First Trust Advisors LP Raises Stock Holdings in NetApp Inc. (NASDAQ:NTAP)

First Trust Advisors LP boosted its holdings in shares of NetApp Inc. (NASDAQ:NTAP) by 29.5% during the third quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 2,502,468 shares of the data storage provider’s stock after purchasing an additional 570,720 shares during the quarter. First Trust Advisors LP owned approximately 1.05% of NetApp worth $131,405,000 at the end of the most recent reporting period.

A number of other hedge funds have also modified their holdings of the business. Invesco Ltd. boosted its position in NetApp by 18.3% during the second quarter. Invesco Ltd. now owns 6,050,117 shares of the data storage provider’s stock worth $373,291,000 after purchasing an additional 937,586 shares in the last quarter. Amundi Pioneer Asset Management Inc. raised its holdings in shares of NetApp by 87.8% during the second quarter. Amundi Pioneer Asset Management Inc. now owns 3,221,610 shares of the data storage provider’s stock valued at $878,488,000 after acquiring an additional 1,505,804 shares during the last quarter. UBS Asset Management Americas Inc. raised its holdings in shares of NetApp by 10.1% during the second quarter. UBS Asset Management Americas Inc. now owns 2,096,462 shares of the data storage provider’s stock valued at $129,352,000 after acquiring an additional 192,312 shares during the last quarter. Charles Schwab Investment Management Inc. raised its holdings in shares of NetApp by 3.1% during the second quarter. Charles Schwab Investment Management Inc. now owns 1,113,514 shares of the data storage provider’s stock valued at $68,704,000 after acquiring an additional 33,283 shares during the last quarter. Finally, Nuveen Asset Management LLC raised its holdings in shares of NetApp by 357.6% during the second quarter. Nuveen Asset Management LLC now owns 992,896 shares of the data storage provider’s stock valued at $61,261,000 after acquiring an additional 775,940 shares during the last quarter. Institutional investors own 96.35% of the company’s stock.

In other NetApp news, VP Joel D. Reich sold 3,963 shares of the firm’s stock in a transaction on Wednesday, August 21st. The stock was sold at an average price of $47.29, for a total value of $187,410.27. Following the sale, the vice president now directly owns 12,249 shares in the company, valued at $579,255.21. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, Director Gerald Held sold 10,000 shares of the firm’s stock in a transaction on Tuesday, August 27th. The shares were sold at an average price of $46.94, for a total value of $469,400.00. Following the completion of the sale, the director now owns 17,391 shares in the company, valued at $816,333.54. The disclosure for this sale can be found here. Over the last quarter, insiders sold 20,963 shares of company stock valued at $987,420. 0.33% of the stock is currently owned by company insiders.

NASDAQ:NTAP traded up $0.47 during midday trading on Friday, reaching $59.41. The company had a trading volume of 1,597,695 shares, compared to its average volume of 2,644,872. The firm has a market capitalization of $14.16 billion, a price-to-earnings ratio of 14.78, a PEG ratio of 1.42 and a beta of 1.56. The stock’s fifty day simple moving average is $54.16 and its 200-day simple moving average is $57.95. NetApp Inc. has a 12-month low of $44.55 and a 12-month high of $82.56. The company has a current ratio of 1.42, a quick ratio of 1.39 and a debt-to-equity ratio of 1.33.

NetApp (NASDAQ:NTAP) last released its earnings results on Wednesday, August 14th. The data storage provider reported $0.65 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $0.46 by $0.19. The firm had revenue of $1.24 billion during the quarter, compared to analyst estimates of $1.23 billion. NetApp had a return on equity of 77.11% and a net margin of 16.74%. NetApp’s revenue was down 16.1% compared to the same quarter last year. During the same period last year, the business posted $1.04 earnings per share. As a group, sell-side analysts expect that NetApp Inc. will post 3.53 EPS for the current year.

The business also recently announced a quarterly dividend, which was paid on Wednesday, October 23rd. Investors of record on Friday, October 4th were issued a $0.48 dividend. The ex-dividend date was Thursday, October 3rd. This represents a $1.92 dividend on an annualized basis and a yield of 3.23%. NetApp’s dividend payout ratio (DPR) is presently 47.76%.

A number of brokerages have commented on NTAP. Summit Insights cut NetApp from a “buy” rating to a “hold” rating in a report on Wednesday, August 14th. BidaskClub raised NetApp from a “hold” rating to a “buy” rating in a report on Thursday, October 24th. ValuEngine raised NetApp from a “sell” rating to a “hold” rating in a report on Wednesday, October 2nd. Citigroup reaffirmed a “sell” rating and issued a $40.00 price target (down previously from $55.00) on shares of NetApp in a report on Friday, August 16th. Finally, Piper Jaffray Companies cut NetApp from an “overweight” rating to a “neutral” rating and cut their price target for the company from $75.00 to $48.00 in a report on Friday, August 2nd. Three investment analysts have rated the stock with a sell rating, fourteen have given a hold rating and eleven have assigned a buy rating to the stock. The stock currently has a consensus rating of “Hold” and a consensus target price of $60.45.

NetApp Profile

NetApp, Inc provides software, systems, and services to manage and share data 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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Institutional Ownership by Quarter for NetApp (NASDAQ:NTAP)

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