Los Angeles Capital Management LLC Trims Stake in NetApp, Inc. (NASDAQ:NTAP)

Los Angeles Capital Management LLC trimmed its holdings in shares of NetApp, Inc. (NASDAQ:NTAP - Free Report) by 23.5% during the 3rd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 1,760,555 shares of the data storage provider's stock after selling 542,195 shares during the period. NetApp makes up about 0.9% of Los Angeles Capital Management LLC's investment portfolio, making the stock its 17th largest holding. Los Angeles Capital Management LLC owned 0.86% of NetApp worth $217,446,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also modified their holdings of NTAP. Hollencrest Capital Management bought a new position in shares of NetApp during the 2nd quarter valued at $26,000. J.Safra Asset Management Corp grew its stake in shares of NetApp by 706.3% during the 1st quarter. J.Safra Asset Management Corp now owns 258 shares of the data storage provider's stock valued at $27,000 after purchasing an additional 226 shares during the period. Northwest Investment Counselors LLC purchased a new stake in shares of NetApp during the 3rd quarter valued at about $27,000. New Covenant Trust Company N.A. bought a new position in shares of NetApp in the 1st quarter worth approximately $28,000. Finally, Redwood Wealth Management Group LLC bought a new position in shares of NetApp in the 2nd quarter worth approximately $32,000. Institutional investors own 92.17% of the company's stock.

Insider Transactions at NetApp

In related news, CEO George Kurian sold 8,500 shares of the company's stock in a transaction dated Monday, October 21st. The shares were sold at an average price of $126.11, for a total transaction of $1,071,935.00. Following the transaction, the chief executive officer now directly owns 292,778 shares in the company, valued at approximately $36,922,233.58. This represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. In related news, CEO George Kurian sold 8,500 shares of the business's stock in a transaction on Monday, October 21st. The stock was sold at an average price of $126.11, for a total transaction of $1,071,935.00. Following the completion of the transaction, the chief executive officer now owns 292,778 shares in the company, valued at $36,922,233.58. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, EVP Elizabeth M. O'callahan sold 705 shares of the stock in a transaction on Thursday, October 10th. The stock was sold at an average price of $126.20, for a total value of $88,971.00. Following the completion of the sale, the executive vice president now owns 11,694 shares in the company, valued at approximately $1,475,782.80. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders sold 10,890 shares of company stock worth $1,369,172. 0.47% of the stock is currently owned by insiders.

Wall Street Analysts Forecast Growth

A number of analysts have commented on NTAP shares. Barclays increased their price target on shares of NetApp from $116.00 to $119.00 and gave the stock an "equal weight" rating in a research report on Thursday, August 29th. Loop Capital raised shares of NetApp from a "hold" rating to a "buy" rating and upped their target price for the stock from $121.00 to $150.00 in a report on Tuesday, September 3rd. UBS Group raised their price target on NetApp from $121.00 to $134.00 and gave the company a "neutral" rating in a report on Thursday, August 29th. Citigroup upped their price objective on NetApp from $120.00 to $130.00 and gave the stock a "neutral" rating in a research note on Thursday, August 15th. Finally, Evercore ISI lifted their target price on NetApp from $120.00 to $130.00 and gave the company an "in-line" rating in a research note on Monday, August 12th. One equities research analyst has rated the stock with a sell rating, ten have issued a hold rating and six have issued a buy rating to the company. According to data from MarketBeat.com, NetApp has an average rating of "Hold" and an average price target of $129.06.

NetApp Trading Up 1.0 %

Shares of NASDAQ:NTAP traded up $1.18 during trading on Friday, reaching $124.01. The company's stock had a trading volume of 1,367,649 shares, compared to its average volume of 1,350,177. The stock has a market capitalization of $25.39 billion, a PE ratio of 24.22, a price-to-earnings-growth ratio of 4.65 and a beta of 1.24. NetApp, Inc. has a 12 month low of $75.32 and a 12 month high of $135.01. The company has a current ratio of 0.96, a quick ratio of 0.91 and a debt-to-equity ratio of 1.34. The firm's 50 day simple moving average is $121.01 and its two-hundred day simple moving average is $121.32.

NetApp (NASDAQ:NTAP - Get Free Report) last posted its quarterly earnings data on Wednesday, August 28th. The data storage provider reported $1.56 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.45 by $0.11. The business had revenue of $1.54 billion during the quarter, compared to analyst estimates of $1.53 billion. NetApp had a return on equity of 121.41% and a net margin of 17.01%. The company's revenue for the quarter was up 7.6% on a year-over-year basis. During the same period last year, the company earned $0.84 EPS. On average, research analysts predict that NetApp, Inc. will post 5.71 EPS for the current fiscal year.

NetApp Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Wednesday, October 23rd. Stockholders of record on Friday, October 4th were issued a $0.52 dividend. The ex-dividend date was Friday, October 4th. This represents a $2.08 annualized dividend and a dividend yield of 1.68%. NetApp's dividend payout ratio (DPR) is presently 40.63%.

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.