Retirement Systems of Alabama Decreases Holdings in NetApp, Inc. (NASDAQ:NTAP)

Posted by on Jul 27th, 2023

Retirement Systems of Alabama decreased its holdings in NetApp, Inc. (NASDAQ:NTAP – Free Report) by 8.5% in the 1st quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 63,717 shares of the data storage provider’s stock after selling 5,918 shares during the period. Retirement Systems of Alabama’s holdings in NetApp were worth $4,068,000 at the end of the most recent reporting period.

Other large investors have also recently modified their holdings of the company. Wellington Management Group LLP boosted its position 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 acquiring an additional 3,439,053 shares during the period. Norges Bank bought a new position in shares of NetApp in the fourth quarter valued at approximately $138,383,000. Epoch Investment Partners Inc. boosted its position in shares of NetApp by 628.2% in the fourth quarter. Epoch Investment Partners Inc. now owns 1,078,635 shares of the data storage provider’s stock valued at $64,783,000 after acquiring an additional 930,506 shares during the period. Alyeska Investment Group L.P. bought a new position in shares of NetApp in the fourth quarter valued at approximately $33,359,000. Finally, Mariner LLC lifted its position in NetApp by 176.0% during the first quarter. Mariner LLC now owns 646,590 shares of the data storage provider’s stock valued at $53,669,000 after purchasing an additional 412,291 shares during the last quarter. Hedge funds and other institutional investors own 89.53% of the company’s stock.

Analysts Set New Price Targets

Several equities research analysts have issued reports on NTAP shares. Morgan Stanley upgraded shares of NetApp from an “underweight” rating to an “equal weight” rating and lifted their target price for the company from $60.00 to $74.00 in a research report on Wednesday. SpectralCast reiterated a “maintains” rating on shares of NetApp in a research report on Thursday, June 1st. Stifel Nicolaus lifted their target price on shares of NetApp from $75.00 to $80.00 in a research report on Thursday, June 1st. Wedbush lifted their target price on shares of NetApp from $70.00 to $75.00 in a research report on Thursday, June 1st. Finally, Deutsche Bank Aktiengesellschaft boosted their price objective on shares of NetApp from $70.00 to $75.00 in a report on Thursday, June 1st. Two research analysts have rated the stock with a sell rating, twelve have given a hold rating and six have issued a buy rating to the company’s stock. According to MarketBeat.com, the company has a consensus rating of “Hold” and an average target price of $74.71.

Insider Transactions at NetApp

In other news, CEO George Kurian sold 4,500 shares of the company’s stock in a transaction dated Tuesday, July 11th. The shares were sold at an average price of $78.52, for a total value of $353,340.00. Following the sale, the chief executive officer now directly owns 278,550 shares of the company’s stock, valued at approximately $21,871,746. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. In other news, CEO George Kurian sold 4,500 shares of the company’s stock in a transaction dated Tuesday, July 11th. The shares were sold at an average price of $78.52, for a total value of $353,340.00. Following the sale, the chief executive officer now directly owns 278,550 shares of the company’s stock, valued at approximately $21,871,746. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, EVP Elizabeth M. O’callahan sold 872 shares of the company’s stock in a transaction dated Monday, July 10th. The stock was sold at an average price of $75.83, for a total transaction of $66,123.76. Following the completion of the transaction, the executive vice president now owns 13,081 shares in the company, valued at approximately $991,932.23. The disclosure for this sale can be found here. Insiders have sold 12,994 shares of company stock valued at $941,478 in the last three months. 0.26% of the stock is currently owned by company insiders.

NetApp Stock Down 0.8 %

Shares of NetApp stock opened at $78.40 on Thursday. The company has a current ratio of 1.35, a quick ratio of 1.30 and a debt-to-equity ratio of 2.06. The company’s fifty day simple moving average is $73.10 and its two-hundred day simple moving average is $67.56. The company has a market cap of $16.65 billion, a P/E ratio of 13.52, a PEG ratio of 1.98 and a beta of 1.22. NetApp, Inc. has a 12-month low of $58.08 and a 12-month high of $80.53.

NetApp (NASDAQ:NTAP – Get Free Report) last issued its quarterly earnings data on Wednesday, May 31st. The data storage provider reported $1.54 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.34 by $0.20. The business had revenue of $1.58 billion for the quarter, compared to the consensus estimate of $1.54 billion. NetApp had a net margin of 20.02% and a return on equity of 93.62%. During the same period in the previous year, the firm earned $1.21 EPS. Research analysts anticipate that NetApp, Inc. will post 4.5 EPS for the current year.

NetApp Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Wednesday, July 26th. Stockholders of record on Friday, July 7th were given a $0.50 dividend. This represents a $2.00 dividend on an annualized basis and a dividend yield of 2.55%. The ex-dividend date of this dividend was Thursday, July 6th. NetApp’s dividend payout ratio is presently 34.48%.

NetApp Profile

(Free Report)

NetApp, Inc provides cloud-led and data-centric services to manage and share data on-premises, and private and public clouds worldwide. It operates in two segments, Hybrid Cloud and Public Could. The company offers intelligent data management software, such as NetApp ONTAP, NetApp Snapshot, NetApp SnapCenter Backup Management, NetApp SnapMirror Data Replication, NetApp SnapLock Data Compliance, and storage infrastructure solutions, including NetApp All-Flash FAS series, NetApp Fabric Attached Storage, NetApp E/EF series, and NetApp StorageGRID.

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Institutional Ownership by Quarter for NetApp (NASDAQ:NTAP)

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