NetApp, Inc. (NASDAQ:NTAP) Shares Sold by Assenagon Asset Management S.A.

Posted by Defense World Staff on Oct 18th, 2023

Assenagon Asset Management S.A. reduced its stake in shares of NetApp, Inc. (NASDAQ:NTAP – Free Report) by 34.8% during the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 7,947 shares of the data storage provider’s stock after selling 4,248 shares during the quarter. Assenagon Asset Management S.A.’s holdings in NetApp were worth $607,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. CWM LLC increased its stake in NetApp by 5.8% in the first quarter. CWM LLC now owns 4,842 shares of the data storage provider’s stock valued at $309,000 after purchasing an additional 264 shares during the period. Caldwell Sutter Capital Inc. purchased a new stake in shares of NetApp in the first quarter valued at about $34,000. Toroso Investments LLC raised its holdings in shares of NetApp by 31.0% in the first quarter. Toroso Investments LLC now owns 44,937 shares of the data storage provider’s stock valued at $2,869,000 after buying an additional 10,627 shares during the last quarter. Daiwa Securities Group Inc. raised its holdings in shares of NetApp by 20.9% in the first quarter. Daiwa Securities Group Inc. now owns 25,659 shares of the data storage provider’s stock valued at $1,638,000 after buying an additional 4,437 shares during the last quarter. Finally, Assetmark Inc. raised its holdings in shares of NetApp by 20.4% in the first quarter. Assetmark Inc. now owns 32,878 shares of the data storage provider’s stock valued at $2,099,000 after buying an additional 5,578 shares during the last quarter. 90.25% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity

In other news, Director Thomas Michael Nevens sold 7,000 shares of the stock in a transaction that occurred on Monday, October 2nd. The shares were sold at an average price of $75.80, for a total value of $530,600.00. Following the sale, the director now directly owns 14,789 shares in the company, valued at $1,121,006.20. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. In related news, CAO Robert Parks sold 9,113 shares of the firm’s stock in a transaction that occurred on Monday, August 28th. The shares were sold at an average price of $75.90, for a total transaction of $691,676.70. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, Director Thomas Michael Nevens sold 7,000 shares of the firm’s stock in a transaction that occurred on Monday, October 2nd. The stock was sold at an average price of $75.80, for a total transaction of $530,600.00. Following the sale, the director now owns 14,789 shares in the company, valued at approximately $1,121,006.20. The disclosure for this sale can be found here. Insiders have sold 76,489 shares of company stock worth $5,909,145 over the last ninety days. 0.37% of the stock is currently owned by insiders.

Analyst Ratings Changes

A number of equities research analysts have recently commented on NTAP shares. StockNews.com raised shares of NetApp from a “hold” rating to a “buy” rating in a report on Friday, October 13th. Susquehanna raised shares of NetApp from a “neutral” rating to a “positive” rating and upped their target price for the company from $62.00 to $100.00 in a report on Tuesday, September 5th. TD Cowen increased their price target on shares of NetApp from $85.00 to $90.00 and gave the stock an “outperform” rating in a report on Thursday, August 24th. Citigroup increased their price target on shares of NetApp from $80.00 to $83.00 and gave the stock a “neutral” rating in a report on Thursday, August 24th. Finally, William Blair cut shares of NetApp from an “outperform” rating to a “market perform” rating in a report on Monday, September 18th. One investment analyst has rated the stock with a sell rating, eleven have given a hold rating and ten have issued a buy rating to the company. According to MarketBeat.com, NetApp currently has an average rating of “Hold” and a consensus target price of $78.35.

Get Our Latest Report on NetApp

NetApp Trading Up 1.3 %

Shares of NTAP opened at $76.92 on Wednesday. The firm’s 50-day moving average is $76.51 and its two-hundred day moving average is $72.73. The firm has a market capitalization of $16.06 billion, a P/E ratio of 13.91, a PEG ratio of 2.12 and a beta of 1.20. NetApp, Inc. has a twelve month low of $58.08 and a twelve month high of $80.53. The company has a current ratio of 1.28, a quick ratio of 1.24 and a debt-to-equity ratio of 2.74.

NetApp (NASDAQ:NTAP – Get Free Report) last released its quarterly earnings results on Wednesday, August 23rd. The data storage provider reported $1.15 EPS for the quarter, beating the consensus estimate of $1.07 by $0.08. The business had revenue of $1.43 billion for the quarter, compared to analyst estimates of $1.41 billion. NetApp had a net margin of 19.49% and a return on equity of 85.69%. The company’s quarterly revenue was down 10.1% on a year-over-year basis. During the same period in the prior year, the business earned $0.97 earnings per share. On average, research analysts predict that NetApp, Inc. will post 4.48 earnings per share for the current fiscal year.

NetApp Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Wednesday, October 25th. Stockholders of record on Friday, October 6th will be given a $0.50 dividend. The ex-dividend date of this dividend is Thursday, October 5th. This represents a $2.00 annualized dividend and a dividend yield of 2.60%. NetApp’s dividend payout ratio is presently 36.17%.

About NetApp

(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.