Cibc World Market Inc. Acquires New Shares in NetApp, Inc. $NTAP

Cibc World Market Inc. acquired a new position in shares of NetApp, Inc. (NASDAQ:NTAP) during the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm acquired 23,882 shares of the data storage provider’s stock, valued at approximately $3,696,000.

Several other hedge funds and other institutional investors have also recently added to or reduced their stakes in the business. Jefferies Financial Group Inc. bought a new position in shares of NetApp in the 4th quarter valued at about $14,869,000. Norges Bank bought a new stake in NetApp during the fourth quarter worth about $458,060,000. Handelsbanken Fonder AB raised its holdings in NetApp by 106.8% during the fourth quarter. Handelsbanken Fonder AB now owns 262,732 shares of the data storage provider’s stock worth $28,136,000 after acquiring an additional 135,715 shares in the last quarter. National Pension Service boosted its position in NetApp by 13.6% during the fourth quarter. National Pension Service now owns 180,917 shares of the data storage provider’s stock valued at $19,374,000 after purchasing an additional 21,643 shares during the last quarter. Finally, Swedbank AB boosted its position in NetApp by 22.0% during the fourth quarter. Swedbank AB now owns 97,086 shares of the data storage provider’s stock valued at $10,397,000 after purchasing an additional 17,520 shares during the last quarter. 92.17% of the stock is currently owned by institutional investors.

Insider Transactions at NetApp

In related news, CAO Lorenzo Daniel De sold 225 shares of NetApp stock in a transaction dated Monday, June 1st. The shares were sold at an average price of $171.09, for a total transaction of $38,495.25. Following the completion of the sale, the chief accounting officer owned 1,090 shares of the company’s stock, valued at approximately $186,488.10. The trade was a 17.11% decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, EVP Elizabeth M. O’callahan sold 1,000 shares of the company’s stock in a transaction dated Monday, August 10th. The shares were sold at an average price of $193.82, for a total transaction of $193,820.00. Following the completion of the transaction, the executive vice president owned 30,297 shares in the company, valued at approximately $5,872,164.54. This trade represents a 3.20% decrease in their position. The disclosure for this sale is available in the SEC filing. In the last 90 days, insiders sold 55,297 shares of company stock worth $8,758,016. 0.36% of the stock is owned by insiders.

NetApp Trading Up 3.4%

Shares of NetApp stock opened at $193.85 on Thursday. The business has a fifty day simple moving average of $174.74 and a two-hundred day simple moving average of $137.07. NetApp, Inc. has a 1 year low of $93.69 and a 1 year high of $209.06. The company has a market capitalization of $38.04 billion, a price-to-earnings ratio of 30.48, a P/E/G ratio of 3.35 and a beta of 1.45. The company has a debt-to-equity ratio of 1.84, a current ratio of 1.44 and a quick ratio of 1.39.

NetApp (NASDAQ:NTAP) last released its quarterly earnings data on Thursday, May 28th. The data storage provider reported $2.03 EPS for the quarter, missing the consensus estimate of $2.27 by ($0.24). The company had revenue of $1.95 billion during the quarter, compared to analyst estimates of $1.87 billion. NetApp had a net margin of 18.43% and a return on equity of 117.23%. NetApp’s revenue for the quarter was up 12.5% on a year-over-year basis. During the same quarter in the prior year, the firm earned $1.93 earnings per share. Research analysts forecast that NetApp, Inc. will post 7.32 EPS for the current year.

Wall Street Analysts Forecast Growth

Several research analysts have weighed in on the company. Argus boosted their price target on NetApp from $130.00 to $200.00 and gave the stock a “buy” rating in a research report on Monday, June 1st. Wall Street Zen downgraded NetApp from a “strong-buy” rating to a “buy” rating in a report on Wednesday, July 29th. Susquehanna boosted their price objective on shares of NetApp from $110.00 to $185.00 and gave the stock a “neutral” rating in a research note on Friday, May 29th. JPMorgan Chase & Co. raised their target price on shares of NetApp from $110.00 to $150.00 and gave the company a “neutral” rating in a research note on Friday, May 29th. Finally, Northland Securities lifted their price target on NetApp from $137.00 to $171.00 and gave the stock an “outperform” rating in a report on Friday, May 29th. Five analysts have rated the stock with a Buy rating and ten have issued a Hold rating to the stock. According to MarketBeat, the company currently has an average rating of “Hold” and a consensus price target of $179.77.

NetApp Company Profile

NetApp, Inc (NASDAQ: NTAP) is a data management and storage company that delivers hybrid cloud data services for applications and data. Founded in 1992 as Network Appliance and rebranded as NetApp in 2008, the company is headquartered in Sunnyvale, California. NetApp’s offering focuses on enabling organizations to store, manage, protect and move data across on-premises environments and major public clouds.

The company’s product portfolio centers on the ONTAP data management software and a range of storage systems and services built around it.