NetApp, Inc. (NASDAQ:NTAP) Position Raised by Mackenzie Financial Corp

Mackenzie Financial Corp raised its position in shares of NetApp, Inc. (NASDAQ:NTAP) by 23.6% in the second quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm owned 63,391 shares of the data storage provider’s stock after purchasing an additional 12,119 shares during the period. Mackenzie Financial Corp’s holdings in NetApp were worth $8,165,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also recently bought and sold shares of NTAP. Hollencrest Capital Management bought a new position in NetApp in the 2nd quarter worth approximately $26,000. Rise Advisors LLC bought a new position in shares of NetApp in the first quarter worth $27,000. J.Safra Asset Management Corp increased its holdings in shares of NetApp by 706.3% during the first quarter. J.Safra Asset Management Corp now owns 258 shares of the data storage provider’s stock valued at $27,000 after purchasing an additional 226 shares during the period. New Covenant Trust Company N.A. bought a new stake in shares of NetApp during the first quarter valued at about $28,000. Finally, Redwood Wealth Management Group LLC acquired a new stake in NetApp in the second quarter worth about $32,000. Institutional investors own 92.17% of the company’s stock.

Analysts Set New Price Targets

A number of research firms have commented on NTAP. JPMorgan Chase & Co. boosted their price target on shares of NetApp from $146.00 to $147.00 and gave the stock a “neutral” rating in a research report on Thursday, August 29th. Stifel Nicolaus upped their target price on NetApp from $138.00 to $140.00 and gave the stock a “buy” rating in a research report on Thursday, August 29th. Argus lifted their price target on NetApp from $130.00 to $140.00 and gave the company a “buy” rating in a research report on Wednesday, June 5th. Susquehanna reissued a “positive” rating and issued a $155.00 price objective on shares of NetApp in a research note on Monday, August 26th. Finally, Loop Capital raised NetApp from a “hold” rating to a “buy” rating and raised their target price for the company from $121.00 to $150.00 in a research note on Tuesday, September 3rd. One equities research analyst has rated the stock with a sell rating, ten have assigned a hold rating and six have given a buy rating to the company. According to data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and an average price target of $129.06.

NetApp Trading Up 1.9 %

NetApp stock opened at $123.51 on Tuesday. NetApp, Inc. has a 52 week low of $70.82 and a 52 week high of $135.01. The company has a debt-to-equity ratio of 1.34, a quick ratio of 0.91 and a current ratio of 0.96. The firm has a market capitalization of $25.42 billion, a price-to-earnings ratio of 26.62, a P/E/G ratio of 4.61 and a beta of 1.23. The company has a 50 day moving average price of $123.08 and a 200 day moving average price of $117.58.

NetApp (NASDAQ:NTAP) last issued its earnings results on Wednesday, August 28th. The data storage provider reported $1.56 EPS for the quarter, topping the consensus estimate of $1.45 by $0.11. The business had revenue of $1.54 billion during the quarter, compared to analysts’ expectations of $1.53 billion. NetApp had a return on equity of 121.41% and a net margin of 17.01%. NetApp’s revenue was up 7.6% compared to the same quarter last year. During the same quarter last year, the firm posted $0.84 earnings per share. Research analysts forecast that NetApp, Inc. will post 5.71 EPS for the current year.

NetApp Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, October 23rd. Stockholders of record on Friday, October 4th will be issued a $0.52 dividend. The ex-dividend date of this dividend is Friday, October 4th. This represents a $2.08 dividend on an annualized basis and a dividend yield of 1.68%. NetApp’s dividend payout ratio is 44.83%.

Insider Transactions at NetApp

In other NetApp news, CAO Lorenzo Daniel De sold 1,685 shares of the company’s stock in a transaction that occurred on Tuesday, September 24th. The shares were sold at an average price of $123.60, for a total value of $208,266.00. The transaction was disclosed in a document filed with the SEC, which is available at this link. In related news, CEO George Kurian sold 8,500 shares of NetApp stock in a transaction on Monday, July 15th. The stock was sold at an average price of $130.36, for a total transaction of $1,108,060.00. Following the completion of the sale, the chief executive officer now owns 314,274 shares of the company’s stock, valued at $40,968,758.64. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, CAO Lorenzo Daniel De sold 1,685 shares of the business’s stock in a transaction dated Tuesday, September 24th. The shares were sold at an average price of $123.60, for a total value of $208,266.00. The disclosure for this sale can be found here. Insiders sold 10,637 shares of company stock valued at $1,376,474 over the last three months. 0.37% of the stock is owned by corporate insiders.

NetApp Company Profile

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.