NetApp, Inc. (NTAP) Sees Significant Growth in Short Interest

NetApp, Inc. (NASDAQ:NTAP) was the target of a significant growth in short interest in the month of November. As of November 30th, there was short interest totalling 15,384,635 shares, a growth of 9.0% from the November 15th total of 14,117,083 shares. Approximately 5.8% of the shares of the company are sold short. Based on an average trading volume of 4,315,296 shares, the short-interest ratio is currently 3.6 days.

NTAP has been the topic of several recent research reports. Argus upgraded shares of NetApp from a “hold” rating to a “buy” rating in a research report on Monday, August 21st. Jefferies Group set a $45.00 price target on shares of NetApp and gave the stock a “hold” rating in a research report on Wednesday, August 23rd. Loop Capital started coverage on shares of NetApp in a research report on Thursday, August 24th. They issued a “hold” rating and a $41.00 price target on the stock. ValuEngine downgraded shares of NetApp from a “buy” rating to a “hold” rating in a research report on Friday, September 1st. Finally, UBS upgraded shares of NetApp from a “neutral” rating to a “buy” rating and raised their price objective for the company from $42.00 to $45.00 in a research report on Tuesday, September 19th. Two investment analysts have rated the stock with a sell rating, nineteen have assigned a hold rating and fourteen have assigned a buy rating to the company’s stock. The company currently has a consensus rating of “Hold” and a consensus price target of $49.39.

In other NetApp news, VP Joel D. Reich sold 15,000 shares of the stock in a transaction that occurred on Thursday, December 7th. The shares were sold at an average price of $56.99, for a total value of $854,850.00. Following the transaction, the vice president now directly owns 441 shares in the company, valued at $25,132.59. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CEO George Kurian sold 75,000 shares of the stock in a transaction that occurred on Monday, November 20th. The stock was sold at an average price of $52.50, for a total transaction of $3,937,500.00. The disclosure for this sale can be found here. Insiders sold 200,060 shares of company stock worth $10,087,997 over the last quarter. Insiders own 0.47% of the company’s stock.

Hedge funds and other institutional investors have recently made changes to their positions in the business. Exane Derivatives increased its holdings in NetApp by 59,850.0% in the 3rd quarter. Exane Derivatives now owns 2,398 shares of the data storage provider’s stock valued at $105,000 after acquiring an additional 2,394 shares during the last quarter. First Personal Financial Services increased its holdings in NetApp by 27,540.0% in the 3rd quarter. First Personal Financial Services now owns 2,764 shares of the data storage provider’s stock valued at $121,000 after acquiring an additional 2,754 shares during the last quarter. Quantbot Technologies LP bought a new stake in NetApp in the 3rd quarter valued at $131,000. Krilogy Financial LLC bought a new stake in NetApp in the 2nd quarter valued at $122,000. Finally, FTB Advisors Inc. grew its stake in shares of NetApp by 50.2% in the 3rd quarter. FTB Advisors Inc. now owns 4,544 shares of the data storage provider’s stock worth $199,000 after buying an additional 1,519 shares in the last quarter. Institutional investors own 94.97% of the company’s stock.

Shares of NetApp (NTAP) opened at $57.73 on Tuesday. The company has a quick ratio of 1.64, a current ratio of 1.67 and a debt-to-equity ratio of 0.55. The stock has a market cap of $15,279.18, a price-to-earnings ratio of 21.53, a price-to-earnings-growth ratio of 1.85 and a beta of 1.28. NetApp has a fifty-two week low of $35.08 and a fifty-two week high of $58.99.

NetApp (NASDAQ:NTAP) last announced its quarterly earnings results on Wednesday, November 15th. The data storage provider reported $0.81 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.69 by $0.12. The company had revenue of $1.42 billion for the quarter, compared to the consensus estimate of $1.38 billion. NetApp had a net margin of 11.49% and a return on equity of 26.77%. NetApp’s revenue for the quarter was up 6.1% compared to the same quarter last year. During the same period in the previous year, the firm posted $0.60 EPS. equities research analysts predict that NetApp will post 2.72 earnings per share for the current year.

The business also recently declared a quarterly dividend, which will be paid on Wednesday, January 24th. Shareholders of record on Friday, January 5th will be issued a $0.20 dividend. The ex-dividend date is Thursday, January 4th. This represents a $0.80 dividend on an annualized basis and a yield of 1.39%. NetApp’s dividend payout ratio is currently 34.33%.

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About NetApp

NetApp, Inc (NetApp) provides software, systems and services to manage and store customer data. The Company enables enterprises, service providers, governmental organizations, and partners to envision, deploy and evolve their information technology (IT) environments. The Company offers a portfolio of products and services that satisfy a range of customer workloads across different data types and deployment models.

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