Sumitomo Mitsui Trust Holdings Inc. boosted its position in NetApp Inc. (NASDAQ:NTAP) by 15.5% in the third quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 1,014,411 shares of the data storage provider’s stock after buying an additional 136,245 shares during the quarter. Sumitomo Mitsui Trust Holdings Inc. owned approximately 0.39% of NetApp worth $87,128,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other large investors have also recently added to or reduced their stakes in NTAP. CENTRAL TRUST Co increased its position in NetApp by 589.7% in the third quarter. CENTRAL TRUST Co now owns 1,276 shares of the data storage provider’s stock worth $110,000 after buying an additional 1,091 shares during the last quarter. Migdal Insurance & Financial Holdings Ltd. increased its position in NetApp by 16,433.3% in the second quarter. Migdal Insurance & Financial Holdings Ltd. now owns 1,488 shares of the data storage provider’s stock worth $116,000 after buying an additional 1,479 shares during the last quarter. Cerebellum GP LLC purchased a new stake in NetApp in the third quarter worth $182,000. Checchi Capital Advisers LLC purchased a new stake in NetApp in the third quarter worth $201,000. Finally, Greenleaf Trust purchased a new stake in NetApp in the second quarter worth $206,000. 95.18% of the stock is owned by institutional investors and hedge funds.

A number of analysts have issued reports on NTAP shares. Bank of America raised their target price on NetApp from $88.00 to $90.00 and gave the stock a “buy” rating in a research report on Monday, August 13th. BidaskClub downgraded NetApp from a “strong-buy” rating to a “buy” rating in a research report on Wednesday, July 25th. Lake Street Capital decreased their target price on NetApp from $88.00 to $72.00 and set a “buy” rating for the company in a research report on Thursday, August 16th. JPMorgan Chase & Co. reissued a “buy” rating and issued a $92.00 target price on shares of NetApp in a research report on Thursday, August 16th. Finally, Maxim Group raised their target price on NetApp from $81.00 to $91.00 and gave the stock a “buy” rating in a research report on Thursday, August 16th. Two equities research analysts have rated the stock with a sell rating, ten have assigned a hold rating, fifteen have given a buy rating and two have issued a strong buy rating to the company’s stock. The company has a consensus rating of “Buy” and an average target price of $81.21.

In related news, CEO George Kurian sold 6,000 shares of NetApp stock in a transaction on Thursday, November 1st. The stock was sold at an average price of $78.35, for a total transaction of $470,100.00. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, EVP Henri P. Richard sold 2,525 shares of NetApp stock in a transaction on Tuesday, October 16th. The shares were sold at an average price of $76.99, for a total value of $194,399.75. Following the sale, the executive vice president now directly owns 65,907 shares of the company’s stock, valued at approximately $5,074,179.93. The disclosure for this sale can be found here. Insiders sold 124,926 shares of company stock valued at $10,378,444 over the last ninety days. Corporate insiders own 0.19% of the company’s stock.

NetApp stock opened at $68.88 on Friday. NetApp Inc. has a one year low of $51.31 and a one year high of $88.08. The company has a debt-to-equity ratio of 0.80, a current ratio of 2.06 and a quick ratio of 2.03. The firm has a market capitalization of $20.45 billion, a PE ratio of 23.04, a P/E/G ratio of 1.42 and a beta of 1.38.

NetApp (NASDAQ:NTAP) last posted its quarterly earnings results on Wednesday, November 14th. The data storage provider reported $1.06 EPS for the quarter, topping the Zacks’ consensus estimate of $0.99 by $0.07. NetApp had a return on equity of 41.75% and a net margin of 3.68%. The firm had revenue of $1.52 billion during the quarter, compared to analyst estimates of $1.51 billion. During the same period last year, the company earned $0.81 earnings per share. The business’s revenue for the quarter was up 7.2% on a year-over-year basis. Analysts anticipate that NetApp Inc. will post 3.92 EPS for the current fiscal year.

The business also recently declared a quarterly dividend, which will be paid on Wednesday, January 23rd. Stockholders of record on Friday, January 4th will be issued a $0.40 dividend. This represents a $1.60 dividend on an annualized basis and a dividend yield of 2.32%. The ex-dividend date of this dividend is Thursday, January 3rd. NetApp’s payout ratio is currently 53.51%.

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About NetApp

NetApp, Inc provides software, systems, and services to manage and share date on-premises, and private and public clouds worldwide. It offers cloud data services, such as ONTAP cloud storage data management and NetApp cloud sync data synchronization services; NetApp SaaS backup for Microsoft Office 365; NetApp cloud backup solutions; OnCommand management software and management integration tools; and NetApp private storage for cloud.

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Institutional Ownership by Quarter for NetApp (NASDAQ:NTAP)

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