BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp boosted its position in shares of NetApp Inc. (NASDAQ:NTAP) by 37.2% during the 3rd quarter, HoldingsChannel.com reports. The fund owned 110,277 shares of the data storage provider’s stock after buying an additional 29,923 shares during the quarter. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp’s holdings in NetApp were worth $9,472,000 as of its most recent filing with the Securities & Exchange Commission.
Other institutional investors and hedge funds have also recently modified their holdings of the company. CENTRAL TRUST Co grew its stake in shares of NetApp by 589.7% in the 3rd quarter. CENTRAL TRUST Co now owns 1,276 shares of the data storage provider’s stock valued at $110,000 after purchasing an additional 1,091 shares during the period. Migdal Insurance & Financial Holdings Ltd. grew its stake in shares of NetApp by 16,433.3% in the 2nd quarter. Migdal Insurance & Financial Holdings Ltd. now owns 1,488 shares of the data storage provider’s stock valued at $116,000 after purchasing an additional 1,479 shares during the period. Cerebellum GP LLC bought a new stake in shares of NetApp in the 3rd quarter valued at approximately $182,000. Checchi Capital Advisers LLC bought a new stake in shares of NetApp in the 3rd quarter valued at approximately $201,000. Finally, Greenleaf Trust bought a new stake in shares of NetApp in the 2nd quarter valued at approximately $206,000. Hedge funds and other institutional investors own 93.96% of the company’s stock.
In other NetApp news, EVP Henri P. Richard sold 2,525 shares of the company’s stock in a transaction on Monday, September 17th. The stock was sold at an average price of $84.12, for a total transaction of $212,403.00. Following the transaction, the executive vice president now owns 68,390 shares of the company’s stock, valued at approximately $5,752,966.80. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. Also, CEO George Kurian sold 46,638 shares of the company’s stock in a transaction on Thursday, September 20th. The stock was sold at an average price of $84.76, for a total value of $3,953,036.88. Following the transaction, the chief executive officer now directly owns 55,950 shares in the company, valued at approximately $4,742,322. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 87,648 shares of company stock worth $7,085,943. Company insiders own 0.19% of the company’s stock.
NASDAQ:NTAP opened at $68.48 on Friday. NetApp Inc. has a 52-week low of $52.00 and a 52-week high of $88.08. The company has a debt-to-equity ratio of 0.75, a quick ratio of 1.63 and a current ratio of 1.65. The firm has a market cap of $17.12 billion, a price-to-earnings ratio of 22.90, a PEG ratio of 1.20 and a beta of 1.33.
NetApp (NASDAQ:NTAP) last posted its quarterly earnings data on Wednesday, November 14th. The data storage provider reported $1.06 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.99 by $0.07. NetApp had a return on equity of 51.50% and a net margin of 4.70%. The firm had revenue of $1.52 billion for the quarter, compared to the consensus estimate of $1.51 billion. During the same quarter in the prior year, the business earned $0.81 EPS. The business’s revenue for the quarter was up 7.2% compared to the same quarter last year. On average, analysts expect that NetApp Inc. will post 3.98 earnings per share for the current year.
The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, January 23rd. Shareholders of record on Friday, January 4th will be issued a dividend of $0.40 per share. This represents a $1.60 annualized dividend and a yield of 2.34%. The ex-dividend date is Thursday, January 3rd. NetApp’s dividend payout ratio is 53.51%.
NTAP has been the topic of several analyst reports. Citigroup upped their price objective on NetApp from $70.00 to $83.00 and gave the company a “neutral” rating in a research note on Monday, August 13th. DA Davidson boosted their target price on NetApp from $90.00 to $93.00 and gave the stock a “buy” rating in a report on Tuesday, August 14th. Zacks Investment Research downgraded NetApp from a “strong-buy” rating to a “hold” rating in a report on Tuesday, October 16th. BMO Capital Markets boosted their target price on NetApp from $75.00 to $90.00 and gave the stock an “in-line” rating in a report on Thursday, August 16th. Finally, Oppenheimer reissued a “hold” rating on shares of NetApp in a report on Wednesday, November 14th. Two analysts have rated the stock with a sell rating, nine have given a hold rating, fifteen have issued a buy rating and one has assigned a strong buy rating to the company’s stock. NetApp presently has an average rating of “Buy” and an average target price of $81.74.
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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.
Read More: Return on Equity (ROE)
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