Legal & General Group Plc Raises Stake in NetApp, Inc. (NTAP)
Legal & General Group Plc boosted its position in NetApp, Inc. (NASDAQ:NTAP) by 2.5% during the second quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 1,428,250 shares of the data storage provider’s stock after buying an additional 34,669 shares during the period. Legal & General Group Plc owned approximately 0.53% of NetApp worth $57,201,000 as of its most recent filing with the SEC.
Several other large investors have also recently added to or reduced their stakes in NTAP. American Beacon Advisors Inc. purchased a new stake in NetApp during the first quarter worth $110,000. NJ State Employees Deferred Compensation Plan purchased a new stake in NetApp during the first quarter worth $209,000. Cambridge Investment Research Advisors Inc. purchased a new stake in NetApp during the first quarter worth $209,000. Eagle Global Advisors LLC purchased a new stake in NetApp during the second quarter worth $210,000. Finally, CAPROCK Group Inc. boosted its stake in 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 in the last quarter. Institutional investors and hedge funds own 91.85% of the company’s stock.
Shares of NetApp, Inc. (NTAP) opened at 38.54 on Monday. NetApp, Inc. has a 12-month low of $30.36 and a 12-month high of $45.24. The company has a market cap of $10.41 billion, a PE ratio of 18.61 and a beta of 1.21. The stock’s 50 day moving average price is $41.93 and its 200-day moving average price is $40.73.
NetApp (NASDAQ:NTAP) last issued its earnings results on Wednesday, August 16th. The data storage provider reported $0.62 EPS for the quarter, beating the consensus estimate of $0.55 by $0.07. The company had revenue of $1.33 billion during the quarter, compared to analysts’ expectations of $1.32 billion. NetApp had a net margin of 10.47% and a return on equity of 24.13%. The business’s revenue for the quarter was up 2.4% compared to the same quarter last year. During the same period in the previous year, the company earned $0.46 EPS. On average, equities research analysts forecast that NetApp, Inc. will post $3.13 earnings per share for the current year.
The company also recently announced a quarterly dividend, which will be paid on Wednesday, October 25th. Stockholders of record on Friday, October 6th will be given a $0.20 dividend. This represents a $0.80 annualized dividend and a dividend yield of 2.08%. The ex-dividend date is Thursday, October 5th. NetApp’s payout ratio is presently 38.65%.
COPYRIGHT VIOLATION WARNING: This article was first published by TheOlympiaReport and is the sole property of of TheOlympiaReport. If you are reading this article on another site, it was stolen and reposted in violation of U.S. and international trademark and copyright legislation. The legal version of this article can be viewed at https://theolympiareport.com/2017/08/28/legal-general-group-plc-raises-stake-in-netapp-inc-ntap.html.
NTAP has been the topic of a number of analyst reports. Credit Suisse Group increased their target price on NetApp from $37.00 to $40.00 and gave the company a “neutral” rating in a report on Wednesday, August 9th. Zacks Investment Research upgraded NetApp from a “sell” rating to a “hold” rating in a report on Monday, May 15th. Longbow Research upgraded NetApp from a “neutral” rating to a “buy” rating and set a $50.00 target price on the stock in a report on Tuesday, August 15th. Barclays PLC increased their target price on NetApp from $35.00 to $38.00 and gave the company an “underweight” rating in a report on Thursday, August 17th. Finally, UBS AG upgraded NetApp from a “sell” rating to a “neutral” rating and set a $40.00 target price on the stock in a report on Friday, May 26th. Three research analysts have rated the stock with a sell rating, twenty-two have issued a hold rating and thirteen have issued a buy rating to the company. The company has an average rating of “Hold” and an average target price of $43.70.
In related news, CEO George Kurian sold 4,000 shares of NetApp stock in a transaction that occurred on Tuesday, May 30th. The shares were sold at an average price of $40.12, for a total transaction of $160,480.00. Following the sale, the chief executive officer now directly owns 65,123 shares of the company’s stock, valued at approximately $2,612,734.76. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, EVP Henri P. Richard sold 1,976 shares of NetApp stock in a transaction that occurred on Tuesday, August 1st. The shares were sold at an average price of $43.41, for a total transaction of $85,778.16. Following the sale, the executive vice president now directly owns 19,788 shares in the company, valued at $858,997.08. The disclosure for this sale can be found here. Insiders have sold a total of 117,518 shares of company stock worth $4,726,762 over the last ninety days. 0.47% of the stock is currently owned by insiders.
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.
Want to see what other hedge funds are holding NTAP? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for NetApp, Inc. (NASDAQ:NTAP).
Receive News & Ratings for NetApp Inc. Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for NetApp Inc. and related companies with Analyst Ratings Network's FREE daily email newsletter.