State of New Jersey Common Pension Fund D reduced its holdings in shares of NetApp Inc. (NASDAQ:NTAP) by 7.9% in the 3rd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 290,000 shares of the data storage provider’s stock after selling 25,000 shares during the quarter. State of New Jersey Common Pension Fund D owned 0.11% of NetApp worth $24,908,000 at the end of the most recent quarter.
A number of other institutional investors and hedge funds have also added to or reduced their stakes in NTAP. Renaissance Technologies LLC grew its stake in NetApp by 270.0% during the second quarter. Renaissance Technologies LLC now owns 2,332,932 shares of the data storage provider’s stock worth $183,205,000 after buying an additional 1,702,432 shares during the period. American Century Companies Inc. grew its stake in NetApp by 8,411.2% during the second quarter. American Century Companies Inc. now owns 1,696,205 shares of the data storage provider’s stock worth $133,203,000 after buying an additional 1,676,276 shares during the period. Bank of Montreal Can purchased a new stake in NetApp during the second quarter worth approximately $111,089,000. Janus Henderson Group PLC grew its stake in NetApp by 388.7% during the second quarter. Janus Henderson Group PLC now owns 1,375,800 shares of the data storage provider’s stock worth $108,044,000 after buying an additional 1,094,273 shares during the period. Finally, ANTIPODES PARTNERS Ltd purchased a new stake in NetApp during the second quarter worth approximately $79,731,000. Institutional investors own 94.61% of the company’s stock.
Several research firms have issued reports on NTAP. BidaskClub upgraded shares of NetApp from a “buy” rating to a “strong-buy” rating in a research note on Friday, August 31st. Zacks Investment Research upgraded shares of NetApp from a “hold” rating to a “strong-buy” rating and set a $93.00 target price for the company in a research note on Tuesday, August 21st. Maxim Group upped their target price on shares of NetApp from $81.00 to $91.00 and gave the company a “buy” rating in a research note on Thursday, August 16th. Oppenheimer restated a “hold” rating on shares of NetApp in a research note on Wednesday, August 15th. Finally, JPMorgan Chase & Co. restated a “buy” rating and issued a $92.00 target price on shares of NetApp in a research note on Thursday, August 16th. Two investment analysts have rated the stock with a sell rating, nine have given a hold rating, eighteen have assigned a buy rating and one has given a strong buy rating to the company’s stock. The stock presently has an average rating of “Buy” and a consensus price target of $81.38.
NetApp (NASDAQ:NTAP) last posted its quarterly earnings results on Wednesday, August 15th. The data storage provider reported $1.04 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.80 by $0.24. The firm had revenue of $1.47 billion for the quarter, compared to analysts’ expectations of $1.42 billion. NetApp had a net margin of 3.68% and a return on equity of 41.75%. The firm’s quarterly revenue was up 11.6% on a year-over-year basis. During the same period in the prior year, the company posted $0.62 earnings per share. As a group, equities research analysts anticipate that NetApp Inc. will post 3.91 EPS for the current fiscal year.
The business also recently declared a quarterly dividend, which will be paid on Wednesday, October 24th. Investors of record on Friday, October 5th will be issued a $0.40 dividend. The ex-dividend date is Thursday, October 4th. This represents a $1.60 annualized dividend and a yield of 2.05%. NetApp’s dividend payout ratio is presently 53.51%.
In related news, VP Joel D. Reich sold 7,157 shares of the company’s stock in a transaction on Friday, August 31st. The shares were sold at an average price of $86.83, for a total value of $621,442.31. Following the sale, the vice president now directly owns 603 shares of the company’s stock, valued at $52,358.49. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CEO George Kurian sold 6,000 shares of the company’s stock in a transaction on Wednesday, August 1st. The shares were 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. Insiders sold 116,016 shares of company stock worth $9,681,524 over the last ninety days. 0.19% of the stock is currently owned by corporate insiders.
NetApp Company 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.
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