First Mercantile Trust Co. Reduces Position in NetApp, Inc. (NTAP)
First Mercantile Trust Co. cut its position in shares of NetApp, Inc. (NASDAQ:NTAP) by 28.8% during the second quarter, Holdings Channel reports. The fund owned 29,963 shares of the data storage provider’s stock after selling 12,143 shares during the period. First Mercantile Trust Co.’s holdings in NetApp were worth $1,200,000 as of its most recent SEC filing.
Other large investors have also made changes to their positions in the company. Chevy Chase Trust Holdings Inc. raised its stake in shares of NetApp by 1.5% in the first quarter. Chevy Chase Trust Holdings Inc. now owns 233,576 shares of the data storage provider’s stock worth $9,776,000 after buying an additional 3,470 shares during the period. Gulf International Bank UK Ltd increased its position in shares of NetApp by 1.1% in the first quarter. Gulf International Bank UK Ltd now owns 94,431 shares of the data storage provider’s stock worth $3,951,000 after buying an additional 1,000 shares in the last quarter. National Pension Service increased its position in shares of NetApp by 24,106.4% in the first quarter. National Pension Service now owns 278,131 shares of the data storage provider’s stock worth $11,654,000 after buying an additional 276,982 shares in the last quarter. Carroll Financial Associates Inc. purchased a new stake in NetApp during the first quarter valued at about $123,000. Finally, Bank of Montreal Can increased its stake in NetApp by 22.3% in the first quarter. Bank of Montreal Can now owns 178,969 shares of the data storage provider’s stock valued at $7,491,000 after buying an additional 32,658 shares during the period. 91.25% of the stock is owned by institutional investors and hedge funds.
Shares of NetApp, Inc. (NASDAQ NTAP) opened at 41.49 on Friday. The stock has a market capitalization of $11.27 billion, a price-to-earnings ratio of 22.92 and a beta of 1.21. NetApp, Inc. has a 52-week low of $28.32 and a 52-week high of $45.24. The company has a 50-day moving average price of $41.95 and a 200-day moving average price of $40.60.
NetApp (NASDAQ:NTAP) last released its quarterly earnings results on Wednesday, May 24th. The data storage provider reported $0.86 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $0.82 by $0.04. The company had revenue of $1.48 billion for the quarter, compared to analyst estimates of $1.44 billion. NetApp had a return on equity of 21.66% and a net margin of 9.22%. The firm’s revenue was up 7.3% on a year-over-year basis. During the same period in the previous year, the company posted $0.55 earnings per share. On average, equities analysts anticipate that NetApp, Inc. will post $3.03 earnings per share for the current year.
The business also recently disclosed a quarterly dividend, which was paid on Wednesday, July 26th. Shareholders of record on Friday, July 7th were paid a dividend of $0.20 per share. This is a boost from NetApp’s previous quarterly dividend of $0.19. The ex-dividend date was Wednesday, July 5th. This represents a $0.80 dividend on an annualized basis and a yield of 1.93%. NetApp’s payout ratio is presently 44.20%.
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Several research analysts have weighed in on NTAP shares. Stifel Nicolaus reissued a “hold” rating and set a $37.00 price objective on shares of NetApp in a report on Friday, May 26th. Drexel Hamilton reaffirmed a “buy” rating and issued a $62.00 price target on shares of NetApp in a report on Wednesday, May 24th. Zacks Investment Research raised shares of NetApp from a “sell” rating to a “hold” rating in a report on Monday, May 8th. Credit Suisse Group raised shares of NetApp from an “underperform” rating to a “neutral” rating and lifted their price target for the company from $35.00 to $37.00 in a report on Thursday, May 25th. Finally, Royal Bank Of Canada reaffirmed a “hold” rating and issued a $45.00 price target on shares of NetApp in a report on Friday, June 9th. Four investment analysts have rated the stock with a sell rating, twenty-one have assigned a hold rating and eleven have given a buy rating to the company. The stock currently has an average rating of “Hold” and an average price target of $41.63.
In other news, CEO George Kurian sold 4,000 shares of the business’s stock in a transaction on Tuesday, May 30th. The stock was sold at an average price of $40.12, for a total value of $160,480.00. Following the completion of the transaction, the chief executive officer now owns 65,123 shares in the company, valued at $2,612,734.76. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, EVP Henri P. Richard sold 1,976 shares of the business’s stock in a transaction on Tuesday, August 1st. The stock was sold at an average price of $43.41, for a total value of $85,778.16. Following the completion of the transaction, the executive vice president now owns 19,788 shares of the company’s stock, valued at approximately $858,997.08. The disclosure for this sale can be found here. Insiders have sold 117,518 shares of company stock valued at $4,726,762 in the last quarter. 0.47% of the stock is owned by company insiders.
NetApp Company Profile
NetApp, Inc (NetApp) provides software, systems and services to manage and store customer data. The Company enables enterprises, service providers, governmental organizations, and partners to envision, deploy and evolve their information technology (IT) environments. The Company offers a portfolio of products and services that satisfy a range of customer workloads across different data types and deployment models.
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