Nordea Investment Management AB raised its stake in NetApp Inc. (NASDAQ:NTAP) by 53.2% during the second quarter, Holdings Channel reports. The fund owned 162,615 shares of the data storage provider’s stock after buying an additional 56,500 shares during the period. Nordea Investment Management AB’s holdings in NetApp were worth $3,999,000 as of its most recent filing with the SEC.
Other large investors have also modified their holdings of the company. Creative Planning increased its stake in shares of NetApp by 248.6% in the second quarter. Creative Planning now owns 10,495 shares of the data storage provider’s stock valued at $258,000 after buying an additional 7,484 shares during the last quarter. Candriam Luxembourg S.C.A. acquired a new stake in shares of NetApp during the second quarter valued at $260,000. State of Alaska Department of Revenue increased its stake in shares of NetApp by 7.5% in the second quarter. State of Alaska Department of Revenue now owns 12,519 shares of the data storage provider’s stock valued at $307,000 after buying an additional 868 shares during the last quarter. Simmons Bank acquired a new stake in shares of NetApp during the first quarter valued at $328,000. Finally, Jones Financial Companies Lllp increased its stake in shares of NetApp by 59.8% in the first quarter. Jones Financial Companies Lllp now owns 12,436 shares of the data storage provider’s stock valued at $339,000 after buying an additional 4,655 shares during the last quarter. Hedge funds and other institutional investors own 89.61% of the company’s stock.
NetApp Inc. (NASDAQ:NTAP) traded up 0.72% during midday trading on Tuesday, reaching $33.66. The company had a trading volume of 1,117,477 shares. The firm’s 50 day moving average is $34.88 and its 200 day moving average is $28.09. The stock has a market capitalization of $9.38 billion, a PE ratio of 30.30 and a beta of 1.58. NetApp Inc. has a 1-year low of $20.66 and a 1-year high of $36.10.
NetApp (NASDAQ:NTAP) last released its quarterly earnings data on Wednesday, August 17th. The data storage provider reported $0.46 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.36 by $0.10. NetApp had a net margin of 5.87% and a return on equity of 15.82%. The company earned $1.29 billion during the quarter, compared to the consensus estimate of $1.26 billion. During the same quarter in the prior year, the firm posted $0.29 earnings per share. NetApp’s revenue for the quarter was down 3.1% on a year-over-year basis. On average, equities analysts anticipate that NetApp Inc. will post $2.36 EPS for the current fiscal year.
The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, October 26th. Shareholders of record on Friday, October 7th will be paid a $0.19 dividend. The ex-dividend date of this dividend is Wednesday, October 5th. This represents a $0.76 annualized dividend and a yield of 2.27%. NetApp’s dividend payout ratio is presently 68.47%.
NTAP has been the topic of several recent analyst reports. RBC Capital Markets increased their price target on NetApp to $32.00 in a report on Thursday, August 18th. DA Davidson reiterated a “buy” rating and issued a $35.00 price target on shares of NetApp in a report on Monday, August 15th. Maxim Group increased their price target on NetApp from $39.00 to $40.00 and gave the stock a “buy” rating in a report on Monday, August 15th. Cross Research upgraded NetApp from a “hold” rating to a “buy” rating in a report on Monday, September 26th. Finally, Susquehanna set a $42.00 price objective on NetApp and gave the stock a “buy” rating in a research note on Wednesday, September 28th. Ten equities research analysts have rated the stock with a sell rating, twenty-four have assigned a hold rating and six have given a buy rating to the company’s stock. NetApp presently has a consensus rating of “Hold” and a consensus target price of $30.16.
In other news, Director Jeffry R. Allen sold 15,000 shares of the company’s stock in a transaction dated Monday, August 22nd. The shares were sold at an average price of $34.82, for a total value of $522,300.00. Following the completion of the sale, the director now directly owns 15,000 shares of the company’s stock, valued at $522,300. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, Director Jeffry R. Allen sold 10,980 shares of the company’s stock in a transaction dated Tuesday, August 23rd. The shares were sold at an average price of $35.24, for a total transaction of $386,935.20. Following the completion of the sale, the director now directly owns 15,000 shares of the company’s stock, valued at $528,600. The disclosure for this sale can be found here. 0.49% of the stock is currently owned by company insiders.
NetApp Company Profile
NetApp, Inc (NetApp) provides software, systems and services to manage and store customer data. The Company enables enterprises, service providers, governmental organizations, and partners to envision, deploy and evolve their information technology (IT) environments. The Company offers a portfolio of products and services that satisfy a range of customer workloads across different data types and deployment models.
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