Legal & General Group Plc cut its stake in shares of NetApp Inc. (NASDAQ:NTAP) by 3.5% during the 1st quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 1,392,088 shares of the data storage provider’s stock after selling 50,418 shares during the quarter. Legal & General Group Plc owned approximately 0.52% of NetApp worth $85,821,000 at the end of the most recent quarter.
Other hedge funds and other institutional investors also recently modified their holdings of the company. American International Group Inc. boosted its stake in NetApp by 9.6% during the fourth quarter. American International Group Inc. now owns 104,017 shares of the data storage provider’s stock worth $5,754,000 after acquiring an additional 9,133 shares in the last quarter. Investors Research Corp bought a new position in NetApp during the fourth quarter worth $721,000. USA Financial Portformulas Corp bought a new position in NetApp during the fourth quarter worth $518,000. First Republic Investment Management Inc. boosted its stake in NetApp by 12.6% during the fourth quarter. First Republic Investment Management Inc. now owns 76,958 shares of the data storage provider’s stock worth $4,257,000 after acquiring an additional 8,604 shares in the last quarter. Finally, The Manufacturers Life Insurance Company boosted its stake in NetApp by 1.7% during the fourth quarter. The Manufacturers Life Insurance Company now owns 363,452 shares of the data storage provider’s stock worth $20,106,000 after acquiring an additional 5,972 shares in the last quarter. 90.87% of the stock is currently owned by institutional investors and hedge funds.
In related news, EVP Henri P. Richard sold 4,900 shares of the firm’s stock in a transaction dated Tuesday, April 10th. The shares were sold at an average price of $66.00, for a total transaction of $323,400.00. Following the completion of the sale, the executive vice president now owns 6,984 shares in the company, valued at $460,944. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, CEO George Kurian sold 7,020 shares of the firm’s stock in a transaction dated Thursday, April 5th. The stock was sold at an average price of $61.95, for a total transaction of $434,889.00. Following the sale, the chief executive officer now owns 27,657 shares of the company’s stock, valued at approximately $1,713,351.15. The disclosure for this sale can be found here. In the last quarter, insiders sold 187,652 shares of company stock valued at $13,495,439. 0.47% of the stock is currently owned by corporate insiders.
Shares of NTAP stock opened at $76.96 on Friday. The stock has a market capitalization of $20.49 billion, a PE ratio of 25.74, a PEG ratio of 1.83 and a beta of 1.25. The company has a debt-to-equity ratio of 0.75, a current ratio of 1.89 and a quick ratio of 1.86. NetApp Inc. has a one year low of $37.55 and a one year high of $79.15.
NetApp (NASDAQ:NTAP) last announced its earnings results on Wednesday, May 23rd. The data storage provider reported $1.05 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $1.01 by $0.04. The company had revenue of $1.64 billion during the quarter, compared to the consensus estimate of $1.60 billion. NetApp had a net margin of 1.29% and a return on equity of 33.87%. The firm’s revenue for the quarter was up 10.8% on a year-over-year basis. During the same quarter in the prior year, the company posted $0.86 earnings per share. equities research analysts anticipate that NetApp Inc. will post 3.54 earnings per share for the current fiscal year.
The company also recently announced a quarterly dividend, which will be paid on Wednesday, July 25th. Stockholders of record on Friday, July 6th will be issued a $0.40 dividend. The ex-dividend date of this dividend is Thursday, July 5th. This represents a $1.60 annualized dividend and a dividend yield of 2.08%. This is an increase from NetApp’s previous quarterly dividend of $0.20. NetApp’s dividend payout ratio is currently 26.76%.
Several research analysts recently issued reports on NTAP shares. Pivotal Research set a $62.00 target price on shares of NetApp and gave the stock a “hold” rating in a research note on Wednesday, February 28th. Piper Jaffray Companies reissued an “overweight” rating and set a $72.00 target price on shares of NetApp in a research note on Friday, March 23rd. UBS Group increased their target price on shares of NetApp from $70.00 to $71.00 and gave the stock a “buy” rating in a research note on Wednesday, March 28th. Cross Research lowered shares of NetApp from a “buy” rating to a “hold” rating in a research note on Monday, April 2nd. Finally, DA Davidson set a $79.00 target price on shares of NetApp and gave the stock a “buy” rating in a research note on Friday, April 6th. Two equities research analysts have rated the stock with a sell rating, nine have issued a hold rating, twenty-one have given a buy rating and one has assigned a strong buy rating to the company’s stock. NetApp currently has a consensus rating of “Buy” and an average target price of $67.15.
NetApp, Inc provides software, systems, and services to manage and store computer data worldwide. It offers flash; flash arrays that support data management; hybrid arrays to deploy the speed of flash storage; hybrid cloud; ONTAP cloud storage data management service; NetApp cloud sync hybrid data management Software as a Service; NetApp private storage for cloud; and AltaVault cloud-integrated solutions.
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