First Trust Direct Indexing L.P. Buys 1,078 Shares of NetApp, Inc. (NASDAQ:NTAP)

First Trust Direct Indexing L.P. raised its stake in shares of NetApp, Inc. (NASDAQ:NTAPFree Report) by 28.3% during the 1st quarter, according to the company in its most recent filing with the SEC. The firm owned 4,887 shares of the data storage provider’s stock after purchasing an additional 1,078 shares during the quarter. First Trust Direct Indexing L.P.’s holdings in NetApp were worth $513,000 as of its most recent filing with the SEC.

Several other institutional investors and hedge funds also recently made changes to their positions in NTAP. Norges Bank bought a new position in shares of NetApp during the 4th quarter worth about $232,502,000. First Trust Advisors LP increased its stake in NetApp by 57.5% in the fourth quarter. First Trust Advisors LP now owns 5,643,780 shares of the data storage provider’s stock valued at $497,556,000 after acquiring an additional 2,059,574 shares during the period. Los Angeles Capital Management LLC increased its stake in NetApp by 254.8% in the first quarter. Los Angeles Capital Management LLC now owns 2,304,512 shares of the data storage provider’s stock valued at $241,905,000 after acquiring an additional 1,654,942 shares during the period. TD Asset Management Inc increased its stake in NetApp by 127.0% in the fourth quarter. TD Asset Management Inc now owns 1,698,277 shares of the data storage provider’s stock valued at $149,720,000 after acquiring an additional 950,204 shares during the period. Finally, Wedge Capital Management L L P NC bought a new stake in NetApp in the fourth quarter valued at about $74,257,000. Institutional investors own 92.17% of the company’s stock.

NetApp Trading Down 0.5 %

Shares of NASDAQ NTAP opened at $129.09 on Friday. The company’s 50 day simple moving average is $118.36 and its 200 day simple moving average is $102.79. NetApp, Inc. has a fifty-two week low of $70.82 and a fifty-two week high of $131.02. The firm has a market capitalization of $26.57 billion, a P/E ratio of 27.82, a P/E/G ratio of 5.22 and a beta of 1.27. The company has a debt-to-equity ratio of 1.74, a current ratio of 1.19 and a quick ratio of 1.15.

NetApp (NASDAQ:NTAPGet Free Report) last announced its quarterly earnings data on Thursday, May 30th. The data storage provider reported $1.80 earnings per share for the quarter, beating 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 business had revenue of $1.67 billion for the quarter, compared to analyst estimates of $1.65 billion. During the same period in the prior year, the business posted $1.20 earnings per share. NetApp’s revenue was up 5.5% compared to the same quarter last year. On average, analysts predict that NetApp, Inc. will post 5.47 EPS for the current year.

NetApp announced that its Board of Directors has initiated a stock buyback program 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 shares through open market purchases. Shares buyback programs are usually a sign that the company’s leadership believes its shares are undervalued.

NetApp Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, July 24th. Investors of record on Friday, July 5th will be issued a $0.52 dividend. 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 1.61%. The ex-dividend date of this dividend is Friday, July 5th. NetApp’s dividend payout ratio is currently 43.10%.

Insider Activity at NetApp

In other NetApp news, CEO George Kurian sold 8,500 shares of the company’s stock in a transaction that occurred 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 of the company’s stock, valued at $26,068,738.32. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In other NetApp news, CEO George Kurian sold 8,500 shares of the company’s stock in a transaction that occurred 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 of the company’s stock, valued at $26,068,738.32. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CFO Michael J. Berry sold 7,500 shares of the company’s stock in a transaction that occurred on Tuesday, June 25th. The shares were sold at an average price of $127.24, for a total transaction of $954,300.00. Following the completion of the sale, the chief financial officer now directly owns 193,369 shares of the company’s stock, valued at approximately $24,604,271.56. The disclosure for this sale can be found here. Insiders have sold 42,205 shares of company stock worth $5,193,529 over the last ninety days. Company insiders own 0.37% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of analysts recently weighed in on NTAP shares. Stifel Nicolaus upped their target price on shares of NetApp from $130.00 to $138.00 and gave the company a “buy” rating in a research note on Wednesday, June 12th. Susquehanna upped their target price on shares of NetApp from $138.00 to $155.00 and gave the company a “positive” rating in a research note on Wednesday, June 12th. Wells Fargo & Company upped their target price on shares of NetApp from $120.00 to $135.00 and gave the company an “equal weight” rating in a research note on Wednesday, June 12th. Wedbush reissued a “neutral” rating and issued a $120.00 target price on shares of NetApp in a research note on Wednesday, June 12th. Finally, JPMorgan Chase & Co. upgraded shares of NetApp from an “underweight” rating to a “neutral” rating and boosted their price target for the company from $95.00 to $125.00 in a research 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 given a buy rating to the company’s stock. According to MarketBeat.com, the stock presently has an average rating of “Hold” and an average target price of $117.81.

Check Out Our Latest Analysis on NetApp

NetApp Profile

(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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