NetApp Inc. (NASDAQ:NTAP) Holdings Lessened by Riverhead Capital Management LLC
Riverhead Capital Management LLC trimmed its holdings in NetApp Inc. (NASDAQ:NTAP) by 7.5% during the first quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 198,902 shares of the data storage provider’s stock after selling 16,235 shares during the period. NetApp comprises approximately 0.6% of Riverhead Capital Management LLC’s holdings, making the stock its 23rd largest holding. Riverhead Capital Management LLC’s holdings in NetApp were worth $13,792,000 as of its most recent SEC filing.
Other institutional investors and hedge funds have also made changes to their positions in the company. Oppenheimer & Co. Inc. purchased a new stake in shares of NetApp in the fourth quarter worth $228,000. Creative Planning increased its stake in shares of NetApp by 78.9% in the fourth quarter. Creative Planning now owns 7,952 shares of the data storage provider’s stock worth $474,000 after purchasing an additional 3,508 shares in the last quarter. Janney Montgomery Scott LLC increased its stake in shares of NetApp by 16.3% in the fourth quarter. Janney Montgomery Scott LLC now owns 19,102 shares of the data storage provider’s stock worth $1,140,000 after purchasing an additional 2,672 shares in the last quarter. LS Investment Advisors LLC increased its stake in shares of NetApp by 2.3% in the fourth quarter. LS Investment Advisors LLC now owns 7,681 shares of the data storage provider’s stock worth $458,000 after purchasing an additional 173 shares in the last quarter. Finally, Alps Advisors Inc. increased its stake in shares of NetApp by 17.4% in the fourth quarter. Alps Advisors Inc. now owns 8,254 shares of the data storage provider’s stock worth $493,000 after purchasing an additional 1,225 shares in the last quarter. 96.62% of the stock is currently owned by institutional investors.
In related news, VP Joel D. Reich sold 30,000 shares of the firm’s stock in a transaction on Tuesday, June 4th. The shares were sold at an average price of $60.59, for a total transaction of $1,817,700.00. Following the completion of the transaction, the vice president now directly owns 55,361 shares of the company’s stock, valued at $3,354,322.99. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CFO Ronald J. Pasek sold 58,052 shares of the firm’s stock in a transaction on Monday, June 3rd. The shares were sold at an average price of $58.49, for a total transaction of $3,395,461.48. Following the transaction, the chief financial officer now directly owns 122,806 shares of the company’s stock, valued at $7,182,922.94. The disclosure for this sale can be found here. Insiders have sold 99,247 shares of company stock valued at $5,870,980 over the last ninety days. 0.19% of the stock is currently owned by corporate insiders.
NetApp (NASDAQ:NTAP) last posted its earnings results on Wednesday, May 22nd. The data storage provider reported $1.10 earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of $1.13 by ($0.03). The company had revenue of $1.59 billion for the quarter, compared to analysts’ expectations of $1.64 billion. NetApp had a net margin of 19.02% and a return on equity of 71.66%. The business’s revenue was down 3.2% on a year-over-year basis. During the same period in the previous year, the business posted $1.05 earnings per share. On average, equities research analysts forecast that NetApp Inc. will post 4.38 earnings per share for the current year.
The business also recently announced a quarterly dividend, which will be paid on Wednesday, July 24th. Investors of record on Friday, July 5th will be paid a dividend of $0.48 per share. This represents a $1.92 annualized dividend and a yield of 3.12%. This is a boost from NetApp’s previous quarterly dividend of $0.40. The ex-dividend date is Wednesday, July 3rd. NetApp’s dividend payout ratio (DPR) is presently 39.80%.
A number of brokerages have recently issued reports on NTAP. Evercore ISI began coverage on shares of NetApp in a research note on Wednesday, June 5th. They issued an “in-line” rating and a $65.00 price objective for the company. BidaskClub raised shares of NetApp from a “buy” rating to a “strong-buy” rating in a research note on Saturday, April 13th. Loop Capital reduced their price objective on shares of NetApp to $78.00 and set a “buy” rating for the company in a research note on Thursday, May 23rd. Bank of America reduced their price objective on shares of NetApp from $78.00 to $74.00 and set a “buy” rating for the company in a research note on Thursday, May 23rd. Finally, Goldman Sachs Group cut shares of NetApp from a “conviction-buy” rating to a “buy” rating in a research note on Thursday, May 23rd. Four analysts have rated the stock with a sell rating, twelve have issued a hold rating and thirteen have given a buy rating to the stock. The company presently has a consensus rating of “Hold” and an average price target of $76.32.
NetApp Company Profile
NetApp, Inc provides software, systems, and services to manage and share data on-premises, and private and public clouds worldwide. It offers cloud data services, such as ONTAP cloud storage data management and NetApp cloud sync data synchronization services; NetApp SaaS backup for Microsoft Office 365; NetApp cloud backup solutions; OnCommand management software and management integration tools; and NetApp private storage for cloud.
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