Legal & General Group Plc purchased a new stake in NetApp, Inc. (NASDAQ:NTAP – Free Report) during the second quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund purchased 1,667,698 shares of the data storage provider’s stock, valued at approximately $258,093,000. Legal & General Group Plc owned approximately 0.85% of NetApp at the end of the most recent reporting period.
A number of other hedge funds and other institutional investors also recently made changes to their positions in the business. Jefferies Financial Group Inc. acquired a new stake in shares of NetApp in the fourth quarter valued at about $14,869,000. Norges Bank acquired a new position in NetApp during the fourth quarter valued at approximately $458,060,000. Handelsbanken Fonder AB boosted its position in NetApp by 106.8% during the fourth quarter. Handelsbanken Fonder AB now owns 262,732 shares of the data storage provider’s stock valued at $28,136,000 after purchasing an additional 135,715 shares during the last quarter. National Pension Service grew its stake in NetApp by 13.6% in the fourth quarter. National Pension Service now owns 180,917 shares of the data storage provider’s stock valued at $19,374,000 after purchasing an additional 21,643 shares in the last quarter. Finally, Swedbank AB grew its stake in NetApp by 22.0% in the fourth quarter. Swedbank AB now owns 97,086 shares of the data storage provider’s stock valued at $10,397,000 after purchasing an additional 17,520 shares in the last quarter. 92.17% of the stock is currently owned by institutional investors and hedge funds.
Insider Buying and Selling
In other NetApp news, President Cesar Cernuda sold 49,464 shares of NetApp stock in a transaction dated Tuesday, June 23rd. The shares were sold at an average price of $154.82, for a total value of $7,658,016.48. Following the completion of the sale, the president owned 46,806 shares in the company, valued at $7,246,504.92. The trade was a 51.38% decrease in their position. The sale 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 business’s stock in a transaction dated Monday, June 1st. The shares were sold at an average price of $171.09, for a total transaction of $38,495.25. Following the completion of the sale, the chief accounting officer directly owned 1,090 shares of the company’s stock, valued at $186,488.10. This represents a 17.11% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Over the last three months, insiders have sold 55,297 shares of company stock valued at $8,758,016. 0.36% of the stock is owned by company insiders.
NetApp Stock Up 3.4%
NetApp (NASDAQ:NTAP – Get Free Report) last announced its earnings results on Thursday, May 28th. The data storage provider reported $2.03 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $2.27 by ($0.24). NetApp had a net margin of 18.43% and a return on equity of 117.23%. The business had revenue of $1.95 billion during the quarter, compared to the consensus estimate of $1.87 billion. During the same period in the previous year, the firm posted $1.93 EPS. The company’s revenue was up 12.5% compared to the same quarter last year. On average, equities analysts anticipate that NetApp, Inc. will post 7.32 earnings per share for the current year.
Wall Street Analysts Forecast Growth
A number of equities research analysts have recently issued reports on the company. UBS Group reiterated a “neutral” rating and set a $160.00 price objective on shares of NetApp in a research note on Friday, May 29th. Weiss Ratings raised shares of NetApp from a “hold (c+)” rating to a “buy (b-)” rating in a research note on Monday, June 8th. Evercore set a $210.00 target price on shares of NetApp in a report on Monday. Susquehanna upped their price target on shares of NetApp from $110.00 to $185.00 and gave the stock a “neutral” rating in a research report on Friday, May 29th. Finally, JPMorgan Chase & Co. increased their price target on shares of NetApp from $110.00 to $150.00 and gave the company a “neutral” rating in a research note on Friday, May 29th. Five research analysts have rated the stock with a Buy rating and ten have issued a Hold rating to the stock. According to data from MarketBeat, the stock presently has a consensus rating of “Hold” and a consensus price target of $179.77.
Get Our Latest Analysis on NetApp
About NetApp
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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