Zurcher Kantonalbank Zurich Cantonalbank Purchases 15,514 Shares of NetApp, Inc. (NASDAQ:NTAP)

Posted by Defense World Staff on Apr 22nd, 2023

Zurcher Kantonalbank Zurich Cantonalbank boosted its position in NetApp, Inc. (NASDAQ:NTAP – Get Rating) by 25.3% during the fourth quarter, according to its most recent 13F filing with the SEC. The firm owned 76,939 shares of the data storage provider’s stock after acquiring an additional 15,514 shares during the period. Zurcher Kantonalbank Zurich Cantonalbank’s holdings in NetApp were worth $4,621,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also added to or reduced their stakes in the company. Ten Capital Wealth Advisors LLC bought a new stake in NetApp in the 3rd quarter valued at about $27,000. Ronald Blue Trust Inc. increased its position in shares of NetApp by 183.5% during the third quarter. Ronald Blue Trust Inc. now owns 550 shares of the data storage provider’s stock valued at $36,000 after buying an additional 356 shares during the period. Gradient Investments LLC increased its position in shares of NetApp by 57.3% during the third quarter. Gradient Investments LLC now owns 629 shares of the data storage provider’s stock valued at $39,000 after buying an additional 229 shares during the period. Romano Brothers AND Company bought a new stake in shares of NetApp during the fourth quarter valued at about $57,000. Finally, Ameliora Wealth Management Ltd. bought a new stake in shares of NetApp during the third quarter valued at about $73,000. 87.92% of the stock is currently owned by institutional investors.

Insider Activity at NetApp

In other NetApp news, President Cesar Cernuda sold 18,000 shares of the firm’s stock in a transaction dated Wednesday, March 15th. The stock was sold at an average price of $60.09, for a total value of $1,081,620.00. Following the transaction, the president now directly owns 44,829 shares of the company’s stock, valued at $2,693,774.61. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. In other NetApp news, CEO George Kurian sold 4,500 shares of the firm’s stock in a transaction dated Tuesday, February 7th. The stock was sold at an average price of $65.87, for a total value of $296,415.00. Following the transaction, the chief executive officer now directly owns 150,226 shares of the company’s stock, valued at $9,895,386.62. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, President Cesar Cernuda sold 18,000 shares of the firm’s stock in a transaction dated Wednesday, March 15th. The stock was sold at an average price of $60.09, for a total value of $1,081,620.00. Following the completion of the transaction, the president now directly owns 44,829 shares in the company, valued at $2,693,774.61. The disclosure for this sale can be found here. Insiders have sold 31,500 shares of company stock valued at $1,960,448 over the last ninety days. Insiders own 0.26% of the company’s stock.

NetApp Stock Performance

Shares of NTAP stock opened at $63.21 on Friday. The company has a quick ratio of 1.29, a current ratio of 1.34 and a debt-to-equity ratio of 2.17. NetApp, Inc. has a 52 week low of $58.08 and a 52 week high of $79.09. The firm has a market capitalization of $13.52 billion, a price-to-earnings ratio of 10.88, a PEG ratio of 1.68 and a beta of 1.19. The stock has a fifty day moving average of $64.46 and a 200 day moving average of $65.41.

NetApp (NASDAQ:NTAP – Get Rating) last released its quarterly earnings data on Wednesday, February 22nd. The data storage provider reported $1.37 EPS for the quarter, beating the consensus estimate of $1.31 by $0.06. NetApp had a return on equity of 103.19% and a net margin of 19.93%. The company had revenue of $1.53 billion for the quarter, compared to analysts’ expectations of $1.61 billion. During the same period last year, the firm posted $1.20 earnings per share. NetApp’s revenue was down 5.5% compared to the same quarter last year. As a group, research analysts expect that NetApp, Inc. will post 4.28 earnings per share for the current year.

NetApp Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, April 26th. Investors of record on Thursday, April 6th will be given a dividend of $0.50 per share. The ex-dividend date of this dividend is Wednesday, April 5th. This represents a $2.00 annualized dividend and a dividend yield of 3.16%. NetApp’s dividend payout ratio (DPR) is presently 34.42%.

Wall Street Analyst Weigh In

Several brokerages have recently weighed in on NTAP. UBS Group decreased their price target on NetApp from $78.00 to $74.00 and set a “neutral” rating on the stock in a research report on Thursday, February 23rd. Citigroup decreased their price objective on shares of NetApp from $110.00 to $100.00 and set a “buy” rating on the stock in a research report on Thursday, February 23rd. Credit Suisse Group cut shares of NetApp from an “outperform” rating to a “neutral” rating in a research report on Thursday, February 23rd. Loop Capital decreased their price objective on shares of NetApp from $67.00 to $65.00 and set a “hold” rating on the stock in a research report on Monday, February 27th. Finally, JPMorgan Chase & Co. decreased their price objective on shares of NetApp from $75.00 to $73.00 and set a “neutral” rating on the stock in a research report on Thursday, February 23rd. Three investment analysts have rated the stock with a sell rating, eleven have assigned a hold rating and nine have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, NetApp currently has a consensus rating of “Hold” and an average price target of $74.24.

About NetApp

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NetApp, Inc provides software, systems, and services to manage and share data on-premises, and private and public clouds worldwide. The company offers cloud data services, including NetApp Cloud Volumes Service for AWS, NetApp Cloud Volumes ONTAP, NetApp Cloud Sync, NetApp Cloud Secure, NetApp Cloud Tiering, NetApp SaaS Backup, NetApp Kubernetes Service, and NetApp Cloud Insights.