Ieq Capital LLC lessened its position in NetApp, Inc. (NASDAQ:NTAP – Get Rating) by 25.1% in the fourth quarter, according to its most recent disclosure with the SEC. The firm owned 7,846 shares of the data storage provider’s stock after selling 2,635 shares during the period. Ieq Capital LLC’s holdings in NetApp were worth $471,000 as of its most recent filing with the SEC.
A number of other hedge funds have also recently added to or reduced their stakes in the company. CX Institutional grew its stake in NetApp by 16.1% in the fourth quarter. CX Institutional now owns 51,773 shares of the data storage provider’s stock valued at $3,109,000 after acquiring an additional 7,176 shares during the period. Sepio Capital LP acquired a new stake in NetApp in the fourth quarter valued at approximately $2,510,000. Simplicity Solutions LLC purchased a new position in shares of NetApp during the fourth quarter valued at approximately $312,000. Todd Asset Management LLC boosted its position in shares of NetApp by 2.0% during the fourth quarter. Todd Asset Management LLC now owns 284,833 shares of the data storage provider’s stock valued at $17,107,000 after buying an additional 5,614 shares during the last quarter. Finally, Gladius Capital Management LP purchased a new position in shares of NetApp during the fourth quarter valued at approximately $90,000. Institutional investors and hedge funds own 87.92% of the company’s stock.
Insider Activity
In other news, CEO George Kurian sold 4,500 shares of NetApp stock in a transaction on Tuesday, February 7th. The stock was sold at an average price of $65.87, for a total value of $296,415.00. Following the completion of the transaction, the chief executive officer now directly owns 150,226 shares in the company, valued at $9,895,386.62. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. In related news, President Cesar Cernuda sold 18,000 shares of the business’s stock in a transaction dated Wednesday, March 15th. The stock was sold at an average price of $60.09, for a total transaction 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 transaction was disclosed in a document filed with the SEC, which is available through this link. Also, CEO George Kurian sold 4,500 shares of the business’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 owns 150,226 shares of the company’s stock, valued at $9,895,386.62. The disclosure for this sale can be found here. Over the last three months, insiders sold 31,500 shares of company stock worth $1,960,448. 0.26% of the stock is owned by corporate insiders.
NetApp Stock Performance
NetApp (NASDAQ:NTAP – Get Rating) last announced its quarterly earnings results on Wednesday, February 22nd. The data storage provider reported $1.37 earnings per share for the quarter, beating the consensus estimate of $1.31 by $0.06. The company had revenue of $1.53 billion during the quarter, compared to analysts’ expectations of $1.61 billion. NetApp had a return on equity of 103.19% and a net margin of 19.93%. The firm’s quarterly revenue was down 5.5% compared to the same quarter last year. During the same period in the previous year, the business earned $1.20 earnings per share. On average, equities research analysts forecast that NetApp, Inc. will post 4.29 EPS for the current year.
NetApp Announces Dividend
The business also recently declared a quarterly dividend, which was paid on Wednesday, April 26th. Stockholders of record on Thursday, April 6th were given a $0.50 dividend. This represents a $2.00 annualized dividend and a dividend yield of 3.18%. The ex-dividend date of this dividend was Wednesday, April 5th. NetApp’s dividend payout ratio (DPR) is presently 34.42%.
Analysts Set New Price Targets
Several research analysts recently issued reports on the company. Susquehanna cut their target price on NetApp from $65.00 to $62.00 and set a “neutral” rating on the stock in a research report on Thursday, February 23rd. Raymond James cut their target price on NetApp from $75.00 to $72.00 and set an “outperform” rating on the stock in a research report on Tuesday, April 11th. Barclays cut their target price on NetApp from $71.00 to $67.00 and set an “equal weight” rating on the stock in a research report on Thursday, February 23rd. Citigroup cut their target price on NetApp from $110.00 to $100.00 and set a “buy” rating on the stock in a research report on Thursday, February 23rd. Finally, Credit Suisse Group lowered NetApp from an “outperform” rating to a “neutral” rating in a report on Thursday, February 23rd. Three analysts have rated the stock with a sell rating, eleven have assigned a hold rating and nine have issued a buy rating to the stock. Based on data from MarketBeat, the stock presently has an average rating of “Hold” and a consensus price target of $74.24.
NetApp Profile
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.
Read More
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