Alps Advisors Inc. trimmed its position in NetApp Inc. (NASDAQ:NTAP) by 59.1% in the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 7,029 shares of the data storage provider’s stock after selling 10,171 shares during the quarter. Alps Advisors Inc.’s holdings in NetApp were worth $604,000 at the end of the most recent reporting period.
Several other hedge funds and other institutional investors have also recently modified their holdings of NTAP. LPL Financial LLC increased its holdings in NetApp by 27.9% during the first quarter. LPL Financial LLC now owns 18,100 shares of the data storage provider’s stock valued at $1,117,000 after buying an additional 3,947 shares during the period. Royal Bank of Canada increased its holdings in NetApp by 8.0% during the first quarter. Royal Bank of Canada now owns 169,634 shares of the data storage provider’s stock valued at $10,466,000 after buying an additional 12,630 shares during the period. DnB Asset Management AS purchased a new position in NetApp during the second quarter valued at approximately $2,756,000. IFM Investors Pty Ltd increased its holdings in NetApp by 36.5% during the second quarter. IFM Investors Pty Ltd now owns 13,419 shares of the data storage provider’s stock valued at $1,054,000 after buying an additional 3,590 shares during the period. Finally, State of Alaska Department of Revenue increased its holdings in NetApp by 12.1% during the second quarter. State of Alaska Department of Revenue now owns 65,180 shares of the data storage provider’s stock valued at $5,117,000 after buying an additional 7,040 shares during the period. Institutional investors and hedge funds own 95.59% of the company’s stock.
In other news, EVP Henri P. Richard sold 2,525 shares of NetApp stock in a transaction on Thursday, August 16th. The shares were sold at an average price of $79.60, for a total transaction of $200,990.00. Following the completion of the sale, the executive vice president now directly owns 70,732 shares in the company, valued at $5,630,267.20. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Also, CEO George Kurian sold 46,638 shares of NetApp stock in a transaction on Thursday, September 20th. The stock was sold at an average price of $84.76, for a total transaction of $3,953,036.88. Following the sale, the chief executive officer now owns 55,950 shares of the company’s stock, valued at $4,742,322. The disclosure for this sale can be found here. Insiders have sold 121,451 shares of company stock valued at $10,109,334 over the last quarter. Insiders own 0.19% of the company’s stock.
NetApp (NASDAQ:NTAP) last posted its quarterly earnings data on Wednesday, August 15th. The data storage provider reported $1.04 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $0.80 by $0.24. NetApp had a net margin of 3.68% and a return on equity of 41.75%. The business had revenue of $1.47 billion during the quarter, compared to the consensus estimate of $1.42 billion. During the same period in the previous year, the firm posted $0.62 earnings per share. The business’s revenue for the quarter was up 11.6% compared to the same quarter last year. On average, equities analysts predict that NetApp Inc. will post 3.92 EPS for the current year.
The business also recently disclosed a quarterly dividend, which was paid on Wednesday, October 24th. Stockholders of record on Friday, October 5th were paid a dividend of $0.40 per share. The ex-dividend date of this dividend was Thursday, October 4th. This represents a $1.60 annualized dividend and a dividend yield of 2.03%. NetApp’s payout ratio is currently 53.51%.
Several equities analysts recently issued reports on the stock. BidaskClub raised shares of NetApp from a “buy” rating to a “strong-buy” rating in a report on Friday, August 31st. Zacks Investment Research raised shares of NetApp from a “hold” rating to a “strong-buy” rating and set a $93.00 price objective on the stock in a report on Tuesday, August 21st. Lake Street Capital cut their price objective on shares of NetApp from $88.00 to $72.00 and set a “buy” rating on the stock in a report on Thursday, August 16th. JPMorgan Chase & Co. reissued a “buy” rating and set a $92.00 price objective on shares of NetApp in a report on Thursday, August 16th. Finally, Maxim Group lifted their price objective on shares of NetApp from $81.00 to $91.00 and gave the company a “buy” rating in a report on Thursday, August 16th. Two analysts have rated the stock with a sell rating, ten have given a hold rating, sixteen have issued a buy rating and two have issued a strong buy rating to the company’s stock. NetApp presently has an average rating of “Buy” and a consensus price target of $81.17.
NetApp, Inc provides software, systems, and services to manage and share date 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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