Oppenheimer & Co. Inc. acquired a new position in shares of NetApp, Inc. (NASDAQ:NTAP – Free Report) in the first quarter, according to its most recent filing with the Securities & Exchange Commission. The firm acquired 15,234 shares of the data storage provider’s stock, valued at approximately $973,000.
A number of other hedge funds have also modified their holdings of the company. Massmutual Trust Co. FSB ADV grew its stake in NetApp by 52.2% in the first quarter. Massmutual Trust Co. FSB ADV now owns 443 shares of the data storage provider’s stock valued at $28,000 after purchasing an additional 152 shares in the last quarter. Global Retirement Partners LLC grew its stake in NetApp by 51.6% in the first quarter. Global Retirement Partners LLC now owns 464 shares of the data storage provider’s stock valued at $29,000 after purchasing an additional 158 shares in the last quarter. Fuller & Thaler Asset Management Inc. bought a new position in NetApp in the fourth quarter valued at approximately $31,000. Caldwell Sutter Capital Inc. bought a new position in NetApp in the first quarter valued at approximately $34,000. Finally, HHM Wealth Advisors LLC grew its stake in NetApp by 157.4% in the first quarter. HHM Wealth Advisors LLC now owns 785 shares of the data storage provider’s stock valued at $50,000 after purchasing an additional 480 shares in the last quarter. 89.53% of the stock is currently owned by institutional investors.
Insider Activity
In other news, CEO George Kurian sold 4,500 shares of NetApp stock in a transaction on Tuesday, June 6th. The stock was sold at an average price of $70.00, for a total value of $315,000.00. Following the transaction, the chief executive officer now owns 283,050 shares in the company, valued at approximately $19,813,500. The sale was disclosed in a filing with the SEC, which is available at the SEC website. In other news, CEO George Kurian sold 4,500 shares of NetApp stock in a transaction on Tuesday, June 6th. The stock was sold at an average price of $70.00, for a total value of $315,000.00. Following the transaction, the chief executive officer now owns 283,050 shares in the company, valued at approximately $19,813,500. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, EVP Elizabeth M. O’callahan sold 872 shares of NetApp stock in a transaction on Monday, July 10th. The shares were sold at an average price of $75.83, for a total value 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. In the last quarter, insiders have sold 10,744 shares of company stock worth $798,626. Insiders own 0.37% of the company’s stock.
NetApp Price Performance
NetApp (NASDAQ:NTAP – Get Free Report) last announced its quarterly earnings data on Wednesday, August 23rd. The data storage provider reported $1.15 earnings per share for the quarter, beating the consensus estimate of $1.07 by $0.08. The firm had revenue of $1.43 billion during the quarter, compared to analysts’ expectations of $1.41 billion. NetApp had a return on equity of 85.69% and a net margin of 19.49%. The company’s quarterly revenue was down 10.1% compared to the same quarter last year. During the same period in the previous year, the firm earned $0.97 EPS. As a group, equities analysts predict that NetApp, Inc. will post 4.38 earnings per share for the current fiscal year.
NetApp Dividend Announcement
The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, October 25th. Shareholders of record on Friday, October 6th will be issued a $0.50 dividend. The ex-dividend date is Thursday, October 5th. This represents a $2.00 annualized dividend and a yield of 2.68%. NetApp’s dividend payout ratio is presently 36.17%.
Analysts Set New Price Targets
Several research analysts have recently commented on NTAP shares. Wedbush reiterated a “neutral” rating and set a $75.00 target price on shares of NetApp in a research note on Thursday. Barclays lifted their target price on NetApp from $67.00 to $69.00 in a research note on Thursday, June 1st. Northland Securities reduced their target price on NetApp from $89.00 to $88.00 and set an “outperform” rating for the company in a research note on Thursday. Citigroup lifted their target price on NetApp from $80.00 to $83.00 and gave the stock a “neutral” rating in a research note on Thursday. Finally, SpectralCast reiterated a “maintains” rating on shares of NetApp in a research note on Thursday, June 1st. One equities research analyst has rated the stock with a sell rating, eleven have assigned a hold rating and nine have issued a buy rating to the company’s stock. According to MarketBeat, NetApp currently has a consensus rating of “Hold” and an average price target of $76.45.
Check Out Our Latest Research Report on NetApp
NetApp Profile
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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