Livforsakringsbolaget Skandia Omsesidigt Buys New Position in NetApp, Inc. $NTAP

Livforsakringsbolaget Skandia Omsesidigt bought a new stake in NetApp, Inc. (NASDAQ:NTAP) during the second quarter, Holdings Channel.com reports. The fund bought 166,791 shares of the data storage provider’s stock, valued at approximately $25,798,000. NetApp makes up about 0.8% of Livforsakringsbolaget Skandia Omsesidigt’s portfolio, making the stock its 26th largest position.

Several other institutional investors also recently added to or reduced their stakes in NTAP. Rakuten Investment Management Inc. bought a new stake in shares of NetApp in the second quarter valued at approximately $5,005,000. Empowered Funds LLC bought a new position in NetApp during the second quarter worth $18,442,000. United Capital Financial Advisors LLC acquired a new position in NetApp during the 2nd quarter valued at $1,831,000. Equitable Holdings Inc. bought a new stake in NetApp in the 2nd quarter valued at $220,000. Finally, Jefferies Financial Group Inc. bought a new stake in NetApp in the 2nd quarter valued at $2,236,000. 92.17% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

A number of brokerages have recently commented on NTAP. Evercore set a $210.00 price objective on shares of NetApp in a research report on Monday. JPMorgan Chase & Co. lifted their target price on NetApp from $110.00 to $150.00 and gave the stock a “neutral” rating in a research report on Friday, May 29th. Susquehanna boosted their price target on NetApp from $110.00 to $185.00 and gave the company a “neutral” rating in a research note on Friday, May 29th. Morgan Stanley upgraded shares of NetApp from an “underweight” rating to an “equal weight” rating and increased their price objective for the company from $137.00 to $173.00 in a research note on Monday, August 10th. Finally, The Goldman Sachs Group reissued a “buy” rating and issued a $200.00 price target on shares of NetApp in a research report on Tuesday, June 2nd. Five equities research analysts have rated the stock with a Buy rating and ten have issued a Hold rating to the company’s stock. According to MarketBeat.com, NetApp currently has a consensus rating of “Hold” and a consensus price target of $179.77.

NetApp Trading Down 1.9%

Shares of NetApp stock opened at $187.02 on Friday. NetApp, Inc. has a 12-month low of $93.69 and a 12-month high of $209.06. The stock has a market capitalization of $36.70 billion, a P/E ratio of 29.41, a price-to-earnings-growth ratio of 3.40 and a beta of 1.45. The company has a 50-day simple moving average of $175.90 and a 200 day simple moving average of $138.03. The company has a quick ratio of 1.39, a current ratio of 1.44 and a debt-to-equity ratio of 1.84.

NetApp (NASDAQ:NTAP) last released its quarterly earnings results on Thursday, May 28th. The data storage provider reported $2.03 EPS for the quarter, missing analysts’ consensus estimates of $2.27 by ($0.24). The firm had revenue of $1.95 billion during the quarter, compared to analyst estimates of $1.87 billion. NetApp had a net margin of 18.43% and a return on equity of 117.23%. NetApp’s quarterly revenue was up 12.5% on a year-over-year basis. During the same quarter last year, the firm earned $1.93 earnings per share. Research analysts expect that NetApp, Inc. will post 7.34 earnings per share for the current fiscal year.

Insider Buying and Selling

In other NetApp news, CAO Lorenzo Daniel De sold 225 shares of NetApp stock in a transaction on Monday, June 1st. The stock was sold at an average price of $171.09, for a total value of $38,495.25. Following the completion of the transaction, the chief accounting officer owned 1,090 shares in the company, valued at approximately $186,488.10. The trade was a 17.11% decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, President Cesar Cernuda sold 2,608 shares of the business’s stock in a transaction on Monday, August 17th. The stock was sold at an average price of $204.48, for a total value of $533,283.84. Following the completion of the transaction, the president directly owned 46,530 shares in the company, valued at approximately $9,514,454.40. This represents a 5.31% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold a total of 55,297 shares of company stock worth $8,758,016 in the last three months. Insiders own 0.36% of the company’s stock.

About NetApp

NetApp, Inc (NASDAQ: NTAP) is a data management and storage company that delivers hybrid cloud data services for applications and data. Founded in 1992 as Network Appliance and rebranded as NetApp in 2008, the company is headquartered in Sunnyvale, California. NetApp’s offering focuses on enabling organizations to store, manage, protect and move data across on-premises environments and major public clouds.

The company’s product portfolio centers on the ONTAP data management software and a range of storage systems and services built around it.