California Public Employees Retirement System Has $30.06 Million Stake in NetApp, Inc. (NASDAQ:NTAP)

Posted by Defense World Staff on May 11th, 2023

California Public Employees Retirement System lowered its holdings in NetApp, Inc. (NASDAQ:NTAP – Get Rating) by 1.0% during the fourth quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor owned 500,459 shares of the data storage provider’s stock after selling 5,214 shares during the quarter. California Public Employees Retirement System owned about 0.23% of NetApp worth $30,058,000 as of its most recent filing with the SEC.

Other large investors have also made changes to their positions in the company. Private Advisor Group LLC boosted its position in NetApp by 66.3% during the first quarter. Private Advisor Group LLC now owns 7,740 shares of the data storage provider’s stock valued at $643,000 after purchasing an additional 3,086 shares during the last quarter. Commonwealth of Pennsylvania Public School Empls Retrmt SYS increased its stake in shares of NetApp by 6.0% in the 1st quarter. Commonwealth of Pennsylvania Public School Empls Retrmt SYS now owns 29,741 shares of the data storage provider’s stock valued at $2,469,000 after purchasing an additional 1,672 shares during the last quarter. Sei Investments Co. increased its stake in shares of NetApp by 0.8% in the 1st quarter. Sei Investments Co. now owns 139,507 shares of the data storage provider’s stock valued at $11,563,000 after purchasing an additional 1,086 shares during the last quarter. Aviva PLC boosted its holdings in shares of NetApp by 41.0% during the 1st quarter. Aviva PLC now owns 98,770 shares of the data storage provider’s stock valued at $8,198,000 after acquiring an additional 28,705 shares in the last quarter. Finally, Prudential PLC acquired a new stake in shares of NetApp during the 1st quarter valued at $465,000. Institutional investors and hedge funds own 87.92% of the company’s stock.

Insider Buying and Selling

In other news, President Cesar Cernuda sold 18,000 shares of the stock in a transaction dated Wednesday, March 15th. The shares were 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 owns 44,829 shares in the company, valued at approximately $2,693,774.61. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. In other NetApp news, President Cesar Cernuda sold 18,000 shares of the firm’s stock in a transaction dated Wednesday, March 15th. The shares were sold at an average price of $60.09, for a total transaction of $1,081,620.00. Following the sale, the president now directly owns 44,829 shares of the company’s stock, valued at approximately $2,693,774.61. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CEO George Kurian sold 2,250 shares of the firm’s stock in a transaction that occurred on Tuesday, April 4th. The shares were sold at an average price of $64.27, for a total transaction of $144,607.50. Following the completion of the transaction, the chief executive officer now owns 144,920 shares in the company, valued at approximately $9,314,008.40. The disclosure for this sale can be found here. Insiders sold a total of 27,000 shares of company stock worth $1,664,033 in the last 90 days. Company insiders own 0.26% of the company’s stock.

NetApp Trading Down 0.8 %

Shares of NetApp stock opened at $63.27 on Thursday. The company has a debt-to-equity ratio of 2.17, a current ratio of 1.34 and a quick ratio of 1.29. The firm has a fifty day moving average price of $63.50 and a 200 day moving average price of $65.31. NetApp, Inc. has a 1 year low of $58.08 and a 1 year high of $79.09. The stock has a market cap of $13.53 billion, a PE ratio of 10.89, a price-to-earnings-growth ratio of 1.64 and a beta of 1.20.

NetApp (NASDAQ:NTAP – Get Rating) last released its quarterly earnings data on Wednesday, February 22nd. The data storage provider reported $1.37 earnings per share for the quarter, beating analysts’ consensus estimates of $1.31 by $0.06. NetApp had a net margin of 19.93% and a return on equity of 103.19%. The company had revenue of $1.53 billion during the quarter, compared to analysts’ expectations of $1.61 billion. During the same quarter in the previous year, the company earned $1.20 earnings per share. The firm’s revenue for the quarter was down 5.5% on a year-over-year basis. Equities research analysts predict that NetApp, Inc. will post 4.29 earnings per share for the current year.

NetApp Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Wednesday, April 26th. Investors of record on Thursday, April 6th were paid a dividend of $0.50 per share. This represents a $2.00 dividend on an annualized basis and a yield of 3.16%. The ex-dividend date was Wednesday, April 5th. NetApp’s dividend payout ratio is currently 34.42%.

Wall Street Analyst Weigh In

NTAP has been the topic of a number of recent analyst reports. JPMorgan Chase & Co. dropped their price objective on NetApp from $75.00 to $73.00 and set a “neutral” rating on the stock in a research note on Thursday, February 23rd. Loop Capital decreased their price objective on NetApp from $67.00 to $65.00 and set a “hold” rating for the company in a report on Monday, February 27th. 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 note on Tuesday, April 11th. Credit Suisse Group downgraded NetApp from an “outperform” rating to a “neutral” rating in a research note on Thursday, February 23rd. Finally, Citigroup dropped their price objective on NetApp from $110.00 to $100.00 and set a “buy” rating on the stock in a research note on Thursday, February 23rd. Three investment analysts have rated the stock with a sell rating, eleven have issued a hold rating and nine have given a buy rating to the company’s stock. Based on data from MarketBeat.com, NetApp has a consensus rating of “Hold” and an average target price of $74.24.

NetApp Company Profile

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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.