Banco de Sabadell S.A purchased a new position in shares of NetApp Inc. (NASDAQ:NTAP) during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund purchased 15,620 shares of the data storage provider’s stock, valued at approximately $1,217,000.
Other hedge funds also recently added to or reduced their stakes in the company. Migdal Insurance & Financial Holdings Ltd. raised its holdings in shares of NetApp by 16,433.3% in the 2nd quarter. Migdal Insurance & Financial Holdings Ltd. now owns 1,488 shares of the data storage provider’s stock worth $116,000 after purchasing an additional 1,479 shares in the last quarter. Moneta Group Investment Advisors LLC raised its holdings in shares of NetApp by 441.0% in the 1st quarter. Moneta Group Investment Advisors LLC now owns 1,650 shares of the data storage provider’s stock worth $102,000 after purchasing an additional 1,345 shares in the last quarter. Fortis Advisors LLC bought a new stake in shares of NetApp in the 1st quarter worth approximately $127,000. Greenleaf Trust bought a new stake in shares of NetApp in the 2nd quarter worth approximately $206,000. Finally, Atria Investments LLC bought a new stake in shares of NetApp in the 2nd quarter worth approximately $209,000. Institutional investors own 94.35% of the company’s stock.
In related news, CEO George Kurian sold 38,241 shares of the business’s stock in a transaction that occurred on Thursday, June 21st. The shares were sold at an average price of $78.24, for a total transaction of $2,991,975.84. Following the transaction, the chief executive officer now directly owns 142,218 shares of the company’s stock, valued at $11,127,136.32. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, VP Joel D. Reich sold 7,157 shares of the business’s stock in a transaction that occurred on Friday, August 31st. The shares were sold at an average price of $86.83, for a total transaction of $621,442.31. Following the transaction, the vice president now directly owns 603 shares in the company, valued at $52,358.49. The disclosure for this sale can be found here. Insiders have sold 173,765 shares of company stock worth $13,974,383 over the last ninety days. 0.19% of the stock is currently owned by insiders.
A number of research firms recently commented on NTAP. BidaskClub upgraded shares of NetApp from a “buy” rating to a “strong-buy” rating in a report on Friday, June 8th. BMO Capital Markets boosted their target price on shares of NetApp from $73.00 to $75.00 and gave the stock an “outperform” rating in a report on Thursday, May 24th. Wells Fargo & Co reiterated a “positive” rating and issued a $80.00 target price on shares of NetApp in a report on Wednesday, June 20th. Piper Jaffray Companies boosted their target price on shares of NetApp from $77.00 to $86.00 and gave the stock an “overweight” rating in a report on Tuesday, June 26th. Finally, Lake Street Capital lifted their target price on shares of NetApp from $70.00 to $72.00 and gave the stock a “buy” rating in a research report on Thursday, May 24th. Two research analysts have rated the stock with a sell rating, eight have issued a hold rating, nineteen have given a buy rating and two have given a strong buy rating to the company’s stock. The company has a consensus rating of “Buy” and an average price target of $78.23.
Shares of NTAP opened at $85.50 on Friday. NetApp Inc. has a 52 week low of $39.95 and a 52 week high of $88.08. The company has a market cap of $22.07 billion, a P/E ratio of 28.60, a P/E/G ratio of 1.54 and a beta of 1.27. The company has a current ratio of 2.06, a quick ratio of 2.03 and a debt-to-equity ratio of 0.80.
NetApp (NASDAQ:NTAP) last announced its quarterly earnings data on Wednesday, August 15th. The data storage provider reported $1.04 EPS for the quarter, beating the Zacks’ consensus estimate of $0.80 by $0.24. NetApp had a net margin of 3.68% and a return on equity of 41.75%. The firm had revenue of $1.47 billion for the quarter, compared to the consensus estimate of $1.42 billion. During the same period in the previous year, the firm posted $0.62 earnings per share. The firm’s revenue was up 11.6% on a year-over-year basis. equities research analysts predict that NetApp Inc. will post 3.91 EPS for the current year.
The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, October 24th. Investors of record on Friday, October 5th will be given a dividend of $0.40 per share. This represents a $1.60 dividend on an annualized basis and a yield of 1.87%. The ex-dividend date is Thursday, October 4th. NetApp’s payout ratio is presently 53.51%.
NetApp, Inc provides software, systems, and services to manage and share date on-premises, and private and public clouds worldwide. It offers cloud data services, such as ONTAP cloud storage data management and NetApp cloud sync data synchronization services; NetApp SaaS backup for Microsoft Office 365; NetApp cloud backup solutions; OnCommand management software and management integration tools; and NetApp private storage for cloud.
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