Portfolio Design Labs LLC raised its holdings in NetApp, Inc. (NASDAQ:NTAP - Free Report) by 28.6% during the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 20,725 shares of the data storage provider's stock after buying an additional 4,608 shares during the period. Portfolio Design Labs LLC's holdings in NetApp were worth $2,406,000 as of its most recent filing with the Securities and Exchange Commission.
A number of other hedge funds have also recently made changes to their positions in the business. Intech Investment Management LLC lifted its position in NetApp by 8.9% in the 3rd quarter. Intech Investment Management LLC now owns 302,010 shares of the data storage provider's stock valued at $37,301,000 after acquiring an additional 24,651 shares in the last quarter. Daiwa Securities Group Inc. boosted its stake in NetApp by 20.9% in the third quarter. Daiwa Securities Group Inc. now owns 42,302 shares of the data storage provider's stock valued at $5,225,000 after acquiring an additional 7,318 shares during the last quarter. Robeco Institutional Asset Management B.V. lifted its stake in NetApp by 9.2% in the fourth quarter. Robeco Institutional Asset Management B.V. now owns 1,346,212 shares of the data storage provider's stock valued at $156,268,000 after purchasing an additional 113,360 shares during the last quarter. Hilton Capital Management LLC bought a new position in shares of NetApp during the 3rd quarter worth $4,059,000. Finally, Orion Portfolio Solutions LLC increased its stake in shares of NetApp by 232.2% in the third quarter. Orion Portfolio Solutions LLC now owns 6,731 shares of the data storage provider's stock worth $831,000 after purchasing an additional 4,705 shares in the last quarter. 92.17% of the stock is currently owned by institutional investors and hedge funds.
Insider Buying and Selling
In other NetApp news, Director Thomas Michael Nevens sold 3,333 shares of NetApp stock in a transaction on Monday, November 18th. The stock was sold at an average price of $119.23, for a total value of $397,393.59. Following the completion of the sale, the director now owns 9,277 shares of the company's stock, valued at approximately $1,106,096.71. This trade represents a 26.43 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, CAO Lorenzo Daniel De sold 326 shares of the business's stock in a transaction dated Monday, November 18th. The stock was sold at an average price of $117.44, for a total value of $38,285.44. The disclosure for this sale can be found here. Insiders have sold 64,562 shares of company stock worth $7,687,180 in the last 90 days. Insiders own 0.47% of the company's stock.
Wall Street Analysts Forecast Growth
A number of analysts recently issued reports on NTAP shares. TD Cowen boosted their price objective on NetApp from $145.00 to $160.00 and gave the company a "buy" rating in a research note on Friday, November 22nd. Barclays upped their target price on shares of NetApp from $119.00 to $132.00 and gave the stock an "equal weight" rating in a research report on Friday, November 22nd. Bank of America increased their price target on shares of NetApp from $115.00 to $121.00 and gave the company an "underperform" rating in a research report on Friday, November 22nd. Wells Fargo & Company lifted their price objective on NetApp from $135.00 to $140.00 and gave the stock an "equal weight" rating in a report on Friday, November 22nd. Finally, Morgan Stanley increased their target price on NetApp from $132.00 to $146.00 and gave the company an "equal weight" rating in a report on Tuesday, December 17th. One investment analyst has rated the stock with a sell rating, eleven have issued a hold rating and five have issued a buy rating to the stock. Based on data from MarketBeat, the stock presently has an average rating of "Hold" and a consensus target price of $137.53.
Read Our Latest Analysis on NetApp
NetApp Trading Up 1.1 %
NASDAQ:NTAP traded up $1.33 during trading hours on Friday, hitting $119.06. The company had a trading volume of 1,036,123 shares, compared to its average volume of 1,286,703. The company has a debt-to-equity ratio of 1.39, a current ratio of 0.91 and a quick ratio of 0.84. The stock has a 50-day moving average price of $120.19 and a 200 day moving average price of $121.88. The company has a market capitalization of $24.21 billion, a PE ratio of 21.89, a price-to-earnings-growth ratio of 2.94 and a beta of 1.23. NetApp, Inc. has a 52 week low of $83.80 and a 52 week high of $135.45.
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 net margin of 17.78% and a return on equity of 123.63%. The firm had revenue of $1.66 billion for the quarter, compared to analyst estimates of $1.65 billion. During the same quarter in the previous year, the firm posted $1.23 EPS. The company's revenue for the quarter was up 6.1% compared to the same quarter last year. On average, equities research analysts predict that NetApp, Inc. will post 5.89 EPS for the current fiscal year.
NetApp Dividend Announcement
The firm also recently disclosed a quarterly dividend, which was paid on Wednesday, January 22nd. Investors of record on Friday, January 3rd were paid a dividend of $0.52 per share. This represents a $2.08 annualized dividend and a yield of 1.75%. The ex-dividend date was Friday, January 3rd. NetApp's payout ratio is currently 38.24%.
About NetApp
(
Free Report)
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.
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