Citigroup Inc. boosted its holdings in NetApp, Inc. (NASDAQ:NTAP) by 12.3% during the second quarter, according to its most recent Form 13F filing with the SEC. The fund owned 264,971 shares of the data storage provider’s stock after acquiring an additional 28,918 shares during the period. Citigroup Inc. owned 0.12% of NetApp worth $21,680,000 at the end of the most recent reporting period.
Other institutional investors have also modified their holdings of the company. Caisse DE Depot ET Placement DU Quebec lifted its position in NetApp by 208.6% in the first quarter. Caisse DE Depot ET Placement DU Quebec now owns 140,253 shares of the data storage provider’s stock valued at $10,192,000 after buying an additional 94,809 shares during the last quarter. Sumitomo Mitsui Trust Holdings Inc. boosted its stake in NetApp by 8.2% during the second quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 768,630 shares of the data storage provider’s stock worth $62,889,000 after buying an additional 58,216 shares during the period. Principal Street Partners LLC boosted its stake in NetApp by 113.3% during the first quarter. Principal Street Partners LLC now owns 176,527 shares of the data storage provider’s stock worth $12,828,000 after buying an additional 93,755 shares during the period. Paradiem LLC boosted its stake in NetApp by 5.8% during the first quarter. Paradiem LLC now owns 63,291 shares of the data storage provider’s stock worth $4,771,000 after buying an additional 3,466 shares during the period. Finally, Barclays PLC boosted its stake in NetApp by 5.4% during the first quarter. Barclays PLC now owns 384,092 shares of the data storage provider’s stock worth $27,912,000 after buying an additional 19,713 shares during the period. Institutional investors own 91.73% of the company’s stock.
Several research firms have recently commented on NTAP. Susquehanna Bancshares restated a “buy” rating and set a $95.00 price target on shares of NetApp in a research report on Wednesday, August 25th. Bank of America raised their price target on NetApp from $90.00 to $95.00 and gave the stock a “buy” rating in a research report on Thursday, August 26th. Credit Suisse Group increased their price target on shares of NetApp from $90.00 to $94.00 and gave the stock an “outperform” rating in a research report on Thursday, August 26th. Northland Securities increased their price target on shares of NetApp from $100.00 to $107.00 and gave the stock an “outperform” rating in a research report on Thursday, August 26th. Finally, Deutsche Bank Aktiengesellschaft increased their price target on shares of NetApp from $77.00 to $86.00 and gave the stock a “hold” rating in a research report on Thursday, August 26th. One analyst has rated the stock with a sell rating, ten have issued a hold rating and fifteen have assigned a buy rating to the company. According to data from MarketBeat.com, NetApp currently has an average rating of “Buy” and an average price target of $83.57.
Shares of NASDAQ NTAP opened at $90.01 on Friday. The company has a debt-to-equity ratio of 3.66, a quick ratio of 1.78 and a current ratio of 1.81. NetApp, Inc. has a fifty-two week low of $40.46 and a fifty-two week high of $93.68. The firm has a market capitalization of $20.13 billion, a PE ratio of 24.00, a price-to-earnings-growth ratio of 2.48 and a beta of 1.32. The stock’s 50-day simple moving average is $83.65 and its 200-day simple moving average is $78.68.
NetApp (NASDAQ:NTAP) last posted its earnings results on Tuesday, August 24th. The data storage provider reported $1.15 EPS for the quarter, beating the Zacks’ consensus estimate of $0.95 by $0.20. The firm had revenue of $1.46 billion for the quarter, compared to the consensus estimate of $1.43 billion. NetApp had a net margin of 14.49% and a return on equity of 151.60%. The company’s revenue was up 11.9% on a year-over-year basis. During the same period last year, the firm posted $0.73 EPS. On average, sell-side analysts forecast that NetApp, Inc. will post 4.23 earnings per share for the current fiscal year.
The company also recently announced a quarterly dividend, which will be paid on Wednesday, October 27th. Investors of record on Friday, October 8th will be given a $0.50 dividend. The ex-dividend date of this dividend is Thursday, October 7th. This represents a $2.00 dividend on an annualized basis and a dividend yield of 2.22%. NetApp’s dividend payout ratio (DPR) is presently 60.61%.
NetApp, Inc provides software, systems, and services to manage and share data on-premises, and private and public clouds worldwide. The company offers cloud data services, including NetApp Cloud Volumes Service for AWS, NetApp Cloud Volumes ONTAP, NetApp Cloud Sync, NetApp Cloud Secure, NetApp Cloud Tiering, NetApp SaaS Backup, NetApp Kubernetes Service, and NetApp Cloud Insights.
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