State of Wisconsin Investment Board Reduces Stake in NetApp, Inc. (NTAP)
State of Wisconsin Investment Board lowered its position in NetApp, Inc. (NASDAQ:NTAP) by 36.4% during the second quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 332,769 shares of the data storage provider’s stock after selling 190,217 shares during the period. State of Wisconsin Investment Board owned approximately 0.12% of NetApp worth $13,327,000 as of its most recent SEC filing.
Other institutional investors have also recently modified their holdings of the company. American Beacon Advisors Inc. purchased a new position in shares of NetApp during the first quarter worth $110,000. NJ State Employees Deferred Compensation Plan purchased a new position in shares of NetApp during the first quarter worth $209,000. Cambridge Investment Research Advisors Inc. purchased a new position in shares of NetApp during the first quarter worth $209,000. Eagle Global Advisors LLC purchased a new position in shares of NetApp during the second quarter worth $210,000. Finally, CAPROCK Group Inc. raised its position in shares of NetApp by 0.8% in the second quarter. CAPROCK Group Inc. now owns 5,278 shares of the data storage provider’s stock worth $211,000 after buying an additional 44 shares during the last quarter. 90.10% of the stock is currently owned by institutional investors.
Shares of NetApp, Inc. (NTAP) opened at 38.95 on Tuesday. The company has a market cap of $10.52 billion, a P/E ratio of 18.81 and a beta of 1.21. The stock’s 50 day moving average price is $42.06 and its 200-day moving average price is $40.76. NetApp, Inc. has a 12 month low of $30.36 and a 12 month high of $45.24.
NetApp (NASDAQ:NTAP) last issued its quarterly earnings results on Wednesday, August 16th. The data storage provider reported $0.62 EPS for the quarter, topping analysts’ consensus estimates of $0.55 by $0.07. The business had revenue of $1.33 billion during the quarter, compared to analysts’ expectations of $1.32 billion. NetApp had a return on equity of 24.13% and a net margin of 10.47%. The business’s quarterly revenue was up 2.4% on a year-over-year basis. During the same quarter in the prior year, the business posted $0.46 earnings per share. Equities research analysts expect that NetApp, Inc. will post $3.12 earnings per share for the current year.
The business also recently declared a quarterly dividend, which will be paid on Wednesday, October 25th. Shareholders of record on Friday, October 6th will be given a $0.20 dividend. This represents a $0.80 dividend on an annualized basis and a yield of 2.05%. The ex-dividend date of this dividend is Thursday, October 5th. NetApp’s payout ratio is 38.65%.
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A number of equities analysts have recently weighed in on the company. Credit Suisse Group upped their target price on NetApp from $37.00 to $40.00 and gave the stock a “neutral” rating in a research report on Wednesday, August 9th. Zacks Investment Research raised NetApp from a “sell” rating to a “hold” rating in a research report on Monday, May 15th. Royal Bank Of Canada reaffirmed a “hold” rating on shares of NetApp in a research report on Friday, April 28th. Longbow Research raised NetApp from a “neutral” rating to a “buy” rating and set a $50.00 target price on the stock in a research report on Tuesday, August 15th. Finally, Barclays PLC increased their price target on NetApp from $35.00 to $38.00 and gave the company an “underweight” rating in a research report on Thursday, August 17th. Three equities research analysts have rated the stock with a sell rating, twenty-one have assigned a hold rating and thirteen have issued a buy rating to the company. The company currently has a consensus rating of “Hold” and a consensus target price of $43.69.
In other news, CEO George Kurian sold 59,697 shares of the company’s stock in a transaction dated Friday, June 30th. The stock was sold at an average price of $39.93, for a total value of $2,383,701.21. Following the completion of the transaction, the chief executive officer now owns 87,295 shares of the company’s stock, valued at $3,485,689.35. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, VP Joel D. Reich sold 9,031 shares of the company’s stock in a transaction dated Friday, June 30th. The stock was sold at an average price of $39.81, for a total value of $359,524.11. Following the completion of the transaction, the vice president now directly owns 10,902 shares of the company’s stock, valued at approximately $434,008.62. The disclosure for this sale can be found here. In the last ninety days, insiders sold 117,518 shares of company stock valued at $4,726,762. Corporate insiders own 0.47% of the company’s stock.
NetApp Company Profile
NetApp, Inc (NetApp) provides software, systems and services to manage and store customer data. The Company enables enterprises, service providers, governmental organizations, and partners to envision, deploy and evolve their information technology (IT) environments. The Company offers a portfolio of products and services that satisfy a range of customer workloads across different data types and deployment models.
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