UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC grew its stake in shares of NetApp, Inc. (NASDAQ:NTAP – Free Report) by 9.4% during the 2nd quarter, HoldingsChannel.com reports. The fund owned 4,444,057 shares of the data storage provider’s stock after purchasing an additional 383,701 shares during the quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC’s holdings in NetApp were worth $687,762,000 as of its most recent SEC filing.
Other hedge funds and other institutional investors have also recently modified their holdings of the company. BlackRock Inc. acquired a new stake in NetApp in the 2nd quarter worth approximately $2,925,168,000. Primecap Management Co. CA acquired a new position in NetApp during the 2nd quarter valued at approximately $1,395,423,000. Norges Bank acquired a new position in NetApp during the 4th quarter valued at approximately $458,060,000. First Trust Advisors LP raised its holdings in shares of NetApp by 127.0% in the first quarter. First Trust Advisors LP now owns 3,658,066 shares of the data storage provider’s stock worth $374,549,000 after buying an additional 2,046,912 shares during the last quarter. Finally, Legal & General Group Plc purchased a new position in shares of NetApp in the second quarter worth $258,093,000. 92.17% of the stock is owned by hedge funds and other institutional investors.
NetApp Trading Down 1.9%
Shares of NetApp stock opened at $187.02 on Friday. The company has a debt-to-equity ratio of 1.84, a current ratio of 1.44 and a quick ratio of 1.39. The firm has a fifty day moving average price of $175.90 and a 200 day moving average price of $138.03. NetApp, Inc. has a 1 year low of $93.69 and a 1 year high of $209.06. The stock has a market cap of $36.70 billion, a PE ratio of 29.41, a price-to-earnings-growth ratio of 3.33 and a beta of 1.45.
Insider Transactions at NetApp
In other news, EVP Elizabeth M. O’callahan sold 1,000 shares of NetApp stock in a transaction that occurred on Monday, August 10th. The shares were sold at an average price of $193.82, for a total transaction of $193,820.00. Following the completion of the transaction, the executive vice president directly owned 30,297 shares of the company’s stock, valued at $5,872,164.54. The trade was a 3.20% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, President Cesar Cernuda sold 2,608 shares of the company’s stock in a transaction dated Monday, August 17th. The stock was sold at an average price of $204.48, for a total transaction of $533,283.84. Following the completion of the transaction, the president owned 46,530 shares of the company’s stock, valued at approximately $9,514,454.40. This trade represents a 5.31% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders have sold 55,297 shares of company stock worth $8,758,016 over the last quarter. 0.36% of the stock is currently owned by insiders.
Wall Street Analysts Forecast Growth
A number of equities research analysts have recently weighed in on the stock. Wedbush boosted their price objective on shares of NetApp from $115.00 to $150.00 and gave the company a “neutral” rating in a report on Friday, May 29th. Barclays raised their target price on NetApp from $120.00 to $199.00 and gave the stock an “overweight” rating in a research note on Friday, May 29th. Bank of America lifted their price target on NetApp from $125.00 to $150.00 and gave the stock a “neutral” rating in a research report on Friday, May 29th. Evercore set a $210.00 price target on NetApp in a research note on Monday, August 24th. Finally, Susquehanna increased their price objective on NetApp from $110.00 to $185.00 and gave the company a “neutral” rating in a report on Friday, May 29th. Five equities research analysts have rated the stock with a Buy rating and ten have issued a Hold rating to the company’s stock. According to MarketBeat, the stock has an average rating of “Hold” and a consensus price target of $179.77.
Read Our Latest Research Report on NTAP
NetApp Profile
NetApp, Inc (NASDAQ: NTAP) is a data management and storage company that delivers hybrid cloud data services for applications and data. Founded in 1992 as Network Appliance and rebranded as NetApp in 2008, the company is headquartered in Sunnyvale, California. NetApp’s offering focuses on enabling organizations to store, manage, protect and move data across on-premises environments and major public clouds.
The company’s product portfolio centers on the ONTAP data management software and a range of storage systems and services built around it.
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