Russell Investments Group Ltd. raised its stake in shares of NetApp Inc. (NASDAQ:NTAP) by 89.2% in the 3rd quarter, according to its most recent Form 13F filing with the SEC. The fund owned 319,134 shares of the data storage provider’s stock after purchasing an additional 150,468 shares during the period. Russell Investments Group Ltd. owned 0.12% of NetApp worth $27,395,000 at the end of the most recent reporting period.
Other hedge funds also recently modified their holdings of the company. Renaissance Technologies LLC increased its position 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 purchasing an additional 1,702,432 shares during the last quarter. Palo Capital Inc. acquired a new position in NetApp during the second quarter worth approximately $4,465,000. Berkshire Capital Holdings Inc. acquired a new position in NetApp during the second quarter worth approximately $7,588,000. Ontario Teachers Pension Plan Board increased its position in NetApp by 10.9% during the second quarter. Ontario Teachers Pension Plan Board now owns 30,826 shares of the data storage provider’s stock worth $2,421,000 after purchasing an additional 3,041 shares during the last quarter. Finally, Sumitomo Mitsui Trust Holdings Inc. increased its position in NetApp by 11.8% during the second quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 878,166 shares of the data storage provider’s stock worth $68,962,000 after purchasing an additional 92,890 shares during the last quarter. 95.59% of the stock is owned by hedge funds and other institutional investors.
In other NetApp news, CEO George Kurian sold 6,000 shares of the stock in a transaction on Tuesday, September 4th. The shares were sold at an average price of $86.61, for a total transaction of $519,660.00. Following the transaction, the chief executive officer now directly owns 70,147 shares in the company, valued at approximately $6,075,431.67. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, EVP Henri P. Richard sold 2,525 shares of the stock in a transaction on Tuesday, October 16th. The shares were sold at an average price of $76.99, for a total transaction of $194,399.75. Following the transaction, the executive vice president now owns 65,907 shares in the company, valued at $5,074,179.93. The disclosure for this sale can be found here. Insiders sold 121,451 shares of company stock valued at $10,109,334 over the last 90 days. Insiders own 0.19% of the company’s stock.
Shares of NTAP stock opened at $78.91 on Friday. The firm has a market capitalization of $20.46 billion, a PE ratio of 23.14, a PEG ratio of 1.42 and a beta of 1.38. The company has a quick ratio of 2.03, a current ratio of 2.06 and a debt-to-equity ratio of 0.80. NetApp Inc. has a twelve month low of $43.91 and a twelve month high of $88.08.
NetApp (NASDAQ:NTAP) last announced its earnings results on Wednesday, August 15th. The data storage provider reported $1.04 earnings per share for the quarter, beating the consensus estimate of $0.80 by $0.24. The business had revenue of $1.47 billion during the quarter, compared to the consensus estimate of $1.42 billion. NetApp had a net margin of 3.68% and a return on equity of 41.75%. The business’s quarterly revenue was up 11.6% compared to the same quarter last year. During the same period in the prior year, the firm earned $0.62 earnings per share. On average, research analysts predict that NetApp Inc. will post 3.92 EPS for the current year.
The company also recently announced a quarterly dividend, which was paid on Wednesday, October 24th. Stockholders of record on Friday, October 5th were paid a $0.40 dividend. The ex-dividend date of this dividend was Thursday, October 4th. This represents a $1.60 annualized dividend and a dividend yield of 2.03%. NetApp’s dividend payout ratio (DPR) is presently 53.51%.
NTAP has been the subject of several recent research reports. Susquehanna Bancshares increased their price objective on shares of NetApp from $75.00 to $100.00 and gave the stock a “positive” rating in a research report on Tuesday, July 24th. BidaskClub lowered shares of NetApp from a “strong-buy” rating to a “buy” rating in a research report on Tuesday, October 9th. Deutsche Bank increased their price objective on shares of NetApp from $43.00 to $60.00 and gave the stock a “sell” rating in a research report on Thursday, August 16th. Bank of America increased their price objective on shares of NetApp from $88.00 to $90.00 and gave the stock a “buy” rating in a research report on Monday, August 13th. Finally, DA Davidson increased their price objective on shares of NetApp from $90.00 to $93.00 and gave the stock a “buy” rating in a research report on Tuesday, August 14th. Two equities research analysts have rated the stock with a sell rating, ten have issued a hold rating, sixteen have assigned a buy rating and two have assigned a strong buy rating to the stock. The stock presently has an average rating of “Buy” and a consensus target price of $81.17.
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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