1832 Asset Management L.P. Has $2.70 Million Position in NetApp, Inc. (NASDAQ:NTAP)

1832 Asset Management L.P. boosted its stake in shares of NetApp, Inc. (NASDAQ:NTAPFree Report) by 139,195.5% during the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 30,645 shares of the data storage provider’s stock after acquiring an additional 30,623 shares during the period. 1832 Asset Management L.P.’s holdings in NetApp were worth $2,702,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also recently added to or reduced their stakes in the stock. ORG Partners LLC boosted its position in shares of NetApp by 14,650.0% during the 4th quarter. ORG Partners LLC now owns 295 shares of the data storage provider’s stock worth $26,000 after acquiring an additional 293 shares in the last quarter. First Horizon Advisors Inc. boosted its holdings in shares of NetApp by 58.7% in the 4th quarter. First Horizon Advisors Inc. now owns 311 shares of the data storage provider’s stock valued at $27,000 after purchasing an additional 115 shares in the last quarter. UMB Bank n.a. boosted its holdings in shares of NetApp by 82.9% in the 4th quarter. UMB Bank n.a. now owns 331 shares of the data storage provider’s stock valued at $29,000 after purchasing an additional 150 shares in the last quarter. Planned Solutions Inc. bought a new position in shares of NetApp in the 4th quarter valued at $34,000. Finally, Huntington National Bank raised its holdings in shares of NetApp by 40.4% during the 3rd quarter. Huntington National Bank now owns 490 shares of the data storage provider’s stock worth $37,000 after buying an additional 141 shares in the last quarter. 92.17% of the stock is owned by institutional investors and hedge funds.

NetApp Price Performance

Shares of NTAP opened at $120.98 on Friday. The business has a 50-day moving average of $108.21 and a 200-day moving average of $97.06. The company has a debt-to-equity ratio of 1.74, a current ratio of 1.19 and a quick ratio of 1.15. The company has a market capitalization of $24.97 billion, a price-to-earnings ratio of 26.07, a price-to-earnings-growth ratio of 4.88 and a beta of 1.25. NetApp, Inc. has a 1 year low of $69.51 and a 1 year high of $122.30.

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

NetApp declared that its Board of Directors has initiated a stock repurchase program on Thursday, May 30th that permits the company to repurchase $1.00 billion in outstanding shares. This repurchase authorization permits the data storage provider to buy up to 4% of its stock through open market purchases. Stock repurchase programs are usually an indication that the company’s board believes its shares are undervalued.

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 issued a dividend of $0.52 per share. This is an increase from NetApp’s previous quarterly dividend of $0.50. This represents a $2.08 dividend on an annualized basis and a yield of 1.72%. The ex-dividend date is Friday, July 5th. NetApp’s dividend payout ratio (DPR) is presently 43.10%.

Insider Transactions at NetApp

In related news, EVP Elizabeth M. O’callahan sold 871 shares of the company’s stock in a transaction dated Wednesday, April 10th. The stock was sold at an average price of $103.02, for a total transaction of $89,730.42. Following the sale, the executive vice president now owns 9,601 shares in the company, valued at approximately $989,095.02. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. In other NetApp news, CFO Michael J. Berry sold 7,500 shares of NetApp stock in a transaction on Tuesday, March 12th. The shares were sold at an average price of $102.75, for a total value of $770,625.00. Following the completion of the sale, the chief financial officer now directly owns 152,409 shares of the company’s stock, valued at $15,660,024.75. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, EVP Elizabeth M. O’callahan sold 871 shares of the stock in a transaction dated Wednesday, April 10th. The stock was sold at an average price of $103.02, for a total transaction of $89,730.42. Following the transaction, the executive vice president now directly owns 9,601 shares in the company, valued at approximately $989,095.02. The disclosure for this sale can be found here. In the last ninety days, insiders sold 40,371 shares of company stock valued at $4,139,505. Corporate insiders own 0.37% of the company’s stock.

Wall Street Analyst Weigh In

Several research firms recently weighed in on NTAP. StockNews.com lowered NetApp from a “strong-buy” rating to a “buy” rating in a research note on Thursday, March 7th. JPMorgan Chase & Co. raised shares of NetApp from an “underweight” rating to a “neutral” rating and lifted their price target for the company from $95.00 to $125.00 in a report on Friday, May 31st. Citigroup upped their price objective on shares of NetApp from $110.00 to $120.00 and gave the stock a “neutral” rating in a research report on Tuesday, May 21st. Morgan Stanley raised their target price on shares of NetApp from $92.00 to $106.00 and gave the company an “equal weight” rating in a research report on Thursday, May 23rd. Finally, TD Cowen upped their price target on shares of NetApp from $120.00 to $135.00 and gave the stock a “buy” rating in a report on Friday, May 31st. One equities research analyst has rated the stock with a sell rating, eleven have given a hold rating and six have assigned a buy rating to the company’s stock. According to data from MarketBeat, NetApp presently has a consensus rating of “Hold” and an average target price of $113.38.

Check Out Our Latest Stock Analysis on NTAP

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.

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Institutional Ownership by Quarter for NetApp (NASDAQ:NTAP)

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