NetApp, Inc. (NASDAQ:NTAP) Holdings Increased by Pinnacle Associates Ltd.

Pinnacle Associates Ltd. grew its stake in shares of NetApp, Inc. (NASDAQ:NTAPGet Rating) by 79.6% during the third quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 13,509 shares of the data storage provider’s stock after buying an additional 5,988 shares during the quarter. Pinnacle Associates Ltd.’s holdings in NetApp were worth $836,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds and other institutional investors also recently made changes to their positions in the stock. Vanguard Group Inc. raised its holdings in shares of NetApp by 1.2% in the 1st quarter. Vanguard Group Inc. now owns 25,823,258 shares of the data storage provider’s stock worth $2,143,331,000 after purchasing an additional 294,399 shares in the last quarter. Wellington Management Group LLP raised its holdings in shares of NetApp by 70.3% in the 1st quarter. Wellington Management Group LLP now owns 8,329,363 shares of the data storage provider’s stock worth $691,339,000 after purchasing an additional 3,439,053 shares in the last quarter. Legal & General Group Plc raised its holdings in shares of NetApp by 2.0% in the 2nd quarter. Legal & General Group Plc now owns 2,394,846 shares of the data storage provider’s stock worth $156,241,000 after purchasing an additional 47,606 shares in the last quarter. Amundi raised its holdings in shares of NetApp by 9.2% in the 2nd quarter. Amundi now owns 2,356,245 shares of the data storage provider’s stock worth $153,631,000 after purchasing an additional 199,172 shares in the last quarter. Finally, Invesco Ltd. raised its holdings in shares of NetApp by 6.0% in the 1st quarter. Invesco Ltd. now owns 2,068,077 shares of the data storage provider’s stock worth $171,649,000 after purchasing an additional 117,651 shares in the last quarter. 87.92% of the stock is currently owned by institutional investors.

NetApp Stock Performance

NTAP stock opened at $64.66 on Monday. The company has a quick ratio of 1.28, a current ratio of 1.36 and a debt-to-equity ratio of 1.99. The company has a market capitalization of $13.94 billion, a price-to-earnings ratio of 9.78, a P/E/G ratio of 1.68 and a beta of 1.18. NetApp, Inc. has a 12 month low of $58.08 and a 12 month high of $96.82. The firm has a 50 day moving average of $65.85 and a two-hundred day moving average of $67.52.

NetApp (NASDAQ:NTAPGet Rating) last posted its earnings results on Tuesday, November 29th. The data storage provider reported $1.20 EPS for the quarter, topping the consensus estimate of $1.08 by $0.12. The company had revenue of $1.66 billion during the quarter, compared to the consensus estimate of $1.67 billion. NetApp had a net margin of 22.52% and a return on equity of 115.30%. As a group, equities analysts anticipate that NetApp, Inc. will post 4.37 EPS for the current fiscal year.

NetApp Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, January 25th. Shareholders of record on Friday, January 6th will be given a $0.50 dividend. This represents a $2.00 annualized dividend and a yield of 3.09%. The ex-dividend date of this dividend is Thursday, January 5th. NetApp’s dividend payout ratio is 30.26%.

Insiders Place Their Bets

In other NetApp news, CEO George Kurian sold 2,250 shares of the business’s stock in a transaction that occurred on Monday, January 9th. The shares were sold at an average price of $64.50, for a total value of $145,125.00. Following the completion of the sale, the chief executive officer now directly owns 154,726 shares of the company’s stock, valued at $9,979,827. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. In other news, CEO George Kurian sold 2,250 shares of the business’s stock in a transaction on Monday, January 9th. The shares were sold at an average price of $64.50, for a total value of $145,125.00. Following the completion of the sale, the chief executive officer now directly owns 154,726 shares in the company, valued at $9,979,827. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, Director Carrie Palin sold 2,707 shares of the business’s stock in a transaction on Monday, December 5th. The stock was sold at an average price of $64.30, for a total transaction of $174,060.10. The disclosure for this sale can be found here. Insiders sold 11,707 shares of company stock valued at $748,890 over the last ninety days. Corporate insiders own 0.26% of the company’s stock.

Wall Street Analyst Weigh In

NTAP has been the topic of a number of research reports. StockNews.com downgraded shares of NetApp from a “buy” rating to a “hold” rating in a report on Wednesday, December 7th. Northland Securities dropped their target price on shares of NetApp from $101.00 to $99.00 and set an “outperform” rating on the stock in a report on Wednesday, November 30th. Susquehanna Bancshares cut their price target on shares of NetApp from $75.00 to $65.00 and set a “neutral” rating on the stock in a report on Wednesday, November 30th. Wells Fargo & Company cut their price target on shares of NetApp from $85.00 to $70.00 and set an “equal weight” rating on the stock in a report on Wednesday, November 30th. Finally, Susquehanna cut their price target on shares of NetApp from $75.00 to $65.00 in a report on Wednesday, November 30th. Two equities research analysts have rated the stock with a sell rating, eleven have given a hold rating and nine have given a buy rating to the company. According to data from MarketBeat.com, the company has a consensus rating of “Hold” and an average price target of $77.95.

NetApp Company Profile

(Get Rating)

NetApp, Inc provides cloud-led and data-centric services to manage and share data on-premises, and private and public clouds worldwide. It operates in two segments, Hybrid Cloud and Public Could. The company offers intelligent data management software, such as NetApp ONTAP, NetApp Snapshot, NetApp SnapCenter Backup Management, NetApp SnapMirror Data Replication, NetApp SnapLock Data Compliance, NetApp ElementOS software, and NetApp SANtricity software; and storage infrastructure solutions, including NetApp All-Flash FAS series, NetApp Fabric Attached Storage, NetApp FlexPod, NetApp E/EF series, NetApp StorageGRID, and NetApp SolidFire.

Further Reading

Want to see what other hedge funds are holding NTAP? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for NetApp, Inc. (NASDAQ:NTAPGet Rating).

Institutional Ownership by Quarter for NetApp (NASDAQ:NTAP)

Receive News & Ratings for NetApp Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for NetApp and related companies with MarketBeat.com's FREE daily email newsletter.