc. will post $3.03 EPS for the current year.
The business also recently declared a quarterly dividend, which will be paid on Wednesday, July 26th. Investors of record on Friday, July 7th will be issued a $0.20 dividend. The ex-dividend date is Wednesday, July 5th. This represents a $0.80 dividend on an annualized basis and a dividend yield of 2.03%. This is a positive change from NetApp’s previous quarterly dividend of $0.19. NetApp’s dividend payout ratio (DPR) is currently 69.09%.
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A number of research analysts have commented on the company. Maxim Group restated a “hold” rating and set a $46.00 price objective on shares of NetApp in a research note on Thursday, May 25th. Jefferies Group LLC reduced their price objective on NetApp from $44.00 to $42.00 and set a “hold” rating on the stock in a research note on Thursday, May 25th. Susquehanna Bancshares Inc restated a “positive” rating and set a $48.00 price objective on shares of NetApp in a research note on Friday, March 31st. Drexel Hamilton restated a “buy” rating on shares of NetApp in a research note on Monday, April 3rd. Finally, Piper Jaffray Companies set a $50.00 price objective on NetApp and gave the stock a “buy” rating in a research note on Thursday, April 6th. Five analysts have rated the stock with a sell rating, nineteen have given a hold rating and eleven have issued a buy rating to the company’s stock. NetApp currently has an average rating of “Hold” and a consensus price target of $41.23.
In related news, Director Alan L. Earhart sold 27,422 shares of the firm’s stock in a transaction that occurred on Wednesday, March 8th. The shares were sold at an average price of $42.46, for a total value of $1,164,338.12. Following the completion of the sale, the director now owns 21,611 shares of the company’s stock, valued at $917,603.06. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, Director Jeffry R. Allen sold 20,000 shares of the firm’s stock in a transaction that occurred on Tuesday, May 30th. The shares were sold at an average price of $40.46, for a total transaction of $809,200.00. Following the completion of the sale, the director now directly owns 8,500 shares of the company’s stock, valued at approximately $343,910. The disclosure for this sale can be found here. In the last three months, insiders sold 59,422 shares of company stock valued at $2,460,178. 0.49% of the stock is currently owned by company insiders.
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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