ING Groep NV Raises Stock Position in NetApp, Inc. (NASDAQ:NTAP)

ING Groep NV raised its holdings in NetApp, Inc. (NASDAQ:NTAPFree Report) by 13.9% during the 4th quarter, Holdings Channel.com reports. The firm owned 230,884 shares of the data storage provider’s stock after acquiring an additional 28,180 shares during the period. ING Groep NV’s holdings in NetApp were worth $20,355,000 as of its most recent filing with the SEC.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in the stock. Northern Trust Corp grew its holdings in NetApp by 2.1% during the third quarter. Northern Trust Corp now owns 2,299,008 shares of the data storage provider’s stock worth $174,449,000 after acquiring an additional 47,040 shares during the period. Charles Schwab Investment Management Inc. increased its holdings in shares of NetApp by 1.4% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 1,808,051 shares of the data storage provider’s stock valued at $159,398,000 after purchasing an additional 24,416 shares in the last quarter. Dimensional Fund Advisors LP lifted its stake in shares of NetApp by 2.7% in the 4th quarter. Dimensional Fund Advisors LP now owns 1,519,700 shares of the data storage provider’s stock valued at $133,978,000 after purchasing an additional 39,462 shares during the period. California Public Employees Retirement System boosted its holdings in NetApp by 0.5% during the fourth quarter. California Public Employees Retirement System now owns 1,270,712 shares of the data storage provider’s stock worth $112,026,000 after buying an additional 6,512 shares in the last quarter. Finally, Royal Bank of Canada grew its position in NetApp by 31.7% during the third quarter. Royal Bank of Canada now owns 1,109,662 shares of the data storage provider’s stock valued at $84,202,000 after buying an additional 266,812 shares during the period. 92.17% of the stock is owned by institutional investors and hedge funds.

NetApp Price Performance

Shares of NetApp stock traded up $0.72 on Friday, hitting $110.47. 2,257,826 shares of the company were exchanged, compared to its average volume of 1,831,781. The company has a quick ratio of 1.11, a current ratio of 1.15 and a debt-to-equity ratio of 2.00. The company has a 50-day moving average price of $104.16 and a 200 day moving average price of $92.79. The stock has a market capitalization of $22.80 billion, a price-to-earnings ratio of 25.11, a price-to-earnings-growth ratio of 2.29 and a beta of 1.27. NetApp, Inc. has a 1-year low of $65.03 and a 1-year high of $112.48.

NetApp (NASDAQ:NTAPGet Free Report) last released its quarterly earnings data on Thursday, February 29th. The data storage provider reported $1.94 earnings per share for the quarter, topping analysts’ consensus estimates of $1.69 by $0.25. NetApp had a return on equity of 109.49% and a net margin of 15.21%. The company had revenue of $1.61 billion for the quarter, compared to analyst estimates of $1.59 billion. During the same quarter in the previous year, the company posted $1.02 earnings per share. The firm’s revenue for the quarter was up 5.2% compared to the same quarter last year. As a group, sell-side analysts predict that NetApp, Inc. will post 5.16 earnings per share for the current fiscal year.

NetApp Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Wednesday, April 24th. Investors of record on Friday, April 5th were given a dividend of $0.50 per share. This represents a $2.00 annualized dividend and a yield of 1.81%. The ex-dividend date was Thursday, April 4th. NetApp’s payout ratio is currently 45.45%.

Analyst Ratings Changes

NTAP has been the subject of a number of analyst reports. TD Cowen upped their price objective on shares of NetApp from $100.00 to $120.00 and gave the stock an “outperform” rating in a research report on Friday, March 1st. Evercore ISI increased their price target on NetApp from $95.00 to $105.00 and gave the stock an “in-line” rating in a research report on Friday, March 1st. UBS Group boosted their price objective on NetApp from $93.00 to $96.00 and gave the company a “neutral” rating in a research report on Friday, March 1st. JPMorgan Chase & Co. increased their target price on NetApp from $87.00 to $95.00 and gave the company an “underweight” rating in a research report on Friday, March 1st. Finally, Barclays boosted their price target on shares of NetApp from $80.00 to $100.00 and gave the stock an “equal weight” rating in a report on Friday, March 1st. One research analyst has rated the stock with a sell rating, ten have issued a hold rating and six have given a buy rating to the company’s stock. Based on data from MarketBeat, NetApp currently has a consensus rating of “Hold” and a consensus target price of $100.60.

Get Our Latest Report on NTAP

Insiders Place Their Bets

In other news, CEO George Kurian sold 8,500 shares of the firm’s stock in a transaction that occurred on Tuesday, March 19th. The shares were sold at an average price of $101.44, for a total transaction of $862,240.00. Following the completion of the sale, the chief executive officer now owns 261,202 shares in the company, valued at approximately $26,496,330.88. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. In other news, CEO George Kurian sold 8,500 shares of the stock in a transaction on Tuesday, March 19th. The stock was sold at an average price of $101.44, for a total transaction of $862,240.00. Following the completion of the transaction, the chief executive officer now directly owns 261,202 shares in the company, valued at approximately $26,496,330.88. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, EVP Elizabeth M. O’callahan sold 871 shares of the firm’s stock in a transaction dated Wednesday, April 10th. The stock was sold at an average price of $103.02, for a total value of $89,730.42. Following the sale, the executive vice president now directly owns 9,601 shares of the company’s stock, valued at $989,095.02. The disclosure for this sale can be found here. Insiders have sold 40,371 shares of company stock valued at $4,139,505 over the last ninety days. Company insiders own 0.37% of the company’s stock.

NetApp Profile

(Free Report)

NetApp, Inc provides cloud-led and data-centric services to manage and share data on-premises, and private and public clouds worldwide. It operates in two segments, Hybrid Cloud and Public Could. The company offers intelligent data management software, such as NetApp ONTAP, NetApp Snapshot, NetApp SnapCenter Backup Management, NetApp SnapMirror Data Replication, NetApp SnapLock Data Compliance, and storage infrastructure solutions, including NetApp All-Flash FAS series, NetApp Fabric Attached Storage, NetApp E/EF series, and NetApp StorageGRID.

Further Reading

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Institutional Ownership by Quarter for NetApp (NASDAQ:NTAP)

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