Principal Financial Group Inc. decreased its position in NetApp Inc. (NASDAQ:NTAP) by 3.1% during the second quarter, according to its most recent 13F filing with the SEC. The firm owned 436,802 shares of the data storage provider’s stock after selling 13,906 shares during the period. Principal Financial Group Inc. owned approximately 0.16% of NetApp worth $10,741,000 at the end of the most recent quarter.
Other hedge funds also recently modified their holdings of the company. Global X Management Co. LLC boosted its stake in shares of NetApp by 109.8% in the second quarter. Global X Management Co. LLC now owns 4,485 shares of the data storage provider’s stock worth $110,000 after buying an additional 2,347 shares during the period. FTB Advisors Inc. boosted its stake in shares of NetApp by 14.3% in the second quarter. FTB Advisors Inc. now owns 5,154 shares of the data storage provider’s stock worth $126,000 after buying an additional 646 shares during the period. Creative Planning boosted 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 worth $258,000 after buying an additional 7,484 shares during the period. Candriam Luxembourg S.C.A. bought a new stake in shares of NetApp during the second quarter worth about $260,000. Finally, State of Alaska Department of Revenue boosted 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 worth $307,000 after buying an additional 868 shares during the period. 89.57% of the stock is currently owned by institutional investors and hedge funds.
Shares of NetApp Inc. (NASDAQ:NTAP) opened at 33.87 on Friday. NetApp Inc. has a 1-year low of $20.66 and a 1-year high of $36.10. The company has a market capitalization of $9.44 billion, a PE ratio of 30.49 and a beta of 1.58. The company’s 50-day moving average price is $34.97 and its 200-day moving average price is $27.99.
NetApp (NASDAQ:NTAP) last announced its quarterly earnings results on Wednesday, August 17th. The data storage provider reported $0.46 EPS for the quarter, beating the Zacks’ consensus estimate of $0.36 by $0.10. NetApp had a return on equity of 15.82% and a net margin of 5.87%. The firm had revenue of $1.29 billion for the quarter, compared to analyst estimates of $1.26 billion. During the same period last year, the firm posted $0.29 earnings per share. The business’s revenue for the quarter was down 3.1% on a year-over-year basis. On average, equities analysts expect that NetApp Inc. will post $2.36 earnings per share for the current fiscal year.
The company also recently declared a quarterly dividend, which will be paid on Wednesday, October 26th. Stockholders of record on Friday, October 7th will be paid a dividend of $0.19 per share. This represents a $0.76 dividend on an annualized basis and a dividend yield of 2.24%. The ex-dividend date of this dividend is Wednesday, October 5th. NetApp’s payout ratio is 68.47%.
A number of analysts recently issued reports on NTAP shares. RBC Capital Markets increased their price objective on NetApp to $32.00 in a report on Thursday, August 18th. DA Davidson restated a “buy” rating and issued a $35.00 target price on shares of NetApp in a research note on Monday, August 15th. Maxim Group upped their target price on NetApp from $39.00 to $40.00 and gave the stock a “buy” rating in a research note on Monday, August 15th. Cross Research upgraded NetApp from a “hold” rating to a “buy” rating in a research note on Monday, September 26th. Finally, Susquehanna set a $42.00 target price 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 issued a hold rating and six have given a buy rating to the company. The company presently has a consensus rating of “Hold” and a consensus price target of $30.16.
In related news, Director Robert T. Wall sold 22,944 shares of NetApp stock in a transaction that occurred on Tuesday, September 27th. The stock was sold at an average price of $35.45, for a total value of $813,364.80. Following the transaction, the director now directly owns 36,048 shares of the company’s stock, valued at $1,277,901.60. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, CEO George Kurian sold 48,176 shares of NetApp stock in a transaction that occurred on Friday, August 26th. The stock was sold at an average price of $34.87, for a total value of $1,679,897.12. Following the completion of the transaction, the chief executive officer now directly owns 92,746 shares in the company, valued at $3,234,053.02. The disclosure for this sale can be found here. Insiders own 0.49% of the company’s stock.
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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