Barings LLC Purchases 25,000 Shares of NetApp, Inc. (NTAP)
Barings LLC increased its position in NetApp, Inc. (NASDAQ:NTAP) by 26.5% during the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 119,307 shares of the data storage provider’s stock after purchasing an additional 25,000 shares during the period. Barings LLC’s holdings in NetApp were worth $5,221,000 at the end of the most recent reporting period.
Other hedge funds have also recently modified their holdings of the company. Louisiana State Employees Retirement System grew its stake in shares of NetApp by 0.6% in the second quarter. Louisiana State Employees Retirement System now owns 16,800 shares of the data storage provider’s stock worth $673,000 after acquiring an additional 100 shares during the last quarter. Strs Ohio grew its stake in shares of NetApp by 8.2% in the second quarter. Strs Ohio now owns 36,150 shares of the data storage provider’s stock worth $1,447,000 after acquiring an additional 2,737 shares during the last quarter. Bowling Portfolio Management LLC purchased a new stake in shares of NetApp in the second quarter worth $1,195,000. NGAM Advisors L.P. grew its stake in shares of NetApp by 5.4% in the second quarter. NGAM Advisors L.P. now owns 72,981 shares of the data storage provider’s stock worth $2,923,000 after acquiring an additional 3,735 shares during the last quarter. Finally, Janney Montgomery Scott LLC grew its stake in shares of NetApp by 14.5% in the second quarter. Janney Montgomery Scott LLC now owns 23,399 shares of the data storage provider’s stock worth $937,000 after acquiring an additional 2,971 shares during the last quarter. 93.93% of the stock is currently owned by institutional investors.
In other NetApp news, VP Joel D. Reich sold 3,371 shares of the stock in a transaction dated Friday, November 17th. The stock was sold at an average price of $53.17, for a total value of $179,236.07. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Also, SVP Matthew K. Fawcett sold 29,845 shares of the stock in a transaction dated Thursday, November 9th. The shares were sold at an average price of $46.60, for a total value of $1,390,777.00. Following the completion of the transaction, the senior vice president now directly owns 31,962 shares in the company, valued at approximately $1,489,429.20. The disclosure for this sale can be found here. In the last three months, insiders sold 185,060 shares of company stock worth $9,205,680. 0.47% of the stock is owned by corporate insiders.
NetApp (NASDAQ:NTAP) last posted its earnings results on Wednesday, November 15th. The data storage provider reported $0.81 earnings per share for the quarter, beating analysts’ consensus estimates of $0.69 by $0.12. NetApp had a return on equity of 26.77% and a net margin of 11.49%. The company had revenue of $1.42 billion for the quarter, compared to the consensus estimate of $1.38 billion. During the same quarter in the prior year, the company earned $0.60 earnings per share. NetApp’s revenue was up 6.1% on a year-over-year basis. research analysts predict that NetApp, Inc. will post 2.72 EPS for the current fiscal year.
The company also recently announced a quarterly dividend, which will be paid on Wednesday, January 24th. Shareholders of record on Friday, January 5th will be issued a $0.20 dividend. This represents a $0.80 dividend on an annualized basis and a yield of 1.42%. The ex-dividend date is Thursday, January 4th. NetApp’s dividend payout ratio is 34.33%.
A number of research firms have recently commented on NTAP. Barclays increased their target price on NetApp from $35.00 to $38.00 and gave the stock an “underweight” rating in a research note on Thursday, August 17th. Stifel Nicolaus reissued a “hold” rating and issued a $37.00 target price on shares of NetApp in a research note on Wednesday, August 16th. Susquehanna Bancshares reissued a “positive” rating and issued a $50.00 target price (up from $48.00) on shares of NetApp in a research note on Wednesday, August 16th. Drexel Hamilton reissued a “buy” rating and issued a $62.00 target price (up from $60.00) on shares of NetApp in a research note on Friday, August 18th. Finally, BidaskClub cut NetApp from a “buy” rating to a “hold” rating in a research note on Saturday, August 12th. Two equities research analysts have rated the stock with a sell rating, eighteen have issued a hold rating and fifteen have issued a buy rating to the company’s stock. NetApp presently has a consensus rating of “Hold” and an average target price of $49.04.
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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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