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.
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, 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.
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