State of Alaska Department of Revenue Acquires 14,940 Shares of NetApp Inc. (NTAP)
State of Alaska Department of Revenue lifted its holdings in NetApp Inc. (NASDAQ:NTAP) by 41.4% during the 4th quarter, according to its most recent filing with the Securities & Exchange Commission. The firm owned 51,030 shares of the data storage provider’s stock after purchasing an additional 14,940 shares during the period. State of Alaska Department of Revenue’s holdings in NetApp were worth $2,821,000 at the end of the most recent reporting period.
Several other large investors have also modified their holdings of the company. PNC Financial Services Group Inc. lifted its stake in shares of NetApp by 2.1% in the 2nd quarter. PNC Financial Services Group Inc. now owns 10,933 shares of the data storage provider’s stock worth $440,000 after purchasing an additional 228 shares during the period. Nordea Investment Management AB raised its stake in NetApp by 0.5% during the 2nd quarter. Nordea Investment Management AB now owns 138,793 shares of the data storage provider’s stock worth $5,559,000 after acquiring an additional 638 shares during the period. DnB Asset Management AS raised its stake in NetApp by 3.3% during the 4th quarter. DnB Asset Management AS now owns 31,397 shares of the data storage provider’s stock worth $1,737,000 after acquiring an additional 1,000 shares during the period. Hillsdale Investment Management Inc. raised its stake in NetApp by 12.3% during the 2nd quarter. Hillsdale Investment Management Inc. now owns 10,190 shares of the data storage provider’s stock worth $408,000 after acquiring an additional 1,120 shares during the period. Finally, Macquarie Group Ltd. raised its stake in NetApp by 24.0% during the 2nd quarter. Macquarie Group Ltd. now owns 6,200 shares of the data storage provider’s stock worth $248,000 after acquiring an additional 1,200 shares during the period. Hedge funds and other institutional investors own 94.74% of the company’s stock.
In related news, CEO George Kurian sold 3,826 shares of the firm’s stock in a transaction on Monday, January 22nd. The shares were sold at an average price of $63.01, for a total value of $241,076.26. Following the completion of the transaction, the chief executive officer now directly owns 20,637 shares of the company’s stock, valued at $1,300,337.37. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, Director George T. Shaheen sold 36,916 shares of the firm’s stock in a transaction on Friday, November 17th. The shares were sold at an average price of $53.10, for a total transaction of $1,960,239.60. The disclosure for this sale can be found here. Over the last three months, insiders sold 201,430 shares of company stock valued at $10,630,353. 0.47% of the stock is currently owned by insiders.
NetApp (NASDAQ:NTAP) last released its quarterly earnings data on Wednesday, November 15th. The data storage provider reported $0.81 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.69 by $0.12. The firm had revenue of $1.42 billion for the quarter, compared to analysts’ expectations of $1.38 billion. NetApp had a net margin of 11.49% and a return on equity of 26.77%. The company’s revenue for the quarter was up 6.1% compared to the same quarter last year. During the same quarter last year, the business posted $0.60 earnings per share. sell-side analysts expect that NetApp Inc. will post 2.76 EPS for the current year.
The firm also recently announced a quarterly dividend, which was paid on Wednesday, January 24th. Investors of record on Friday, January 5th were issued a $0.20 dividend. This represents a $0.80 dividend on an annualized basis and a dividend yield of 1.27%. The ex-dividend date was Thursday, January 4th. NetApp’s dividend payout ratio (DPR) is presently 34.33%.
A number of equities research analysts have commented on the stock. DA Davidson cut shares of NetApp from a “buy” rating to a “neutral” rating and raised their target price for the stock from $56.00 to $64.00 in a research note on Tuesday. Morgan Stanley upgraded shares of NetApp from an “underweight” rating to an “equal weight” rating and raised their target price for the stock from $41.00 to $64.00 in a research note on Tuesday. Royal Bank of Canada restated a “hold” rating and set a $60.00 target price on shares of NetApp in a research note on Monday, December 11th. BMO Capital Markets upgraded shares of NetApp from a “market perform” rating to an “outperform” rating in a research note on Sunday, November 26th. Finally, ValuEngine cut shares of NetApp from a “buy” rating to a “hold” rating in a research note on Friday, December 1st. One analyst has rated the stock with a sell rating, twenty-one have issued a hold rating and thirteen have issued a buy rating to the company. The stock presently has an average rating of “Hold” and a consensus price target of $51.30.
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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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