CIBC Asset Management Inc Has $3.04 Million Stock Holdings in NetApp, Inc. (NASDAQ:NTAP)

CIBC Asset Management Inc trimmed its position in NetApp, Inc. (NASDAQ:NTAPFree Report) by 6.2% during the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 34,505 shares of the data storage provider’s stock after selling 2,271 shares during the quarter. CIBC Asset Management Inc’s holdings in NetApp were worth $3,042,000 at the end of the most recent reporting period.

Several other institutional investors have also added to or reduced their stakes in the company. ORG Partners LLC increased its stake in shares of NetApp by 14,650.0% in the 4th quarter. ORG Partners LLC now owns 295 shares of the data storage provider’s stock valued at $26,000 after purchasing an additional 293 shares during the last quarter. First Horizon Advisors Inc. grew its position in NetApp by 58.7% in the fourth quarter. First Horizon Advisors Inc. now owns 311 shares of the data storage provider’s stock valued at $27,000 after acquiring an additional 115 shares during the last quarter. UMB Bank n.a. raised its stake in NetApp by 82.9% during the fourth quarter. UMB Bank n.a. now owns 331 shares of the data storage provider’s stock worth $29,000 after acquiring an additional 150 shares in the last quarter. Planned Solutions Inc. bought a new position in shares of NetApp in the fourth quarter worth about $34,000. Finally, Huntington National Bank lifted its holdings in shares of NetApp by 40.4% in the third quarter. Huntington National Bank now owns 490 shares of the data storage provider’s stock worth $37,000 after acquiring an additional 141 shares during the last quarter. 92.17% of the stock is currently owned by institutional investors and hedge funds.

NetApp Trading Down 0.6 %

NTAP opened at $121.47 on Friday. NetApp, Inc. has a twelve month low of $69.51 and a twelve month high of $122.30. The company has a fifty day moving average of $107.89 and a 200-day moving average of $96.63. The stock has a market cap of $25.07 billion, a PE ratio of 26.18, a price-to-earnings-growth ratio of 4.93 and a beta of 1.25. The company has a quick ratio of 1.15, a current ratio of 1.19 and a debt-to-equity ratio of 1.74.

NetApp (NASDAQ:NTAPGet Free Report) last issued its quarterly earnings results on Thursday, May 30th. The data storage provider reported $1.80 earnings per share for the quarter, topping analysts’ consensus estimates of $1.48 by $0.32. The firm had revenue of $1.67 billion during the quarter, compared to the consensus estimate of $1.65 billion. NetApp had a return on equity of 114.54% and a net margin of 15.73%. The business’s revenue was up 5.5% compared to the same quarter last year. During the same period last year, the business posted $1.20 EPS. On average, sell-side analysts predict that NetApp, Inc. will post 5.49 EPS for the current year.

NetApp Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Wednesday, July 24th. Shareholders of record on Friday, July 5th will be paid a $0.52 dividend. The ex-dividend date is Friday, July 5th. This is a positive change from NetApp’s previous quarterly dividend of $0.50. This represents a $2.08 annualized dividend and a yield of 1.71%. NetApp’s payout ratio is 43.10%.

NetApp declared that its board has initiated a share repurchase plan on Thursday, May 30th that authorizes the company to buyback $1.00 billion in shares. This buyback authorization authorizes the data storage provider to buy up to 4% of its stock through open market purchases. Stock buyback plans are generally a sign that the company’s board believes its shares are undervalued.

Analyst Ratings Changes

A number of equities analysts recently issued reports on NTAP shares. UBS Group upped their price objective on shares of NetApp from $93.00 to $96.00 and gave the stock a “neutral” rating in a research report on Friday, March 1st. Susquehanna increased their price target on NetApp from $130.00 to $138.00 and gave the company a “positive” rating in a research note on Friday, May 31st. Evercore ISI boosted their price objective on NetApp from $95.00 to $105.00 and gave the stock an “in-line” rating in a research report on Friday, March 1st. Morgan Stanley upped their target price on NetApp from $92.00 to $106.00 and gave the stock an “equal weight” rating in a report on Thursday, May 23rd. Finally, Stifel Nicolaus lifted their price target on NetApp from $120.00 to $130.00 and gave the company a “buy” rating in a research note on Friday, May 31st. One investment analyst has rated the stock with a sell rating, eleven have assigned a hold rating and six have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, NetApp currently has a consensus rating of “Hold” and a consensus price target of $113.38.

View Our Latest Analysis on NTAP

Insiders Place Their Bets

In other news, CEO George Kurian sold 8,500 shares of NetApp stock in a transaction on Monday, April 15th. The shares were sold at an average price of $103.16, for a total value of $876,860.00. Following the completion of the sale, the chief executive officer now owns 252,702 shares in the company, valued at approximately $26,068,738.32. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. In other news, CEO George Kurian sold 8,500 shares of the firm’s stock in a transaction dated Monday, April 15th. The stock was sold at an average price of $103.16, for a total value of $876,860.00. Following the completion of the sale, the chief executive officer now directly owns 252,702 shares in the company, valued at approximately $26,068,738.32. The sale was disclosed in a document filed with the SEC, which is accessible through this link. Also, CFO Michael J. Berry sold 15,000 shares of the business’s stock in a transaction dated Tuesday, March 12th. The shares were sold at an average price of $102.67, for a total value of $1,540,050.00. Following the completion of the sale, the chief financial officer now directly owns 144,909 shares of the company’s stock, valued at $14,877,807.03. The disclosure for this sale can be found here. In the last three months, insiders have sold 40,371 shares of company stock worth $4,139,505. Corporate insiders own 0.37% of the company’s stock.

About NetApp

(Free Report)

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, and storage infrastructure solutions, including NetApp All-Flash FAS series, NetApp Fabric Attached Storage, NetApp E/EF series, and NetApp StorageGRID.

See Also

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Institutional Ownership by Quarter for NetApp (NASDAQ:NTAP)

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