DNB Asset Management AS Sells 2,989 Shares of NetApp Inc. (NASDAQ:NTAP)
DNB Asset Management AS lessened its stake in NetApp Inc. (NASDAQ:NTAP) by 8.5% during the third quarter, Holdings Channel reports. The firm owned 32,218 shares of the data storage provider’s stock after selling 2,989 shares during the period. DNB Asset Management AS’s holdings in NetApp were worth $1,692,000 as of its most recent SEC filing.
Other hedge funds also recently bought and sold shares of the company. NuWave Investment Management LLC lifted its holdings in NetApp by 99.8% during the third quarter. NuWave Investment Management LLC now owns 4,729 shares of the data storage provider’s stock worth $243,000 after acquiring an additional 2,362 shares during the period. Fox Run Management L.L.C. lifted its holdings in NetApp by 118.1% during the third quarter. Fox Run Management L.L.C. now owns 15,053 shares of the data storage provider’s stock worth $790,000 after acquiring an additional 8,152 shares during the period. Gyroscope Capital Management Group LLC bought a new stake in NetApp during the third quarter worth $761,000. Pacer Advisors Inc. lifted its holdings in NetApp by 13.2% during the third quarter. Pacer Advisors Inc. now owns 88,681 shares of the data storage provider’s stock worth $4,657,000 after acquiring an additional 10,339 shares during the period. Finally, Advantage Investment Management LLC lifted its holdings in NetApp by 291.0% during the third quarter. Advantage Investment Management LLC now owns 997 shares of the data storage provider’s stock worth $52,000 after acquiring an additional 742 shares during the period. Institutional investors own 96.23% of the company’s stock.
A number of analysts recently commented on NTAP shares. Stifel Nicolaus dropped their price target on NetApp from $75.00 to $60.00 and set a “buy” rating on the stock in a report on Friday, August 2nd. Susquehanna Bancshares upgraded NetApp from a “neutral” rating to a “positive” rating and lifted their price target for the stock from $54.00 to $75.00 in a report on Monday, September 9th. Piper Jaffray Companies downgraded NetApp from an “overweight” rating to a “neutral” rating and decreased their target price for the stock from $75.00 to $48.00 in a research report on Friday, August 2nd. ValuEngine raised NetApp from a “sell” rating to a “hold” rating in a research report on Wednesday, October 2nd. Finally, Credit Suisse Group reissued an “outperform” rating and issued a $60.00 target price (down from $62.00) on shares of NetApp in a research report on Thursday, August 15th. Three investment analysts have rated the stock with a sell rating, seventeen have given a hold rating and nine have given a buy rating to the company’s stock. The company presently has an average rating of “Hold” and a consensus price target of $59.75.
NASDAQ:NTAP opened at $53.49 on Monday. The company has a market capitalization of $12.85 billion, a P/E ratio of 13.31, a P/E/G ratio of 1.30 and a beta of 1.55. NetApp Inc. has a 1 year low of $44.55 and a 1 year high of $83.95. The company has a debt-to-equity ratio of 1.33, a current ratio of 1.42 and a quick ratio of 1.39. The business has a fifty day simple moving average of $52.55 and a two-hundred day simple moving average of $59.72.
NetApp (NASDAQ:NTAP) last announced its quarterly earnings results on Wednesday, August 14th. The data storage provider reported $0.65 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $0.46 by $0.19. The company had revenue of $1.24 billion during the quarter, compared to analysts’ expectations of $1.23 billion. NetApp had a return on equity of 77.11% and a net margin of 16.74%. The firm’s quarterly revenue was down 16.1% compared to the same quarter last year. During the same period in the previous year, the business earned $1.04 earnings per share. As a group, analysts anticipate that NetApp Inc. will post 3.48 earnings per share for the current year.
The business also recently declared a quarterly dividend, which will be paid on Wednesday, October 23rd. Stockholders of record on Friday, October 4th will be given a $0.48 dividend. This represents a $1.92 annualized dividend and a dividend yield of 3.59%. The ex-dividend date is Thursday, October 3rd. NetApp’s dividend payout ratio (DPR) is presently 47.76%.
NetApp, Inc provides software, systems, and services to manage and share data 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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