State Street Corp Cuts Stake in NetApp, Inc. (NTAP)
State Street Corp lessened its stake in shares of NetApp, Inc. (NASDAQ:NTAP) by 3.4% in the second quarter, according to the company in its most recent filing with the SEC. The fund owned 12,164,974 shares of the data storage provider’s stock after selling 425,284 shares during the quarter. State Street Corp owned about 4.48% of NetApp worth $487,201,000 as of its most recent SEC filing.
Other hedge funds and other institutional investors also recently bought and sold shares of the company. Vanguard Group Inc. raised its stake in NetApp by 1.8% in the 2nd quarter. Vanguard Group Inc. now owns 27,214,474 shares of the data storage provider’s stock worth $1,089,939,000 after purchasing an additional 481,365 shares in the last quarter. BlackRock Inc. raised its stake in NetApp by 7.5% in the 2nd quarter. BlackRock Inc. now owns 21,648,037 shares of the data storage provider’s stock worth $867,006,000 after purchasing an additional 1,517,967 shares in the last quarter. Renaissance Technologies LLC raised its stake in NetApp by 781.1% in the 2nd quarter. Renaissance Technologies LLC now owns 3,339,574 shares of the data storage provider’s stock worth $133,750,000 after purchasing an additional 2,960,542 shares in the last quarter. FMR LLC raised its stake in NetApp by 89.2% in the 2nd quarter. FMR LLC now owns 3,044,302 shares of the data storage provider’s stock worth $121,924,000 after purchasing an additional 1,435,588 shares in the last quarter. Finally, Geode Capital Management LLC raised its stake in NetApp by 5.7% in the 1st quarter. Geode Capital Management LLC now owns 3,042,360 shares of the data storage provider’s stock worth $127,165,000 after purchasing an additional 164,120 shares in the last quarter. Institutional investors own 92.08% of the company’s stock.
In other NetApp news, Director Richard P. Wallace sold 34,000 shares of the firm’s stock in a transaction on Friday, September 29th. The stock was sold at an average price of $43.53, for a total transaction of $1,480,020.00. Following the completion of the transaction, the director now owns 24,132 shares of the company’s stock, valued at $1,050,465.96. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Also, CEO George Kurian sold 4,000 shares of the firm’s stock in a transaction on Monday, July 31st. The shares were sold at an average price of $43.67, for a total value of $174,680.00. Following the transaction, the chief executive officer now directly owns 27,598 shares of the company’s stock, valued at approximately $1,205,204.66. The disclosure for this sale can be found here. In the last quarter, insiders sold 48,498 shares of company stock worth $2,083,785. 0.47% of the stock is currently owned by company insiders.
NetApp, Inc. (NASDAQ NTAP) opened at 43.42 on Friday. NetApp, Inc. has a 52-week low of $30.36 and a 52-week high of $45.24. The firm has a market cap of $11.71 billion, a P/E ratio of 20.97 and a beta of 1.26. The company’s 50 day moving average is $41.38 and its 200-day moving average is $40.83.
NetApp (NASDAQ:NTAP) last released its quarterly earnings results on Wednesday, August 16th. The data storage provider reported $0.62 earnings per share for the quarter, beating the consensus estimate of $0.55 by $0.07. The business had revenue of $1.33 billion for the quarter, compared to analysts’ expectations of $1.32 billion. NetApp had a net margin of 10.47% and a return on equity of 24.13%. The firm’s revenue for the quarter was up 2.4% compared to the same quarter last year. During the same quarter in the previous year, the business posted $0.46 earnings per share. On average, equities analysts predict that NetApp, Inc. will post $3.12 EPS for the current fiscal year.
The business also recently declared a quarterly dividend, which will be paid on Wednesday, October 25th. Investors of record on Friday, October 6th will be issued a $0.20 dividend. This represents a $0.80 annualized dividend and a yield of 1.84%. The ex-dividend date of this dividend is Thursday, October 5th. NetApp’s dividend payout ratio (DPR) is currently 38.65%.
Several brokerages have weighed in on NTAP. Zacks Investment Research cut shares of NetApp from a “buy” rating to a “hold” rating in a research note on Thursday, October 5th. Oppenheimer Holdings, Inc. reiterated a “hold” rating on shares of NetApp in a research note on Wednesday, October 4th. Robert W. Baird reiterated a “hold” rating and issued a $46.00 price objective (up previously from $44.00) on shares of NetApp in a research note on Wednesday, October 4th. BidaskClub upgraded shares of NetApp from a “hold” rating to a “buy” rating in a research note on Wednesday, July 19th. Finally, DA Davidson reiterated a “buy” rating and issued a $51.00 price objective on shares of NetApp in a research note on Monday, October 2nd. Two research analysts have rated the stock with a sell rating, twenty-one have given a hold rating and thirteen have issued a buy rating to the company. NetApp currently has a consensus rating of “Hold” and a consensus price target of $45.12.
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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