Short Interest in NetApp Inc. (NASDAQ:NTAP) Drops By 25.7%

NetApp Inc. (NASDAQ:NTAP) was the recipient of a significant decline in short interest during the month of August. As of August 31st, there was short interest totalling 12,603,900 shares, a decline of 25.7% from the July 31st total of 16,955,400 shares. Approximately 5.3% of the shares of the company are sold short. Based on an average trading volume of 2,640,000 shares, the short-interest ratio is presently 4.8 days.

In related news, Director Gerald Held sold 7,000 shares of the business’s stock in a transaction on Wednesday, August 21st. The shares were sold at an average price of $47.23, for a total value of $330,610.00. Following the completion of the sale, the director now directly owns 14,391 shares of the company’s stock, valued at $679,686.93. The sale was disclosed in a filing with the SEC, which is available through this hyperlink. Also, VP Joel D. Reich sold 23,650 shares of the business’s stock in a transaction on Tuesday, June 18th. The shares were sold at an average price of $61.49, for a total transaction of $1,454,238.50. Following the completion of the sale, the vice president now directly owns 16,212 shares of the company’s stock, valued at $996,875.88. The disclosure for this sale can be found here. Over the last three months, insiders sold 82,808 shares of company stock valued at $4,792,561. 0.33% of the stock is owned by corporate insiders.

Institutional investors and hedge funds have recently modified their holdings of the business. Hexavest Inc. acquired a new position in NetApp during the second quarter worth about $26,000. Group One Trading L.P. grew its holdings in NetApp by 196.9% during the 1st quarter. Group One Trading L.P. now owns 443 shares of the data storage provider’s stock valued at $31,000 after purchasing an additional 900 shares in the last quarter. Parallel Advisors LLC grew its holdings in NetApp by 83.8% during the 1st quarter. Parallel Advisors LLC now owns 509 shares of the data storage provider’s stock valued at $35,000 after purchasing an additional 232 shares in the last quarter. Kistler Tiffany Companies LLC grew its holdings in NetApp by 315.4% during the 2nd quarter. Kistler Tiffany Companies LLC now owns 511 shares of the data storage provider’s stock valued at $32,000 after purchasing an additional 388 shares in the last quarter. Finally, Cornerstone Advisors Inc. grew its holdings in NetApp by 326.2% during the 1st quarter. Cornerstone Advisors Inc. now owns 520 shares of the data storage provider’s stock worth $36,000 after acquiring an additional 398 shares in the last quarter. Institutional investors own 97.11% of the company’s stock.

Shares of NetApp stock traded up $0.21 on Friday, reaching $56.57. 1,909,073 shares of the stock were exchanged, compared to its average volume of 2,752,087. NetApp has a 1-year low of $44.55 and a 1-year high of $87.65. The company has a current ratio of 1.42, a quick ratio of 1.39 and a debt-to-equity ratio of 1.33. The business has a fifty day moving average price of $49.76 and a two-hundred day moving average price of $62.00. The firm has a market capitalization of $12.97 billion, a PE ratio of 14.07, a PEG ratio of 1.21 and a beta of 1.52.

NetApp (NASDAQ:NTAP) last issued its quarterly earnings results on Wednesday, August 14th. The data storage provider reported $0.65 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.46 by $0.19. NetApp had a net margin of 16.74% and a return on equity of 77.11%. The business had revenue of $1.24 billion for the quarter, compared to analyst estimates of $1.23 billion. During the same period in the previous year, the business posted $1.04 earnings per share. The business’s revenue was down 16.1% compared to the same quarter last year. Research analysts expect that NetApp will post 3.49 EPS for the current year.

The business also recently announced a quarterly dividend, which will be paid on Wednesday, October 23rd. Shareholders of record on Friday, October 4th will be given a dividend of $0.48 per share. The ex-dividend date of this dividend is Thursday, October 3rd. This represents a $1.92 annualized dividend and a yield of 3.39%. NetApp’s payout ratio is currently 47.76%.

NTAP has been the subject of a number of research reports. Stifel Nicolaus reduced their target price on shares of NetApp from $75.00 to $60.00 and set a “buy” rating for the company in a report on Friday, August 2nd. Susquehanna Bancshares raised shares of NetApp from a “neutral” rating to a “positive” rating and upped their target price for the company from $54.00 to $75.00 in a report on Monday. Maxim Group reaffirmed a “buy” rating and issued a $70.00 target price (up from $65.00) on shares of NetApp in a report on Thursday, August 15th. Bank of America reduced their target price on shares of NetApp from $60.00 to $56.00 and set a “neutral” rating for the company in a report on Thursday, August 15th. Finally, Cowen raised shares of NetApp from an “underperform” rating to a “market perform” rating and upped their target price for the company from $40.00 to $45.00 in a report on Monday, August 26th. Three equities research analysts have rated the stock with a sell rating, sixteen have issued a hold rating and ten have given a buy rating to the company’s stock. The stock presently has an average rating of “Hold” and a consensus target price of $60.55.

About NetApp

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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