Dodge & Cox acquired a new position in shares of NetApp Inc. (NASDAQ:NTAP) during the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor acquired 23,029,321 shares of the data storage provider’s stock, valued at approximately $812,244,000. Dodge & Cox owned 0.08% of NetApp at the end of the most recent quarter.
Other hedge funds also recently added to or reduced their stakes in the company. New York Life Trust Co. bought a new stake in NetApp during the third quarter worth about $104,000. Seven Eight Capital LP acquired a new position in shares of NetApp during the fourth quarter worth $118,000. Victory Capital Management Inc. raised its position in shares of NetApp by 44.2% in the third quarter. Victory Capital Management Inc. now owns 5,321 shares of the data storage provider’s stock worth $191,000 after buying an additional 1,631 shares in the last quarter. Orinda Asset Management LLC acquired a new position in shares of NetApp during the third quarter worth $202,000. Finally, Integral Derivatives LLC acquired a new position in shares of NetApp during the fourth quarter worth $215,000. Institutional investors own 92.52% of the company’s stock.
Shares of NetApp Inc. (NASDAQ:NTAP) traded down 0.02% on Monday, hitting $42.05. The stock had a trading volume of 1,053,681 shares. The company has a market cap of $11.39 billion, a P/E ratio of 38.40 and a beta of 1.50. The company has a 50-day moving average of $40.53 and a 200-day moving average of $36.55. NetApp Inc. has a 52-week low of $22.50 and a 52-week high of $43.14.
NetApp (NASDAQ:NTAP) last issued its earnings results on Wednesday, February 15th. The data storage provider reported $0.82 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $0.74 by $0.08. NetApp had a return on equity of 15.66% and a net margin of 5.89%. The firm had revenue of $1.40 billion for the quarter, compared to analysts’ expectations of $1.39 billion. During the same period in the previous year, the firm posted $0.70 earnings per share. On average, equities analysts anticipate that NetApp Inc. will post $2.70 EPS for the current fiscal year.
The company also recently announced a quarterly dividend, which will be paid on Wednesday, April 26th. Stockholders of record on Friday, April 7th will be issued a $0.19 dividend. The ex-dividend date of this dividend is Wednesday, April 5th. This represents a $0.76 annualized dividend and a dividend yield of 1.81%. NetApp’s dividend payout ratio (DPR) is 69.09%.
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A number of equities analysts have weighed in on the company. Morgan Stanley restated an “underweight” rating and issued a $26.00 target price (up from $24.00) on shares of NetApp in a research note on Thursday, December 29th. Citigroup Inc restated a “neutral” rating and issued a $39.00 target price (up from $33.00) on shares of NetApp in a research note on Thursday, December 29th. William Blair upgraded NetApp from an “underperform” rating to a “market perform” rating and set a $43.00 target price on the stock in a research note on Thursday, February 16th. Needham & Company LLC restated a “hold” rating on shares of NetApp in a research note on Tuesday, December 6th. Finally, BTIG Research restated a “neutral” rating on shares of NetApp in a research note on Tuesday, February 14th. Ten equities research analysts have rated the stock with a sell rating, eighteen have assigned a hold rating and ten have assigned a buy rating to the stock. The stock has an average rating of “Hold” and an average target price of $38.04.
In related news, CEO George Kurian sold 4,000 shares of NetApp stock in a transaction dated Friday, December 30th. The stock was sold at an average price of $35.84, for a total value of $143,360.00. Following the completion of the transaction, the chief executive officer now owns 36,396 shares in the company, valued at $1,304,432.64. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, Director Alan L. Earhart sold 27,422 shares of NetApp stock in a transaction dated Wednesday, March 8th. The stock was sold at an average price of $42.46, for a total value of $1,164,338.12. Following the completion of the transaction, the director now owns 21,611 shares of the company’s stock, valued at approximately $917,603.06. The disclosure for this sale can be found here. Insiders sold 35,815 shares of company stock worth $1,475,862 over the last ninety days. Insiders own 0.49% of the company’s stock.
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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