California Public Employees Retirement System increased its position in shares of NetApp Inc. (NASDAQ:NTAP) by 34.4% during the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 593,174 shares of the data storage provider’s stock after purchasing an additional 151,798 shares during the period. California Public Employees Retirement System owned 0.25% of NetApp worth $31,148,000 at the end of the most recent quarter.
A number of other large investors have also recently made changes to their positions in NTAP. Hexavest Inc. bought a new stake in NetApp during the second quarter worth approximately $26,000. Kistler Tiffany Companies LLC raised its holdings in NetApp by 315.4% during the second quarter. Kistler Tiffany Companies LLC now owns 511 shares of the data storage provider’s stock worth $32,000 after purchasing an additional 388 shares in the last quarter. CWM LLC raised its holdings in NetApp by 113.0% during the second quarter. CWM LLC now owns 639 shares of the data storage provider’s stock worth $39,000 after purchasing an additional 339 shares in the last quarter. North Star Investment Management Corp. bought a new stake in NetApp during the third quarter worth approximately $40,000. Finally, Towerpoint Wealth LLC bought a new stake in NetApp during the second quarter worth approximately $41,000. 96.35% of the stock is currently owned by hedge funds and other institutional investors.
In other NetApp news, VP Joel D. Reich sold 3,963 shares of NetApp stock in a transaction that occurred on Wednesday, August 21st. The shares were sold at an average price of $47.29, for a total transaction of $187,410.27. Following the transaction, the vice president now directly owns 12,249 shares in the company, valued at approximately $579,255.21. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, Director Gerald Held sold 10,000 shares of NetApp stock in a transaction that occurred on Tuesday, August 27th. The stock was sold at an average price of $46.94, for a total transaction of $469,400.00. Following the transaction, 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 have sold 20,963 shares of company stock worth $987,420. Corporate insiders own 0.33% of the company’s stock.
NetApp stock opened at $57.88 on Thursday. The company has a debt-to-equity ratio of 1.33, a quick ratio of 1.39 and a current ratio of 1.42. The firm has a market cap of $13.58 billion, a price-to-earnings ratio of 14.40, a price-to-earnings-growth ratio of 1.38 and a beta of 1.56. NetApp Inc. has a 1 year low of $44.55 and a 1 year high of $83.95. The firm’s 50 day moving average price is $54.08 and its two-hundred day moving average price is $58.04.
NetApp (NASDAQ:NTAP) last posted its quarterly earnings results on Wednesday, August 14th. The data storage provider reported $0.65 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $0.46 by $0.19. The firm had revenue of $1.24 billion for the quarter, compared to analyst estimates of $1.23 billion. NetApp had a net margin of 16.74% and a return on equity of 77.11%. The firm’s quarterly revenue was down 16.1% compared to the same quarter last year. During the same quarter in the previous year, the business posted $1.04 earnings per share. As a group, equities analysts predict that NetApp Inc. will post 3.48 EPS for the current fiscal year.
The company also recently disclosed a quarterly dividend, which was paid on Wednesday, October 23rd. Shareholders of record on Friday, October 4th were given a dividend of $0.48 per share. This represents a $1.92 annualized dividend and a yield of 3.32%. The ex-dividend date was Thursday, October 3rd. NetApp’s payout ratio is 47.76%.
Several equities research analysts recently commented on the company. Zacks Investment Research raised NetApp from a “hold” rating to a “buy” rating and set a $64.00 target price on the stock in a report on Wednesday. Citigroup reissued a “sell” rating and set a $40.00 target price (down previously from $55.00) on shares of NetApp in a report on Friday, August 16th. Morgan Stanley set a $41.00 target price on NetApp and gave the stock a “sell” rating in a report on Monday, September 30th. Summit Insights cut NetApp from a “buy” rating to a “hold” rating in a report on Wednesday, August 14th. Finally, Credit Suisse Group restated 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. Three analysts have rated the stock with a sell rating, fourteen have given a hold rating and eleven have assigned a buy rating to the company. NetApp presently has an average rating of “Hold” and an average target price of $60.45.
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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