Bank of America Corp DE increased its position in shares of NetApp Inc. (NASDAQ:NTAP) by 46.7% during the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 2,647,027 shares of the data storage provider’s stock after buying an additional 842,904 shares during the period. Bank of America Corp DE owned 1.01% of NetApp worth $207,871,000 as of its most recent filing with the Securities and Exchange Commission.
A number of other institutional investors and hedge funds have also recently modified their holdings of NTAP. JPMorgan Chase & Co. increased its holdings in NetApp by 488.7% during the first quarter. JPMorgan Chase & Co. now owns 3,537,659 shares of the data storage provider’s stock worth $218,239,000 after buying an additional 2,936,713 shares during the last quarter. Summit Trail Advisors LLC increased its holdings in NetApp by 6,367.4% during the first quarter. Summit Trail Advisors LLC now owns 2,773,654 shares of the data storage provider’s stock worth $2,774,000 after buying an additional 2,730,767 shares during the last quarter. Renaissance Technologies LLC increased its holdings in NetApp by 270.0% during the second quarter. Renaissance Technologies LLC now owns 2,332,932 shares of the data storage provider’s stock worth $183,205,000 after buying an additional 1,702,432 shares during the last quarter. American Century Companies Inc. increased its holdings in shares of NetApp by 8,411.2% in the second quarter. American Century Companies Inc. now owns 1,696,205 shares of the data storage provider’s stock valued at $133,203,000 after purchasing an additional 1,676,276 shares during the last quarter. Finally, Bank of Montreal Can acquired a new position in shares of NetApp in the second quarter valued at $111,089,000. Institutional investors and hedge funds own 94.35% of the company’s stock.
Several research firms have 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 upped their price objective on shares of NetApp from $73.00 to $75.00 and gave the company an “outperform” rating in a report on Thursday, May 24th. Wells Fargo & Co reiterated a “positive” rating and issued a $80.00 price objective on shares of NetApp in a report on Wednesday, June 20th. Piper Jaffray Companies upped their price objective on shares of NetApp from $77.00 to $86.00 and gave the company an “overweight” rating in a report on Tuesday, June 26th. Finally, Lake Street Capital upped their price objective on shares of NetApp from $70.00 to $72.00 and gave the company a “buy” rating in a report on Thursday, May 24th. Two research analysts have rated the stock with a sell rating, eight have given a hold rating, nineteen have given a buy rating and two have assigned a strong buy rating to the company’s stock. The company presently has an average rating of “Buy” and an average target price of $78.23.
In other news, Director Gerald Held sold 4,500 shares of the business’s stock in a transaction dated Monday, June 18th. The shares were sold at an average price of $77.76, for a total value of $349,920.00. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, VP Joel D. Reich sold 25,000 shares of the business’s stock in a transaction dated Wednesday, June 27th. The shares were sold at an average price of $78.04, for a total transaction of $1,951,000.00. Following the completion of the sale, the vice president now directly owns 7,760 shares of the company’s stock, valued at approximately $605,590.40. The disclosure for this sale can be found here. In the last three months, insiders sold 173,765 shares of company stock valued at $13,974,383. 0.19% of the stock is currently owned by company insiders.
Shares of NetApp stock opened at $85.50 on Friday. The stock has a market capitalization of $22.07 billion, a PE ratio of 28.60, a price-to-earnings-growth ratio of 1.54 and a beta of 1.27. NetApp Inc. has a 52-week low of $39.95 and a 52-week high of $88.08. The company has a debt-to-equity ratio of 0.80, a current ratio of 2.06 and a quick ratio of 2.03.
NetApp (NASDAQ:NTAP) last announced its earnings results on Wednesday, August 15th. The data storage provider reported $1.04 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $0.80 by $0.24. The company had revenue of $1.47 billion during the quarter, compared to analysts’ expectations of $1.42 billion. NetApp had a net margin of 3.68% and a return on equity of 41.75%. NetApp’s quarterly revenue was up 11.6% on a year-over-year basis. During the same quarter in the previous year, the business posted $0.62 earnings per share. analysts anticipate that NetApp Inc. will post 3.91 earnings per share for the current year.
The firm also recently announced a quarterly dividend, which will be paid on Wednesday, October 24th. Stockholders of record on Friday, October 5th will be given a $0.40 dividend. The ex-dividend date is Thursday, October 4th. This represents a $1.60 dividend on an annualized basis and a dividend yield of 1.87%. 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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