BlackRock Inc. grew its stake in NetApp, Inc. (NASDAQ:NTAP) by 7.5% during the second quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 21,648,037 shares of the data storage provider’s stock after purchasing an additional 1,517,967 shares during the quarter. BlackRock Inc. owned approximately 7.97% of NetApp worth $867,006,000 at the end of the most recent reporting period.
Several other hedge funds also recently bought and sold shares of NTAP. FMR LLC lifted its holdings in shares of NetApp by 397.8% in the first quarter. FMR LLC now owns 1,608,714 shares of the data storage provider’s stock valued at $67,325,000 after purchasing an additional 1,285,545 shares in the last quarter. Nomura Asset Management Co. Ltd. lifted its holdings in shares of NetApp by 3,230.3% in the first quarter. Nomura Asset Management Co. Ltd. now owns 1,202,818 shares of the data storage provider’s stock valued at $50,338,000 after purchasing an additional 1,166,701 shares in the last quarter. Argent Capital Management LLC bought a new position in shares of NetApp in the first quarter valued at approximately $35,709,000. Wellington Management Group LLP lifted its holdings in shares of NetApp by 3,256.4% in the first quarter. Wellington Management Group LLP now owns 819,339 shares of the data storage provider’s stock valued at $34,289,000 after purchasing an additional 794,928 shares in the last quarter. Finally, Wells Fargo & Company MN lifted its holdings in shares of NetApp by 33.9% in the second quarter. Wells Fargo & Company MN now owns 2,754,400 shares of the data storage provider’s stock valued at $110,313,000 after purchasing an additional 697,819 shares in the last quarter. Institutional investors own 92.08% of the company’s stock.
NetApp, Inc. (NTAP) opened at 41.71 on Wednesday. NetApp, Inc. has a 12-month low of $30.36 and a 12-month high of $45.24. The stock has a 50 day moving average price of $40.34 and a 200-day moving average price of $40.60. The stock has a market capitalization of $11.25 billion, a PE ratio of 20.14 and a beta of 1.22.
NetApp (NASDAQ:NTAP) last posted its quarterly earnings results on Wednesday, August 16th. The data storage provider reported $0.62 EPS for the quarter, beating the Zacks’ consensus estimate of $0.55 by $0.07. The business had revenue of $1.33 billion for the quarter, compared to analysts’ expectations of $1.32 billion. NetApp had a return on equity of 24.13% and a net margin of 10.47%. The business’s quarterly revenue was up 2.4% on a year-over-year basis. During the same period last year, the firm earned $0.46 earnings per share. On average, equities analysts anticipate that NetApp, Inc. will post $3.12 earnings per share for the current fiscal year.
The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, October 25th. Stockholders of record on Friday, October 6th will be given a dividend of $0.20 per share. The ex-dividend date is Thursday, October 5th. This represents a $0.80 dividend on an annualized basis and a dividend yield of 1.92%. NetApp’s payout ratio is 38.65%.
In other news, CEO George Kurian sold 59,697 shares of the firm’s stock in a transaction dated Friday, June 30th. The stock was sold at an average price of $39.93, for a total transaction of $2,383,701.21. Following the completion of the transaction, the chief executive officer now owns 87,295 shares in the company, valued at $3,485,689.35. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Also, VP Joel D. Reich sold 9,031 shares of the firm’s stock in a transaction dated Friday, June 30th. The shares were sold at an average price of $39.81, for a total value of $359,524.11. Following the transaction, the vice president now owns 10,902 shares of the company’s stock, valued at approximately $434,008.62. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 83,226 shares of company stock valued at $3,344,026. Company insiders own 0.47% of the company’s stock.
A number of research analysts have recently weighed in on NTAP shares. Drexel Hamilton restated a “buy” rating and issued a $62.00 target price on shares of NetApp in a report on Wednesday, May 24th. Goldman Sachs Group, Inc. (The) upgraded NetApp from a “neutral” rating to a “buy” rating and lifted their price target for the stock from $46.00 to $47.00 in a report on Friday, July 14th. BidaskClub upgraded NetApp from a “hold” rating to a “buy” rating in a report on Wednesday, July 19th. Maxim Group upgraded NetApp from a “hold” rating to a “buy” rating and lifted their price target for the stock from $46.00 to $56.00 in a report on Monday, August 14th. Finally, Piper Jaffray Companies set a $50.00 price target on NetApp and gave the stock a “buy” rating in a report on Monday, August 14th. Three investment analysts have rated the stock with a sell rating, twenty-two have given a hold rating and fourteen have assigned a buy rating to the company. The company has a consensus rating of “Hold” and a consensus target price of $43.89.
NetApp, Inc (NetApp) provides software, systems and services to manage and store customer data. The Company enables enterprises, service providers, governmental organizations, and partners to envision, deploy and evolve their information technology (IT) environments. The Company offers a portfolio of products and services that satisfy a range of customer workloads across different data types and deployment models.
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