Dimensional Fund Advisors LP Decreases Stock Position in NetApp, Inc. (NASDAQ:NTAP)

Dimensional Fund Advisors LP lessened its position in NetApp, Inc. (NASDAQ:NTAP – Get Rating) by 1.3% during the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 1,364,861 shares of the data storage provider’s stock after selling 18,398 shares during the quarter. Dimensional Fund Advisors LP owned about 0.63% of NetApp worth $81,972,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also made changes to their positions in NTAP. Private Advisor Group LLC increased its holdings in shares of NetApp by 66.3% in the first quarter. Private Advisor Group LLC now owns 7,740 shares of the data storage provider’s stock valued at $643,000 after purchasing an additional 3,086 shares during the last quarter. Commonwealth of Pennsylvania Public School Empls Retrmt SYS increased its holdings in shares of NetApp by 6.0% in the first quarter. Commonwealth of Pennsylvania Public School Empls Retrmt SYS now owns 29,741 shares of the data storage provider’s stock valued at $2,469,000 after purchasing an additional 1,672 shares during the last quarter. Sei Investments Co. increased its holdings in shares of NetApp by 0.8% in the first quarter. Sei Investments Co. now owns 139,507 shares of the data storage provider’s stock valued at $11,563,000 after purchasing an additional 1,086 shares during the last quarter. Aviva PLC increased its holdings in shares of NetApp by 41.0% in the first quarter. Aviva PLC now owns 98,770 shares of the data storage provider’s stock valued at $8,198,000 after purchasing an additional 28,705 shares during the last quarter. Finally, Prudential PLC acquired a new stake in shares of NetApp in the first quarter valued at approximately $465,000. Hedge funds and other institutional investors own 87.92% of the company’s stock.

Analyst Upgrades and Downgrades

Several research firms recently commented on NTAP. Bank of America cut NetApp from a “neutral” rating to an “underperform” rating and cut their price target for the company from $70.00 to $58.00 in a report on Thursday, April 20th. Citigroup cut their target price on NetApp from $110.00 to $100.00 and set a “buy” rating for the company in a research note on Thursday, February 23rd. StockNews.com initiated coverage on NetApp in a research note on Thursday, May 18th. They set a “hold” rating for the company. Credit Suisse Group cut NetApp from an “outperform” rating to a “neutral” rating in a research note on Thursday, February 23rd. Finally, Raymond James cut their target price on NetApp from $75.00 to $72.00 and set an “outperform” rating for the company in a research note on Tuesday, April 11th. Three equities research analysts have rated the stock with a sell rating, eleven have assigned a hold rating and nine have assigned a buy rating to the stock. According to data from MarketBeat, the stock presently has an average rating of “Hold” and a consensus target price of $74.24.

NetApp Trading Down 1.0 %

NTAP opened at $66.46 on Wednesday. The firm has a market cap of $14.22 billion, a P/E ratio of 11.44, a P/E/G ratio of 1.73 and a beta of 1.20. The business has a fifty day simple moving average of $63.76 and a 200-day simple moving average of $65.08. NetApp, Inc. has a 52 week low of $58.08 and a 52 week high of $79.09. The company has a quick ratio of 1.29, a current ratio of 1.34 and a debt-to-equity ratio of 2.17.

NetApp (NASDAQ:NTAP – Get Rating) last released its earnings results on Wednesday, February 22nd. The data storage provider reported $1.37 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.31 by $0.06. The firm had revenue of $1.53 billion during the quarter, compared to analyst estimates of $1.61 billion. NetApp had a return on equity of 103.19% and a net margin of 19.93%. NetApp’s revenue was down 5.5% compared to the same quarter last year. During the same period last year, the business posted $1.20 earnings per share. On average, equities analysts expect that NetApp, Inc. will post 4.28 earnings per share for the current year.

Insider Activity at NetApp

In related news, CEO George Kurian sold 4,500 shares of NetApp stock in a transaction on Tuesday, March 7th. The stock was sold at an average price of $65.04, for a total value of $292,680.00. Following the completion of the transaction, the chief executive officer now directly owns 147,170 shares in the company, valued at $9,571,936.80. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. In related news, CEO George Kurian sold 4,500 shares of NetApp stock in a transaction on Tuesday, March 7th. The stock was sold at an average price of $65.04, for a total value of $292,680.00. Following the completion of the transaction, the chief executive officer now directly owns 147,170 shares in the company, valued at $9,571,936.80. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, President Cesar Cernuda sold 18,000 shares of NetApp stock in a transaction on Wednesday, March 15th. The shares were sold at an average price of $60.09, for a total value of $1,081,620.00. Following the completion of the transaction, the president now owns 44,829 shares of the company’s stock, valued at $2,693,774.61. The disclosure for this sale can be found here. Over the last three months, insiders sold 29,250 shares of company stock worth $1,806,885. Company insiders own 0.26% of the company’s stock.

NetApp Company Profile

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NetApp, Inc provides software, systems, and services to manage and share data on-premises, and private and public clouds worldwide. The company offers cloud data services, including NetApp Cloud Volumes Service for AWS, NetApp Cloud Volumes ONTAP, NetApp Cloud Sync, NetApp Cloud Secure, NetApp Cloud Tiering, NetApp SaaS Backup, NetApp Kubernetes Service, and NetApp Cloud Insights.