King Luther Capital Management Corp acquired a new position in NetApp, Inc. (NASDAQ:NTAP) during the third quarter, according to its most recent 13F filing with the SEC. The firm acquired 38,635 shares of the data storage provider’s stock, valued at approximately $1,691,000.
Several other institutional investors have also recently added to or reduced their stakes in the company. Vanguard Group Inc. raised its holdings in shares of NetApp by 1.8% during the 2nd 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. raised its holdings in shares of NetApp by 7.5% during the 2nd 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. Boston Partners purchased a new stake in shares of NetApp during the 3rd quarter valued at about $315,629,000. Bank of New York Mellon Corp raised its holdings in shares of NetApp by 25.2% during the 3rd quarter. Bank of New York Mellon Corp now owns 4,061,906 shares of the data storage provider’s stock valued at $177,748,000 after buying an additional 817,147 shares during the period. Finally, Renaissance Technologies LLC raised its holdings in shares of NetApp by 781.1% during the 2nd 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. Institutional investors own 93.92% of the company’s stock.
NTAP has been the topic of several analyst reports. Drexel Hamilton reiterated a “buy” rating and set a $62.00 target price (up from $60.00) on shares of NetApp in a report on Friday, August 18th. Lake Street Capital raised their target price on NetApp from $43.00 to $49.00 and gave the company a “buy” rating in a report on Thursday, August 17th. Longbow Research upgraded NetApp from a “neutral” rating to a “buy” rating and set a $50.00 target price on the stock in a report on Tuesday, August 15th. Piper Jaffray Companies set a $50.00 target price on NetApp and gave the company a “buy” rating in a report on Monday, August 14th. Finally, Maxim Group upgraded NetApp from a “hold” rating to a “buy” rating and raised their target price for the company from $46.00 to $56.00 in a report on Monday, August 14th. Two investment analysts have rated the stock with a sell rating, nineteen have given a hold rating and fourteen have issued a buy rating to the stock. NetApp currently has an average rating of “Hold” and an average target price of $49.04.
NetApp, Inc. (NASDAQ NTAP) opened at $58.26 on Friday. The company has a market capitalization of $15,348.53, a P/E ratio of 21.63, a PEG ratio of 1.86 and a beta of 1.28. The company has a debt-to-equity ratio of 0.55, a current ratio of 1.67 and a quick ratio of 1.64. NetApp, Inc. has a 12-month low of $35.08 and a 12-month high of $58.63.
NetApp (NASDAQ:NTAP) last issued its earnings results on Wednesday, November 15th. The data storage provider reported $0.81 EPS for the quarter, topping the consensus estimate of $0.69 by $0.12. The company had revenue of $1.42 billion during the quarter, compared to analyst estimates of $1.38 billion. NetApp had a return on equity of 26.77% and a net margin of 11.49%. The business’s revenue was up 6.1% on a year-over-year basis. During the same quarter last year, the firm earned $0.60 EPS. research analysts expect that NetApp, Inc. will post 2.72 earnings per share for the current year.
The company also recently announced a quarterly dividend, which will be paid on Wednesday, January 24th. Stockholders of record on Friday, January 5th will be given a $0.20 dividend. The ex-dividend date of this dividend is Thursday, January 4th. This represents a $0.80 annualized dividend and a dividend yield of 1.37%. NetApp’s payout ratio is 34.33%.
In other news, Director Richard P. Wallace sold 34,000 shares of NetApp stock in a transaction that occurred on Friday, September 29th. The stock was sold at an average price of $43.53, for a total value of $1,480,020.00. Following the completion of the transaction, the director now owns 24,132 shares in the company, valued at approximately $1,050,465.96. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, EVP Henri P. Richard sold 1,976 shares of NetApp stock in a transaction that occurred on Tuesday, September 19th. The stock was sold at an average price of $42.01, for a total value of $83,011.76. Following the completion of the transaction, the executive vice president now owns 17,812 shares of the company’s stock, valued at approximately $748,282.12. The disclosure for this sale can be found here. In the last quarter, insiders sold 187,036 shares of company stock valued at $9,316,158. Insiders own 0.47% of the company’s stock.
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NetApp Company Profile
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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