Sanoor Capital Management LP lessened its holdings in shares of NetApp Inc. (NASDAQ:NTAP) by 16.6% in the third quarter, according to its most recent filing with the SEC. The firm owned 238,900 shares of the data storage provider’s stock after selling 47,700 shares during the quarter. NetApp comprises approximately 6.5% of Sanoor Capital Management LP’s holdings, making the stock its 5th largest position. Sanoor Capital Management LP owned approximately 0.09% of NetApp worth $20,519,000 as of its most recent SEC filing.
A number of other hedge funds have also made changes to their positions in NTAP. CENTRAL TRUST Co lifted its holdings in shares of NetApp by 589.7% in the third quarter. CENTRAL TRUST Co now owns 1,276 shares of the data storage provider’s stock valued at $110,000 after buying an additional 1,091 shares during the period. Migdal Insurance & Financial Holdings Ltd. lifted its holdings in shares of NetApp by 16,433.3% during the second 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 last quarter. Cerebellum GP LLC purchased a new stake in shares of NetApp during the third quarter valued at $182,000. Checchi Capital Advisers LLC purchased a new stake in shares of NetApp during the third quarter valued at $201,000. Finally, Calamos Advisors LLC purchased a new stake in shares of NetApp during the third quarter valued at $206,000. Institutional investors own 93.96% of the company’s stock.
NASDAQ:NTAP traded down $2.47 during trading hours on Friday, hitting $66.01. 369,818 shares of the company’s stock traded hands, compared to its average volume of 3,607,028. The firm has a market capitalization of $17.12 billion, a price-to-earnings ratio of 22.08, a PEG ratio of 1.20 and a beta of 1.33. NetApp Inc. has a twelve month low of $52.00 and a twelve month high of $88.08. The company has a current ratio of 1.65, a quick ratio of 1.63 and a debt-to-equity ratio of 0.75.
NetApp (NASDAQ:NTAP) last posted its quarterly earnings results on Wednesday, November 14th. The data storage provider reported $1.06 earnings per share for the quarter, beating the consensus estimate of $0.99 by $0.07. The firm had revenue of $1.52 billion for the quarter, compared to analyst estimates of $1.51 billion. NetApp had a return on equity of 51.50% and a net margin of 4.70%. NetApp’s quarterly revenue was up 7.2% on a year-over-year basis. During the same period in the previous year, the firm earned $0.81 earnings per share. Equities analysts forecast that NetApp Inc. will post 3.98 earnings per share for the current year.
The firm also recently declared a quarterly dividend, which will be paid on Wednesday, January 23rd. Investors of record on Friday, January 4th will be given a dividend of $0.40 per share. This represents a $1.60 annualized dividend and a yield of 2.42%. The ex-dividend date of this dividend is Thursday, January 3rd. NetApp’s payout ratio is 53.51%.
In other NetApp news, EVP Henri P. Richard sold 2,525 shares of the company’s stock in a transaction dated Tuesday, October 16th. The stock was sold at an average price of $76.99, for a total value of $194,399.75. Following the transaction, the executive vice president now directly owns 65,907 shares of the company’s stock, valued at approximately $5,074,179.93. The sale was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, CEO George Kurian sold 10,000 shares of the company’s stock in a transaction dated Tuesday, November 20th. The stock was sold at an average price of $66.66, for a total value of $666,600.00. Following the completion of the transaction, the chief executive officer now directly owns 10,244 shares in the company, valued at $682,865.04. The disclosure for this sale can be found here. Insiders have sold 87,648 shares of company stock worth $7,085,943 over the last three months. 0.19% of the stock is owned by insiders.
Several brokerages have recently commented on NTAP. BidaskClub raised NetApp from a “buy” rating to a “strong-buy” rating in a report on Friday, August 31st. Zacks Investment Research raised NetApp from a “hold” rating to a “strong-buy” rating and set a $93.00 target price for the company in a report on Tuesday, August 21st. Lake Street Capital reduced their target price on NetApp from $88.00 to $72.00 and set a “buy” rating for the company in a report on Thursday, August 16th. JPMorgan Chase & Co. reaffirmed a “buy” rating and set a $92.00 target price on shares of NetApp in a report on Thursday, August 16th. Finally, Maxim Group upped their target price on NetApp from $81.00 to $91.00 and gave the company a “buy” rating in a report on Thursday, August 16th. Two equities research analysts have rated the stock with a sell rating, nine have assigned a hold rating, fifteen have given a buy rating and one has assigned a strong buy rating to the company’s stock. The company currently has an average rating of “Buy” and an average price target 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.
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