Gateway Investment Advisers LLC Has $499,000 Stake in NetApp, Inc. (NASDAQ:NTAP)

Gateway Investment Advisers LLC boosted its holdings in shares of NetApp, Inc. (NASDAQ:NTAP) by 57.5% in the first quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 5,685 shares of the data storage provider’s stock after purchasing an additional 2,076 shares during the period. Gateway Investment Advisers LLC’s holdings in NetApp were worth $499,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also recently bought and sold shares of NTAP. M&T Bank Corp increased its position in NetApp by 4.8% in the fourth quarter. M&T Bank Corp now owns 12,794 shares of the data storage provider’s stock worth $1,485,000 after purchasing an additional 581 shares during the period. Versor Investments LP acquired a new stake in NetApp in the fourth quarter worth about $395,000. AMJ Financial Wealth Management increased its position in NetApp by 120.7% in the fourth quarter. AMJ Financial Wealth Management now owns 68,897 shares of the data storage provider’s stock worth $7,998,000 after purchasing an additional 37,684 shares during the period. Brandywine Global Investment Management LLC acquired a new stake in NetApp in the fourth quarter worth about $5,151,000. Finally, Vanguard Group Inc. boosted its position in shares of NetApp by 1.7% in the 4th quarter. Vanguard Group Inc. now owns 26,443,974 shares of the data storage provider’s stock worth $3,069,617,000 after purchasing an additional 429,343 shares during the last quarter. 92.17% of the stock is owned by institutional investors and hedge funds.

Insider Activity at NetApp

In other NetApp news, CAO Lorenzo Daniel De sold 302 shares of the stock in a transaction dated Tuesday, June 3rd. The shares were sold at an average price of $98.77, for a total value of $29,828.54. Following the completion of the sale, the chief accounting officer now owns 455 shares in the company, valued at approximately $44,940.35. This trade represents a 39.89% decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, Director Anders Gustafsson purchased 2,800 shares of the firm’s stock in a transaction dated Thursday, March 27th. The shares were bought at an average price of $91.00 per share, with a total value of $254,800.00. Following the purchase, the director now owns 6,348 shares in the company, valued at $577,668. The trade was a 78.92% increase in their ownership of the stock. The disclosure for this purchase can be found here. In the last quarter, insiders have sold 28,498 shares of company stock valued at $2,500,978. 0.47% of the stock is owned by corporate insiders.

Wall Street Analysts Forecast Growth

NTAP has been the topic of several recent research reports. Barclays raised their price target on NetApp from $115.00 to $117.00 and gave the stock an “overweight” rating in a research report on Friday, May 30th. Wall Street Zen lowered NetApp from a “buy” rating to a “hold” rating in a research report on Friday, February 28th. Loop Capital reduced their price target on NetApp from $150.00 to $130.00 and set a “buy” rating on the stock in a research report on Tuesday, March 4th. Susquehanna lowered NetApp from a “positive” rating to a “neutral” rating and reduced their price target for the stock from $155.00 to $130.00 in a research report on Monday, February 10th. Finally, JPMorgan Chase & Co. reduced their price target on NetApp from $120.00 to $115.00 and set an “overweight” rating on the stock in a research report on Friday, May 30th. One equities research analyst has rated the stock with a sell rating, ten have assigned a hold rating and six have assigned a buy rating to the company. According to data from MarketBeat, the stock presently has an average rating of “Hold” and a consensus price target of $117.79.

NetApp Stock Performance

Shares of NetApp stock opened at $103.06 on Tuesday. The company has a current ratio of 0.91, a quick ratio of 0.84 and a debt-to-equity ratio of 1.39. The business has a 50-day moving average price of $91.79 and a two-hundred day moving average price of $106.16. NetApp, Inc. has a 1-year low of $71.84 and a 1-year high of $135.45. The company has a market cap of $20.96 billion, a P/E ratio of 18.94, a PEG ratio of 2.45 and a beta of 1.42.

NetApp (NASDAQ:NTAP) last released its quarterly earnings data on Thursday, May 29th. The data storage provider reported $1.93 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.90 by $0.03. The company had revenue of $1.73 billion for the quarter, compared to analysts’ expectations of $1.72 billion. NetApp had a net margin of 17.78% and a return on equity of 123.63%. The business’s revenue was up 3.8% on a year-over-year basis. During the same quarter in the prior year, the firm earned $1.80 EPS. As a group, analysts anticipate that NetApp, Inc. will post 5.89 EPS for the current year.

NetApp Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Wednesday, July 23rd. Investors of record on Thursday, July 3rd will be given a $0.52 dividend. The ex-dividend date is Thursday, July 3rd. This represents a $2.08 annualized dividend and a yield of 2.02%. NetApp’s payout ratio is 36.62%.

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.