Utah Retirement Systems Reduces Stake in NetApp Inc. (NTAP)

Utah Retirement Systems decreased its position in shares of NetApp Inc. (NASDAQ:NTAP) by 4.7% during the first quarter, Holdings Channel reports. The institutional investor owned 50,375 shares of the data storage provider’s stock after selling 2,500 shares during the period. Utah Retirement Systems’ holdings in NetApp were worth $2,108,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Jaffetilchin Investment Partners LLC raised its position in NetApp by 0.8% in the first quarter. Jaffetilchin Investment Partners LLC now owns 14,713 shares of the data storage provider’s stock worth $616,000 after buying an additional 118 shares in the last quarter. Cadence Capital Management LLC raised its position in NetApp by 1.6% in the first quarter. Cadence Capital Management LLC now owns 9,867 shares of the data storage provider’s stock worth $413,000 after buying an additional 159 shares in the last quarter. LS Investment Advisors LLC raised its position in NetApp by 3.2% in the first quarter. LS Investment Advisors LLC now owns 9,660 shares of the data storage provider’s stock worth $404,000 after buying an additional 295 shares in the last quarter. PNC Financial Services Group Inc. raised its position in NetApp by 2.9% in the first quarter. PNC Financial Services Group Inc. now owns 10,705 shares of the data storage provider’s stock worth $449,000 after buying an additional 304 shares in the last quarter. Finally, Profund Advisors LLC raised its position in NetApp by 8.1% in the first quarter. Profund Advisors LLC now owns 7,624 shares of the data storage provider’s stock worth $319,000 after buying an additional 572 shares in the last quarter. Institutional investors and hedge funds own 92.52% of the company’s stock.

Institutional Ownership by Quarter for NetApp (NASDAQ:NTAP)

NetApp Inc. (NASDAQ NTAP) traded down 1.15% during mid-day trading on Friday, hitting $39.55. The stock had a trading volume of 1,968,856 shares. The company has a market capitalization of $10.68 billion, a P/E ratio of 21.85 and a beta of 1.50. The stock’s 50-day moving average is $40.00 and its 200 day moving average is $39.01. NetApp Inc. has a 52 week low of $22.89 and a 52 week high of $43.14.

NetApp (NASDAQ:NTAP) last released its earnings results on Wednesday, May 24th. The data storage provider reported $0.86 earnings per share for the quarter, beating the Zacks’ consensus estimate of $0.82 by $0.04. NetApp had a net margin of 5.89% and a return on equity of 15.66%. The firm had revenue of $1.48 billion during the quarter, compared to the consensus estimate of $1.44 billion. During the same period in the prior year, the firm earned $0.55 EPS. The company’s revenue was up 7.3% compared to the same quarter last year. Equities analysts forecast that NetApp Inc. will post $3.03 earnings per share for the current fiscal year.

The business also recently announced a quarterly dividend, which will be paid on Wednesday, July 26th. Stockholders of record on Friday, July 7th will be given a dividend of $0.20 per share. This is an increase from NetApp’s previous quarterly dividend of $0.19. This represents a $0.80 dividend on an annualized basis and a dividend yield of 2.00%. The ex-dividend date of this dividend is Wednesday, July 5th. NetApp’s dividend payout ratio is currently 69.09%.

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NTAP has been the topic of a number of research reports. Royal Bank of Canada reissued a “hold” rating and issued a $45.00 price objective on shares of NetApp in a research note on Friday. Maxim Group reissued a “hold” rating and issued a $46.00 price objective on shares of NetApp in a research note on Thursday, May 25th. Jefferies Group LLC dropped their price objective on NetApp from $44.00 to $42.00 and set a “hold” rating on the stock in a research note on Thursday, May 25th. Susquehanna Bancshares Inc reissued a “positive” rating and issued a $48.00 price objective on shares of NetApp in a research note on Friday, March 31st. Finally, Drexel Hamilton reissued a “buy” rating on shares of NetApp in a research note on Monday, April 3rd. Five investment analysts have rated the stock with a sell rating, nineteen have given a hold rating and eleven have given a buy rating to the company’s stock. The stock currently has a consensus rating of “Hold” and an average price target of $41.42.

In other news, Director Jeffry R. Allen sold 20,000 shares of the stock in a transaction that occurred on Tuesday, May 30th. The shares were sold at an average price of $40.46, for a total transaction of $809,200.00. Following the completion of the transaction, the director now directly owns 8,500 shares of the company’s stock, valued at approximately $343,910. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CEO George Kurian sold 4,000 shares of the stock in a transaction that occurred on Thursday, March 30th. The shares were sold at an average price of $41.53, for a total transaction of $166,120.00. Following the transaction, the chief executive officer now directly owns 24,396 shares of the company’s stock, valued at $1,013,165.88. The disclosure for this sale can be found here. Insiders have sold a total of 46,862 shares of company stock valued at $1,882,464 over the last three months. 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.new TradingView.widget({ “height”: 400, “width”: 625, “symbol”: “NASDAQ:NTAP”, “interval”: “D”, “timezone”: “Etc/UTC”, “theme”: “White”, “style”: “1”, “locale”: “en”, “toolbar_bg”: “#f1f3f6”, “enable_publishing”: false, “hideideas”: true, “referral_id”: “2588”});

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