Pacer Advisors Inc. lifted its holdings in NetApp Inc. (NASDAQ:NTAP) by 13.2% in the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 88,681 shares of the data storage provider’s stock after purchasing an additional 10,339 shares during the period. Pacer Advisors Inc.’s holdings in NetApp were worth $4,657,000 at the end of the most recent reporting period.
Other hedge funds have also added to or reduced their stakes in the company. Hexavest Inc. acquired a new stake in shares of NetApp in the 2nd quarter valued at $26,000. Kistler Tiffany Companies LLC lifted its position in NetApp by 315.4% during the second quarter. Kistler Tiffany Companies LLC now owns 511 shares of the data storage provider’s stock valued at $32,000 after buying an additional 388 shares during the period. CWM LLC lifted its position in NetApp by 113.0% during the second quarter. CWM LLC now owns 639 shares of the data storage provider’s stock valued at $39,000 after buying an additional 339 shares during the period. North Star Investment Management Corp. purchased a new position in NetApp during the third quarter valued at $40,000. Finally, Towerpoint Wealth LLC purchased a new position in NetApp during the second quarter valued at $41,000. 96.12% of the stock is owned by institutional investors and hedge funds.
NetApp stock opened at $51.49 on Friday. The business has a 50-day simple moving average of $51.66 and a two-hundred day simple moving average of $60.25. The company has a market cap of $12.22 billion, a P/E ratio of 12.81, a P/E/G ratio of 1.24 and a beta of 1.55. NetApp Inc. has a 52-week low of $44.55 and a 52-week high of $83.95. The company has a quick ratio of 1.39, a current ratio of 1.42 and a debt-to-equity ratio of 1.33.
NetApp (NASDAQ:NTAP) last released its quarterly 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 business had revenue of $1.24 billion during the quarter, compared to the consensus estimate of $1.23 billion. NetApp had a return on equity of 77.11% and a net margin of 16.74%. The business’s quarterly revenue was down 16.1% compared to the same quarter last year. During the same period in the previous year, the company posted $1.04 EPS. Research analysts anticipate that NetApp Inc. will post 3.49 EPS for the current fiscal year.
The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, October 23rd. Investors of record on Friday, October 4th will be paid a dividend of $0.48 per share. The ex-dividend date is Thursday, October 3rd. This represents a $1.92 dividend on an annualized basis and a dividend yield of 3.73%. NetApp’s dividend payout ratio (DPR) is presently 47.76%.
In related news, Director Gerald Held sold 7,000 shares of the business’s stock in a transaction that occurred on Wednesday, August 21st. The stock was sold at an average price of $47.23, for a total value of $330,610.00. Following the transaction, the director now directly owns 14,391 shares of the company’s stock, valued at approximately $679,686.93. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, VP Joel D. Reich sold 3,963 shares of the business’s stock in a transaction that occurred 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 completion of the transaction, the vice president now directly owns 12,249 shares in the company, valued at $579,255.21. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 20,963 shares of company stock valued at $987,420. 0.33% of the stock is currently owned by corporate insiders.
Several equities analysts have commented on the company. ValuEngine raised NetApp from a “sell” rating to a “hold” rating in a research report on Wednesday, October 2nd. Goldman Sachs Group lowered NetApp from a “buy” rating to a “sell” rating and lowered their price objective for the company from $61.00 to $45.00 in a research report on Thursday. Credit Suisse Group reaffirmed an “outperform” rating and issued a $60.00 price target (down previously from $62.00) on shares of NetApp in a research report on Thursday, August 15th. Susquehanna Bancshares raised NetApp from a “neutral” rating to a “positive” rating and lifted their price target for the stock from $54.00 to $75.00 in a research report on Monday, September 9th. Finally, Morgan Stanley set a $41.00 price target on NetApp and gave the stock a “sell” rating in a research report on Monday, September 30th. Three equities research analysts have rated the stock with a sell rating, seventeen have given a hold rating and nine have issued a buy rating to the stock. The stock currently has an average rating of “Hold” and a consensus target price of $59.75.
NetApp Company 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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