HWG Holdings LP reduced its stake in NetApp, Inc. (NASDAQ:NTAP) by 69.9% in the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 6,459 shares of the data storage provider’s stock after selling 14,987 shares during the period. NetApp makes up approximately 0.2% of HWG Holdings LP’s investment portfolio, making the stock its 26th biggest position. HWG Holdings LP’s holdings in NetApp were worth $259,000 as of its most recent SEC filing.
Several other hedge funds also recently modified their holdings of the stock. Vanguard Group Inc. boosted its stake in shares of NetApp by 1.8% in the second quarter. Vanguard Group Inc. now owns 27,214,474 shares of the data storage provider’s stock valued at $1,089,939,000 after buying an additional 481,365 shares during the period. BlackRock Inc. boosted its stake in shares of NetApp by 7.5% in the second quarter. BlackRock Inc. now owns 21,648,037 shares of the data storage provider’s stock valued at $867,006,000 after buying an additional 1,517,967 shares during the period. Renaissance Technologies LLC boosted its stake in shares of NetApp by 781.1% in the second quarter. Renaissance Technologies LLC now owns 3,339,574 shares of the data storage provider’s stock valued at $133,750,000 after buying an additional 2,960,542 shares during the period. FMR LLC boosted its stake in shares of NetApp by 89.2% in the second quarter. FMR LLC now owns 3,044,302 shares of the data storage provider’s stock valued at $121,924,000 after buying an additional 1,435,588 shares during the period. Finally, Wells Fargo & Company MN boosted its stake 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 buying an additional 697,819 shares during the period. Institutional investors and hedge funds own 92.08% of the company’s stock.
NetApp, Inc. (NASDAQ:NTAP) traded up 0.48% during trading on Friday, hitting $43.63. 1,856,460 shares of the stock were exchanged. NetApp, Inc. has a 52 week low of $30.36 and a 52 week high of $45.24. The stock has a 50 day moving average of $41.60 and a 200-day moving average of $40.85. The stock has a market cap of $11.77 billion, a P/E ratio of 21.07 and a beta of 1.26.
NetApp (NASDAQ:NTAP) last released its quarterly earnings results on Wednesday, August 16th. The data storage provider reported $0.62 earnings per share for the quarter, beating analysts’ consensus estimates of $0.55 by $0.07. NetApp had a net margin of 10.47% and a return on equity of 24.13%. The business had revenue of $1.33 billion for the quarter, compared to analysts’ expectations of $1.32 billion. During the same period last year, the business earned $0.46 EPS. The company’s revenue was up 2.4% compared to the same quarter last year. Equities analysts expect that NetApp, Inc. will post $3.12 EPS for the current fiscal year.
The company also recently declared a quarterly dividend, which will be paid on Wednesday, October 25th. Stockholders of record on Friday, October 6th will be issued a $0.20 dividend. This represents a $0.80 dividend on an annualized basis and a dividend yield of 1.83%. The ex-dividend date is Thursday, October 5th. NetApp’s dividend payout ratio is currently 38.65%.
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In related news, Director Richard P. Wallace sold 34,000 shares of NetApp stock in a transaction that occurred on Friday, September 29th. The shares were sold at an average price of $43.53, for a total value of $1,480,020.00. Following the completion of the sale, the director now directly owns 24,132 shares in the company, valued at approximately $1,050,465.96. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO George Kurian sold 4,570 shares of NetApp stock in a transaction that occurred on Wednesday, August 30th. The stock was sold at an average price of $37.98, for a total transaction of $173,568.60. Following the completion of the sale, the chief executive officer now owns 23,028 shares of the company’s stock, valued at $874,603.44. The disclosure for this sale can be found here. Insiders sold a total of 48,498 shares of company stock worth $2,083,785 over the last 90 days. Company insiders own 0.47% of the company’s stock.
NTAP has been the subject of several recent research reports. BidaskClub cut NetApp from a “hold” rating to a “sell” rating in a research note on Saturday, June 17th. Morgan Stanley reiterated an “underweight” rating on shares of NetApp in a research note on Saturday, September 23rd. ValuEngine cut NetApp from a “buy” rating to a “hold” rating in a research note on Friday, September 1st. Goldman Sachs Group, Inc. (The) upgraded NetApp from a “neutral” rating to a “buy” rating and boosted their price target for the company from $46.00 to $47.00 in a research note on Friday, July 14th. Finally, Argus upgraded NetApp from a “hold” rating to a “buy” rating in a research note on Monday, August 21st. Two investment analysts have rated the stock with a sell rating, twenty-one have given a hold rating and thirteen have issued a buy rating to the stock. The company currently has a consensus rating of “Hold” and an average target price of $45.12.
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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