Convergence Investment Partners LLC Has $4.32 Million Holdings in NetApp, Inc. (NASDAQ:NTAP)

Convergence Investment Partners LLC cut its position in NetApp, Inc. (NASDAQ:NTAP - Free Report) by 7.0% during the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 37,190 shares of the data storage provider's stock after selling 2,819 shares during the quarter. NetApp makes up about 1.0% of Convergence Investment Partners LLC's holdings, making the stock its 20th biggest position. Convergence Investment Partners LLC's holdings in NetApp were worth $4,317,000 at the end of the most recent reporting period.

Several other institutional investors have also recently bought and sold shares of NTAP. KBC Group NV lifted its holdings in shares of NetApp by 276.9% during the fourth quarter. KBC Group NV now owns 891,033 shares of the data storage provider's stock worth $103,431,000 after buying an additional 654,626 shares during the last quarter. Geode Capital Management LLC raised its stake in NetApp by 8.2% during the 3rd quarter. Geode Capital Management LLC now owns 5,985,673 shares of the data storage provider's stock valued at $738,280,000 after purchasing an additional 453,324 shares during the last quarter. Robeco Institutional Asset Management B.V. boosted its holdings in NetApp by 38.5% in the 3rd quarter. Robeco Institutional Asset Management B.V. now owns 1,232,852 shares of the data storage provider's stock valued at $152,270,000 after purchasing an additional 342,415 shares during the period. Unigestion Holding SA boosted its holdings in NetApp by 926.1% in the 3rd quarter. Unigestion Holding SA now owns 283,674 shares of the data storage provider's stock valued at $35,022,000 after purchasing an additional 256,028 shares during the period. Finally, Retirement Systems of Alabama grew its position in NetApp by 546.8% in the 4th quarter. Retirement Systems of Alabama now owns 289,504 shares of the data storage provider's stock worth $33,606,000 after purchasing an additional 244,746 shares during the last quarter. Institutional investors own 92.17% of the company's stock.

Wall Street Analysts Forecast Growth

Several equities research analysts recently weighed in on the stock. TD Cowen increased their target price on shares of NetApp from $145.00 to $160.00 and gave the company a "buy" rating in a research note on Friday, November 22nd. Citigroup raised their price objective on NetApp from $130.00 to $135.00 and gave the stock a "neutral" rating in a research report on Friday, November 22nd. Morgan Stanley boosted their price objective on NetApp from $132.00 to $146.00 and gave the company an "equal weight" rating in a research report on Tuesday, December 17th. Oppenheimer started coverage on NetApp in a research report on Wednesday, November 13th. They issued a "market perform" rating for the company. Finally, Stifel Nicolaus boosted their price target on shares of NetApp from $140.00 to $145.00 and gave the company a "buy" rating in a report on Friday, November 22nd. Eleven research analysts have rated the stock with a hold rating and six have issued a buy rating to the company's stock. Based on data from MarketBeat.com, NetApp currently has a consensus rating of "Hold" and an average target price of $137.33.

Insider Activity

In related news, CEO George Kurian sold 8,500 shares of NetApp stock in a transaction on Monday, December 16th. The stock was sold at an average price of $124.29, for a total transaction of $1,056,465.00. Following the completion of the sale, the chief executive officer now directly owns 279,782 shares of the company's stock, valued at $34,774,104.78. The trade was a 2.95 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, CFO Michael J. Berry sold 12,500 shares of the company's stock in a transaction dated Tuesday, February 4th. The shares were sold at an average price of $120.74, for a total value of $1,509,250.00. Following the completion of the sale, the chief financial officer now directly owns 123,243 shares of the company's stock, valued at approximately $14,880,359.82. This trade represents a 9.21 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 60,903 shares of company stock valued at $7,260,341 over the last three months. 0.47% of the stock is owned by insiders.

NetApp Price Performance

NASDAQ NTAP traded down $0.08 during trading hours on Friday, reaching $124.47. 2,975,285 shares of the company's stock were exchanged, compared to its average volume of 1,430,411. The firm has a fifty day moving average of $120.07 and a 200-day moving average of $121.86. The company has a current ratio of 0.91, a quick ratio of 0.84 and a debt-to-equity ratio of 1.39. NetApp, Inc. has a one year low of $85.28 and a one year high of $135.45. The stock has a market cap of $25.31 billion, a PE ratio of 22.88, a price-to-earnings-growth ratio of 2.96 and a beta of 1.23.

NetApp (NASDAQ:NTAP - Get Free Report) last announced its earnings results on Thursday, November 21st. The data storage provider reported $1.87 earnings per share for the quarter, beating analysts' consensus estimates of $1.78 by $0.09. NetApp had a return on equity of 123.63% and a net margin of 17.78%. The company had revenue of $1.66 billion during the quarter, compared to analyst estimates of $1.65 billion. During the same period last year, the company posted $1.23 earnings per share. The firm's quarterly revenue was up 6.1% compared to the same quarter last year. On average, equities research analysts predict that NetApp, Inc. will post 5.89 earnings per share for the current fiscal year.

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.