Tealwood Asset Management Inc. trimmed its position in shares of NetApp Inc. (NASDAQ:NTAP) by 3.8% in the 1st quarter, according to the company in its most recent disclosure with the SEC. The fund owned 54,046 shares of the data storage provider’s stock after selling 2,109 shares during the quarter. NetApp comprises about 1.6% of Tealwood Asset Management Inc.’s investment portfolio, making the stock its 12th largest holding. Tealwood Asset Management Inc.’s holdings in NetApp were worth $3,748,000 at the end of the most recent reporting period.
Several other hedge funds have also recently added to or reduced their stakes in NTAP. Lindbrook Capital LLC purchased a new stake in shares of NetApp during the fourth quarter valued at about $32,000. Bremer Trust National Association purchased a new stake in shares of NetApp during the fourth quarter valued at about $33,000. Global Retirement Partners LLC lifted its position in shares of NetApp by 8,090.0% during the fourth quarter. Global Retirement Partners LLC now owns 819 shares of the data storage provider’s stock valued at $49,000 after buying an additional 809 shares during the last quarter. North Star Investment Management Corp. lifted its position in shares of NetApp by 660.0% during the first quarter. North Star Investment Management Corp. now owns 760 shares of the data storage provider’s stock valued at $53,000 after buying an additional 660 shares during the last quarter. Finally, Financial Gravity Companies Inc. purchased a new stake in shares of NetApp during the fourth quarter valued at about $75,000. 95.77% of the stock is owned by institutional investors and hedge funds.
Several equities analysts recently commented on NTAP shares. Morgan Stanley lowered shares of NetApp from an “equal weight” rating to an “underweight” rating and decreased their price objective for the company from $72.00 to $58.00 in a research report on Tuesday, January 15th. Citigroup decreased their price objective on shares of NetApp from $77.00 to $75.00 and set a “neutral” rating for the company in a research report on Thursday, February 14th. BidaskClub raised shares of NetApp from a “hold” rating to a “buy” rating in a research report on Wednesday, January 30th. Oppenheimer reaffirmed a “hold” rating on shares of NetApp in a research report on Thursday, February 14th. Finally, Loop Capital decreased their price objective on shares of NetApp to $85.00 and set a “buy” rating for the company in a research report on Thursday, February 14th. Four research analysts have rated the stock with a sell rating, ten have given a hold rating, sixteen have given a buy rating and two have given a strong buy rating to the company. The stock presently has an average rating of “Buy” and an average target price of $77.88.
NASDAQ:NTAP traded up $0.14 during midday trading on Monday, hitting $75.77. The company’s stock had a trading volume of 58,769 shares, compared to its average volume of 2,642,701. NetApp Inc. has a fifty-two week low of $54.50 and a fifty-two week high of $88.08. The company has a current ratio of 1.56, a quick ratio of 1.53 and a debt-to-equity ratio of 0.93. The company has a market cap of $18.90 billion, a PE ratio of 25.26, a price-to-earnings-growth ratio of 1.32 and a beta of 1.40.
NetApp (NASDAQ:NTAP) last issued its quarterly earnings results on Wednesday, February 13th. The data storage provider reported $1.20 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $1.15 by $0.05. The company had revenue of $1.56 billion for the quarter, compared to the consensus estimate of $1.60 billion. NetApp had a net margin of 16.85% and a return on equity of 60.32%. NetApp’s quarterly revenue was up 1.6% on a year-over-year basis. During the same quarter in the prior year, the company earned $0.99 EPS. Equities research analysts predict that NetApp Inc. will post 4.04 earnings per share for the current fiscal year.
The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, April 24th. Stockholders of record on Friday, April 5th will be paid a dividend of $0.40 per share. The ex-dividend date of this dividend is Thursday, April 4th. This represents a $1.60 dividend on an annualized basis and a dividend yield of 2.11%. NetApp’s payout ratio is 53.51%.
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NetApp, Inc provides software, systems, and services to manage and share data 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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