Connor Clark & Lunn Investment Management Ltd. bought a new stake in NetApp, Inc. (NASDAQ:NTAP – Free Report) during the second quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund bought 49,571 shares of the data storage provider’s stock, valued at approximately $7,672,000.
Other large investors have also modified their holdings of the company. BlackRock Inc. purchased a new position in NetApp in the 2nd quarter valued at $2,925,168,000. Norges Bank acquired a new stake in shares of NetApp in the 4th quarter worth $458,060,000. First Trust Advisors LP lifted its stake in shares of NetApp by 127.0% in the 1st quarter. First Trust Advisors LP now owns 3,658,066 shares of the data storage provider’s stock worth $374,549,000 after acquiring an additional 2,046,912 shares during the period. Deutsche Bank AG purchased a new stake in shares of NetApp in the second quarter valued at about $195,203,000. Finally, Bank of New York Mellon Corp acquired a new position in shares of NetApp during the second quarter worth about $181,772,000. Hedge funds and other institutional investors own 92.17% of the company’s stock.
NetApp Trading Up 3.4%
Shares of NetApp stock opened at $193.85 on Thursday. The company has a 50-day moving average of $174.74 and a two-hundred day moving average of $137.07. NetApp, Inc. has a 12-month low of $93.69 and a 12-month high of $209.06. The company has a current ratio of 1.44, a quick ratio of 1.39 and a debt-to-equity ratio of 1.84. The stock has a market cap of $38.04 billion, a PE ratio of 30.48, a price-to-earnings-growth ratio of 3.35 and a beta of 1.45.
Insider Buying and Selling at NetApp
In other news, EVP Elizabeth M. O’callahan sold 1,000 shares of the stock in a transaction that occurred on Monday, August 10th. The shares were sold at an average price of $193.82, for a total value of $193,820.00. Following the sale, the executive vice president directly owned 30,297 shares in the company, valued at $5,872,164.54. This represents a 3.20% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, CAO Lorenzo Daniel De sold 225 shares of the firm’s stock in a transaction on Monday, June 1st. The stock was sold at an average price of $171.09, for a total value of $38,495.25. Following the transaction, the chief accounting officer directly owned 1,090 shares of the company’s stock, valued at $186,488.10. The trade was a 17.11% decrease in their position. The disclosure for this sale is available in the SEC filing. In the last three months, insiders sold 55,297 shares of company stock worth $8,758,016. 0.36% of the stock is owned by corporate insiders.
Wall Street Analyst Weigh In
A number of brokerages recently commented on NTAP. Morgan Stanley upgraded shares of NetApp from an “underweight” rating to an “equal weight” rating and raised their price objective for the company from $137.00 to $173.00 in a research report on Monday, August 10th. Susquehanna increased their target price on NetApp from $110.00 to $185.00 and gave the stock a “neutral” rating in a research note on Friday, May 29th. Wall Street Zen cut NetApp from a “strong-buy” rating to a “buy” rating in a report on Wednesday, July 29th. Northland Securities lifted their price target on NetApp from $137.00 to $171.00 and gave the company an “outperform” rating in a research note on Friday, May 29th. Finally, Wells Fargo & Company increased their price objective on NetApp from $115.00 to $180.00 and gave the stock an “equal weight” rating in a research report on Friday, May 29th. Five equities research analysts have rated the stock with a Buy rating and ten have assigned a Hold rating to the stock. According to MarketBeat, the company has a consensus rating of “Hold” and a consensus target price of $179.77.
Get Our Latest Stock Analysis on NetApp
NetApp Company 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.
Featured Stories
- Five stocks we like better than NetApp
- Williams-Sonoma’s Quarter Gave Bulls More Than Just a Beat-and-Raise
- Alcoa’s Gallium Project Opens a New Door Beyond Aluminum
- Oura’s $16 Billion IPO Could Put a New Price on Wearable Tech
- Can Tesla’s Flying Roadster Distract From Its Real Risks?
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 – Free Report).
Receive News & Ratings for NetApp Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for NetApp and related companies with MarketBeat.com's FREE daily email newsletter.
