MERIAN GLOBAL INVESTORS UK Ltd Invests $162 Million in NetApp Inc. (NTAP)

MERIAN GLOBAL INVESTORS UK Ltd bought a new stake in NetApp Inc. (NASDAQ:NTAP) during the 3rd quarter, HoldingsChannel reports. The fund bought 1,886,084 shares of the data storage provider’s stock, valued at approximately $161,995,000.

Several other institutional investors and hedge funds have also recently made changes to their positions in NTAP. Summit Trail Advisors LLC raised its stake in shares of NetApp by 6,367.4% in the first quarter. Summit Trail Advisors LLC now owns 2,773,654 shares of the data storage provider’s stock valued at $2,774,000 after acquiring an additional 2,730,767 shares during the period. Renaissance Technologies LLC raised its stake in shares of NetApp by 270.0% in the second quarter. Renaissance Technologies LLC now owns 2,332,932 shares of the data storage provider’s stock valued at $183,205,000 after acquiring an additional 1,702,432 shares during the period. American Century Companies Inc. raised its stake in shares of NetApp by 8,411.2% in the second quarter. American Century Companies Inc. now owns 1,696,205 shares of the data storage provider’s stock valued at $133,203,000 after acquiring an additional 1,676,276 shares during the period. Bank of Montreal Can purchased a new stake in shares of NetApp in the second quarter valued at $111,089,000. Finally, Janus Henderson Group PLC raised its stake in shares of NetApp by 388.7% in the second quarter. Janus Henderson Group PLC now owns 1,375,800 shares of the data storage provider’s stock valued at $108,044,000 after acquiring an additional 1,094,273 shares during the period. 94.34% of the stock is currently owned by institutional investors and hedge funds.

NetApp stock traded up $1.30 during midday trading on Wednesday, hitting $79.22. 524,897 shares of the company’s stock were exchanged, compared to its average volume of 2,870,300. The company has a debt-to-equity ratio of 0.80, a current ratio of 2.06 and a quick ratio of 2.03. NetApp Inc. has a 12 month low of $43.24 and a 12 month high of $88.08. The stock has a market cap of $22.27 billion, a price-to-earnings ratio of 26.49, a PEG ratio of 1.55 and a beta of 1.28.

NetApp (NASDAQ:NTAP) last issued its earnings results on Wednesday, August 15th. The data storage provider reported $1.04 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $0.80 by $0.24. NetApp had a net margin of 3.68% and a return on equity of 41.75%. The company had revenue of $1.47 billion for the quarter, compared to analysts’ expectations of $1.42 billion. During the same period in the prior year, the business earned $0.62 EPS. The firm’s quarterly revenue was up 11.6% on a year-over-year basis. On average, equities analysts expect that NetApp Inc. will post 3.91 earnings per share for the current year.

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, October 24th. Shareholders of record on Friday, October 5th will be issued a dividend of $0.40 per share. This represents a $1.60 annualized dividend and a yield of 2.02%. The ex-dividend date of this dividend is Thursday, October 4th. NetApp’s payout ratio is 53.51%.

In other NetApp news, EVP Henri P. Richard sold 2,525 shares of the stock in a transaction dated Thursday, August 16th. The shares were sold at an average price of $79.60, for a total transaction of $200,990.00. Following the transaction, the executive vice president now directly owns 70,732 shares in the company, valued at approximately $5,630,267.20. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, CEO George Kurian sold 6,000 shares of the stock in a transaction dated Wednesday, August 1st. The stock was sold at an average price of $78.23, for a total transaction of $469,380.00. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 150,137 shares of company stock worth $12,490,997. 0.19% of the stock is owned by company insiders.

Several equities research analysts have recently weighed in on the stock. Argus increased their target price on shares of NetApp to $90.00 and gave the company a “buy” rating in a research note on Thursday, July 5th. They noted that the move was a valuation call. Goldman Sachs Group raised shares of NetApp from a “neutral” rating to a “conviction-buy” rating and set a $91.00 target price on the stock in a research note on Wednesday. BidaskClub downgraded shares of NetApp from a “buy” rating to a “hold” rating in a research note on Wednesday. Bank of America upped their price target on shares of NetApp from $88.00 to $90.00 and gave the stock a “buy” rating in a report on Monday, August 13th. Finally, Guggenheim initiated coverage on shares of NetApp in a report on Thursday, July 12th. They issued a “buy” rating and a $94.00 price target on the stock. Two investment analysts have rated the stock with a sell rating, nine have issued a hold rating, eighteen have assigned a buy rating and one has given a strong buy rating to the company. The stock presently has a consensus rating of “Buy” and a consensus target price of $81.38.

NetApp Profile

NetApp, Inc provides software, systems, and services to manage and share date on-premises, and private and public clouds worldwide. It offers cloud data services, such as ONTAP cloud storage data management and NetApp cloud sync data synchronization services; NetApp SaaS backup for Microsoft Office 365; NetApp cloud backup solutions; OnCommand management software and management integration tools; and NetApp private storage for cloud.

Read More: What is Compound Annual Growth Rate (CAGR)?

Want to see what other hedge funds are holding NTAP? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for NetApp Inc. (NASDAQ:NTAP).

Institutional Ownership by Quarter for NetApp (NASDAQ:NTAP)

Receive News & Ratings for NetApp Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for NetApp and related companies with MarketBeat.com's FREE daily email newsletter.

Leave a Reply