Acadian Asset Management LLC lifted its position in shares of NetApp, Inc. (NASDAQ:NTAP) by 1,994.8% in the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 115,003 shares of the data storage provider’s stock after buying an additional 109,513 shares during the quarter. Acadian Asset Management LLC owned approximately 0.05% of NetApp worth $5,041,000 at the end of the most recent quarter.
Several other hedge funds and other institutional investors have also recently modified their holdings of NTAP. CI Investments Inc. grew its holdings in NetApp by 16.3% in the third quarter. CI Investments Inc. now owns 17,407 shares of the data storage provider’s stock valued at $763,000 after purchasing an additional 2,437 shares during the period. OPSEU Pension Plan Trust Fund grew its holdings in NetApp by 2.2% in the third quarter. OPSEU Pension Plan Trust Fund now owns 20,882 shares of the data storage provider’s stock valued at $905,000 after purchasing an additional 454 shares during the period. LPL Financial LLC grew its holdings in NetApp by 3.8% in the third quarter. LPL Financial LLC now owns 30,392 shares of the data storage provider’s stock valued at $1,332,000 after purchasing an additional 1,109 shares during the period. Quantitative Systematic Strategies LLC purchased a new stake in NetApp in the third quarter valued at approximately $751,000. Finally, M&T Bank Corp grew its holdings in NetApp by 10.2% in the third quarter. M&T Bank Corp now owns 10,956 shares of the data storage provider’s stock valued at $481,000 after purchasing an additional 1,012 shares during the period. Institutional investors and hedge funds own 92.70% of the company’s stock.
NTAP opened at $51.89 on Friday. The stock has a market capitalization of $11.52 billion, a PE ratio of 14.95, a P/E/G ratio of 1.42 and a beta of 1.28. The firm’s fifty day moving average price is $46.56 and its 200 day moving average price is $44.48. The company has a debt-to-equity ratio of 9.26, a current ratio of 1.62 and a quick ratio of 1.57. NetApp, Inc. has a 12-month low of $34.66 and a 12-month high of $65.38.
NetApp (NASDAQ:NTAP) last posted its quarterly earnings results on Wednesday, August 26th. The data storage provider reported $0.73 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.41 by $0.32. The firm had revenue of $1.30 billion for the quarter, compared to analysts’ expectations of $1.15 billion. NetApp had a net margin of 14.47% and a return on equity of 240.01%. The firm’s quarterly revenue was up 5.4% on a year-over-year basis. During the same period in the prior year, the company posted $0.65 earnings per share. On average, equities research analysts forecast that NetApp, Inc. will post 2.68 earnings per share for the current fiscal year.
The business also recently declared a quarterly dividend, which was paid on Wednesday, October 28th. Investors of record on Friday, October 9th were issued a $0.48 dividend. The ex-dividend date was Thursday, October 8th. This represents a $1.92 annualized dividend and a yield of 3.70%. NetApp’s dividend payout ratio is presently 54.39%.
In other NetApp news, Director Thomas Michael Nevens sold 22,831 shares of the business’s stock in a transaction on Friday, September 11th. The shares were sold at an average price of $44.62, for a total transaction of $1,018,719.22. Following the completion of the sale, the director now owns 22,831 shares in the company, valued at $1,018,719.22. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Corporate insiders own 0.36% of the company’s stock.
NTAP has been the subject of a number of recent analyst reports. Credit Suisse Group boosted their target price on shares of NetApp from $53.00 to $54.00 and gave the company an “outperform” rating in a report on Thursday, August 27th. Wedbush assumed coverage on shares of NetApp in a report on Thursday, November 12th. They issued a “neutral” rating and a $52.00 target price for the company. Loop Capital lifted their price target on shares of NetApp from $43.00 to $47.00 and gave the company a “hold” rating in a research report on Thursday, August 27th. JPMorgan Chase & Co. lifted their price target on shares of NetApp from $45.00 to $52.00 and gave the company a “neutral” rating in a research report on Thursday, August 27th. Finally, Deutsche Bank Aktiengesellschaft lifted their price target on shares of NetApp from $43.00 to $45.00 and gave the company a “hold” rating in a research report on Thursday, August 27th. Two research analysts have rated the stock with a sell rating, seventeen have assigned a hold rating and seven have given a buy rating to the company’s stock. The company has an average rating of “Hold” and a consensus price target of $51.28.
NetApp Company Profile
NetApp, Inc provides software, systems, and services to manage and share data on-premises, and private and public clouds worldwide. The company offers cloud data services, including NetApp Cloud Volumes Service for AWS, NetApp Cloud Sync, NetApp Cloud Tiering, NetApp Global File Cache, NetApp SaaS Backup, NetApp Cloud Manager, NetApp Fabric Orchestrator, and NetApp Cloud Insights.
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