Fmr LLC Purchases 90,894 Shares of NetApp Inc. (NTAP)

Fmr LLC lifted its position in NetApp Inc. (NASDAQ:NTAP) by 7.6% in the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 1,291,368 shares of the data storage provider’s stock after purchasing an additional 90,894 shares during the quarter. Fmr LLC owned 0.50% of NetApp worth $101,411,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also recently modified their holdings of the stock. Bank of America Corp DE raised its stake in shares of NetApp by 46.7% in the second quarter. Bank of America Corp DE now owns 2,647,027 shares of the data storage provider’s stock valued at $207,871,000 after purchasing an additional 842,904 shares in the last quarter. Schroder Investment Management Group raised its stake in NetApp by 57.3% during the second quarter. Schroder Investment Management Group now owns 2,493,836 shares of the data storage provider’s stock worth $192,798,000 after acquiring an additional 908,642 shares in the last quarter. Renaissance Technologies LLC raised its stake 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 acquiring an additional 1,702,432 shares in the last quarter. First Trust Advisors LP raised its stake in NetApp by 14.4% during the second quarter. First Trust Advisors LP now owns 2,041,010 shares of the data storage provider’s stock worth $160,281,000 after acquiring an additional 257,679 shares in the last quarter. Finally, American Century Companies Inc. raised its stake in NetApp by 8,411.2% during the second quarter. American Century Companies Inc. now owns 1,696,205 shares of the data storage provider’s stock worth $133,203,000 after acquiring an additional 1,676,276 shares in the last quarter. Institutional investors and hedge funds own 95.52% of the company’s stock.

Shares of NTAP stock opened at $81.66 on Friday. The company has a current ratio of 2.06, a quick ratio of 2.03 and a debt-to-equity ratio of 0.80. The firm has a market cap of $20.82 billion, a PE ratio of 27.31, a price-to-earnings-growth ratio of 1.45 and a beta of 1.38. NetApp Inc. has a 52 week low of $45.24 and a 52 week high of $88.08.

NetApp (NASDAQ:NTAP) last announced its earnings results on Wednesday, August 15th. The data storage provider reported $1.04 EPS for the quarter, topping the consensus estimate of $0.80 by $0.24. The company had revenue of $1.47 billion for the quarter, compared to analysts’ expectations of $1.42 billion. NetApp had a return on equity of 41.75% and a net margin of 3.68%. The business’s revenue for the quarter was up 11.6% on a year-over-year basis. During the same quarter in the prior year, the business earned $0.62 earnings per share. As a group, equities analysts predict that NetApp Inc. will post 3.92 EPS for the current year.

The firm also recently announced a quarterly dividend, which was paid on Wednesday, October 24th. Stockholders of record on Friday, October 5th were issued a dividend of $0.40 per share. This represents a $1.60 annualized dividend and a dividend yield of 1.96%. The ex-dividend date of this dividend was Thursday, October 4th. NetApp’s payout ratio is presently 53.51%.

Several research analysts have issued reports on the company. BidaskClub upgraded NetApp from a “buy” rating to a “strong-buy” rating in a research note on Friday, August 31st. Zacks Investment Research upgraded NetApp from a “hold” rating to a “strong-buy” rating and set a $93.00 price objective for the company in a research note on Tuesday, August 21st. BMO Capital Markets increased their price objective on NetApp from $75.00 to $90.00 and gave the stock an “in-line” rating in a research note on Thursday, August 16th. Lake Street Capital dropped their price objective on NetApp from $88.00 to $72.00 and set a “buy” rating for the company in a research note on Thursday, August 16th. Finally, JPMorgan Chase & Co. reiterated a “buy” rating and set a $92.00 price objective on shares of NetApp in a research note on Thursday, August 16th. Two analysts have rated the stock with a sell rating, ten have issued a hold rating, sixteen have given a buy rating and two have issued a strong buy rating to the company’s stock. NetApp has a consensus rating of “Buy” and an average price target of $81.17.

In other news, CEO George Kurian sold 36,646 shares of the stock in a transaction on Monday, August 20th. The stock was sold at an average price of $81.69, for a total transaction of $2,993,611.74. Following the sale, the chief executive officer now owns 64,147 shares in the company, valued at $5,240,168.43. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, EVP Henri P. Richard sold 2,525 shares of the stock in a transaction on Thursday, August 16th. The stock was sold at an average price of $79.60, for a total value of $200,990.00. Following the sale, the executive vice president now owns 70,732 shares in the company, valued at approximately $5,630,267.20. The disclosure for this sale can be found here. Insiders have sold 127,451 shares of company stock worth $10,579,434 in the last 90 days. Company insiders own 0.19% of the company’s stock.

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NetApp Profile

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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Institutional Ownership by Quarter for NetApp (NASDAQ:NTAP)

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