Principal Financial Group Inc. lowered its holdings in shares of NetApp, Inc. (NASDAQ:NTAP – Get Rating) by 2.5% in the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 267,989 shares of the data storage provider’s stock after selling 6,734 shares during the period. Principal Financial Group Inc. owned 0.12% of NetApp worth $16,095,000 as of its most recent SEC filing.
Other institutional investors also recently bought and sold shares of the company. Vanguard Group Inc. increased its position in NetApp by 0.7% in the 3rd quarter. Vanguard Group Inc. now owns 26,575,097 shares of the data storage provider’s stock valued at $1,643,670,000 after acquiring an additional 189,823 shares during the period. Wellington Management Group LLP lifted its stake in shares of NetApp by 70.3% in the first quarter. Wellington Management Group LLP now owns 8,329,363 shares of the data storage provider’s stock valued at $691,339,000 after purchasing an additional 3,439,053 shares during the period. Boston Partners boosted its position in shares of NetApp by 1.8% in the 4th quarter. Boston Partners now owns 2,347,509 shares of the data storage provider’s stock worth $141,038,000 after buying an additional 42,216 shares in the last quarter. Invesco Ltd. grew its holdings in NetApp by 6.0% during the 1st quarter. Invesco Ltd. now owns 2,068,077 shares of the data storage provider’s stock valued at $171,649,000 after buying an additional 117,651 shares during the last quarter. Finally, Allianz Asset Management GmbH grew its holdings in shares of NetApp by 0.4% during the third quarter. Allianz Asset Management GmbH now owns 1,936,438 shares of the data storage provider’s stock worth $119,769,000 after buying an additional 7,244 shares in the last quarter. 87.92% of the stock is currently owned by institutional investors and hedge funds.
Analysts Set New Price Targets
Several equities analysts recently weighed in on NTAP shares. Raymond James reduced their target price on shares of NetApp from $75.00 to $72.00 and set an “outperform” rating on the stock in a report on Tuesday, April 11th. UBS Group reduced their price objective on NetApp from $78.00 to $74.00 and set a “neutral” rating for the company in a research report on Thursday, February 23rd. Loop Capital reduced their price target on shares of NetApp from $67.00 to $65.00 and set a “hold” rating for the company in a report on Monday, February 27th. Citigroup lowered their price target on shares of NetApp from $110.00 to $100.00 and set a “buy” rating for the company in a research report on Thursday, February 23rd. Finally, Barclays cut their price objective on shares of NetApp from $71.00 to $67.00 and set an “equal weight” rating on the stock in a research report on Thursday, February 23rd. Three equities research analysts have rated the stock with a sell rating, eleven have issued 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 target price of $74.24.
Insider Activity at NetApp
NetApp Stock Performance
NTAP opened at $66.46 on Wednesday. NetApp, Inc. has a 1 year low of $58.08 and a 1 year high of $79.09. 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 business’s 50-day moving average price is $63.76 and its two-hundred day moving average price is $65.08. The company has a market capitalization of $14.22 billion, a price-to-earnings ratio of 11.44, a P/E/G ratio of 1.73 and a beta of 1.20.
NetApp (NASDAQ:NTAP – Get Rating) last posted its quarterly earnings results 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 return on equity of 103.19% and a net margin of 19.93%. The business had revenue of $1.53 billion for the quarter, compared to analysts’ expectations of $1.61 billion. During the same quarter in the prior year, the business earned $1.20 EPS. The firm’s revenue for the quarter was down 5.5% on a year-over-year basis. Equities analysts expect that NetApp, Inc. will post 4.28 EPS for the current fiscal year.
About NetApp
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.
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