Victory Capital Management Inc. decreased its stake in shares of NetApp, Inc. (NASDAQ:NTAP – Get Rating) by 10.1% during the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 525,009 shares of the data storage provider’s stock after selling 58,808 shares during the quarter. Victory Capital Management Inc. owned approximately 0.25% of NetApp worth $31,532,000 as of its most recent SEC filing.
A number of other hedge funds also recently bought and sold shares of NTAP. Quadrant Capital Group LLC increased its position in shares of NetApp by 12.6% in the third quarter. Quadrant Capital Group LLC now owns 1,321 shares of the data storage provider’s stock worth $82,000 after acquiring an additional 148 shares in the last quarter. Lapides Asset Management LLC lifted its holdings in shares of NetApp by 0.3% in the fourth quarter. Lapides Asset Management LLC now owns 63,300 shares of the data storage provider’s stock valued at $3,802,000 after purchasing an additional 200 shares in the last quarter. CI Investments Inc. grew its holdings in shares of NetApp by 5.4% during the third quarter. CI Investments Inc. now owns 4,112 shares of the data storage provider’s stock valued at $254,000 after buying an additional 212 shares in the last quarter. Syntax Advisors LLC lifted its stake in NetApp by 5.8% in the 4th quarter. Syntax Advisors LLC now owns 3,983 shares of the data storage provider’s stock worth $239,000 after acquiring an additional 220 shares in the last quarter. Finally, Beacon Pointe Advisors LLC grew its stake in NetApp by 8.0% during the 1st quarter. Beacon Pointe Advisors LLC now owns 3,009 shares of the data storage provider’s stock valued at $250,000 after acquiring an additional 222 shares in the last quarter. Institutional investors and hedge funds own 89.53% of the company’s stock.
Insider Transactions at NetApp
In related news, CEO George Kurian sold 2,250 shares of the business’s stock in a transaction on Tuesday, May 9th. The stock was sold at an average price of $63.49, for a total value of $142,852.50. Following the sale, the chief executive officer now owns 140,420 shares of the company’s stock, valued at approximately $8,915,265.80. The sale was disclosed in a legal filing with the SEC, which is available through this link. In the last ninety days, insiders sold 11,250 shares of company stock valued at $747,585. Corporate insiders own 0.26% of the company’s stock.
Wall Street Analyst Weigh In
NTAP has been the topic of a number of research analyst reports. Credit Suisse Group downgraded shares of NetApp from an “outperform” rating to a “neutral” rating in a research report on Thursday, February 23rd. Raymond James increased their price objective on NetApp from $72.00 to $77.00 in a report on Thursday, June 1st. UBS Group reduced their target price on shares of NetApp from $78.00 to $74.00 and set a “neutral” rating for the company in a research note on Thursday, February 23rd. Citigroup decreased their price objective on shares of NetApp from $110.00 to $100.00 and set a “buy” rating for the company in a report on Thursday, February 23rd. Finally, Deutsche Bank Aktiengesellschaft upped their price target on NetApp from $70.00 to $75.00 in a research note on Thursday, June 1st. Three analysts have rated the stock with a sell rating, eleven have assigned a hold rating and eight have given a buy rating to the company. According to MarketBeat.com, the stock has an average rating of “Hold” and a consensus target price of $74.81.
NetApp Price Performance
Shares of NTAP stock opened at $74.37 on Tuesday. NetApp, Inc. has a 12 month low of $58.08 and a 12 month high of $79.09. The company has a market capitalization of $15.80 billion, a P/E ratio of 12.82, a P/E/G ratio of 1.87 and a beta of 1.19. The stock has a 50 day moving average of $66.90 and a two-hundred day moving average of $64.91. The company has a current ratio of 1.35, a quick ratio of 1.30 and a debt-to-equity ratio of 2.06.
NetApp (NASDAQ:NTAP – Get Rating) last posted its quarterly earnings results on Wednesday, May 31st. The data storage provider reported $1.54 earnings per share for the quarter, topping analysts’ consensus estimates of $1.34 by $0.20. The firm had revenue of $1.58 billion for the quarter, compared to the consensus estimate of $1.54 billion. NetApp had a net margin of 20.02% and a return on equity of 93.62%. During the same quarter in the previous year, the company earned $1.21 earnings per share. As a group, equities analysts expect that NetApp, Inc. will post 4.52 EPS for the current year.
NetApp Dividend Announcement
The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, July 26th. Stockholders of record on Friday, July 7th will be paid a $0.50 dividend. The ex-dividend date of this dividend is Thursday, July 6th. This represents a $2.00 annualized dividend and a dividend yield of 2.69%. NetApp’s dividend payout ratio is currently 34.48%.
About NetApp
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, NetApp ElementOS software, and NetApp SANtricity software; and storage infrastructure solutions, including NetApp All-Flash FAS series, NetApp Fabric Attached Storage, NetApp FlexPod, NetApp E/EF series, NetApp StorageGRID, and NetApp SolidFire.