Fort Pitt Capital Group LLC Has $40.58 Million Position in NetApp Inc. (NTAP)
Fort Pitt Capital Group LLC raised its holdings in shares of NetApp Inc. (NASDAQ:NTAP) by 1.8% in the second quarter, HoldingsChannel reports. The institutional investor owned 516,793 shares of the data storage provider’s stock after purchasing an additional 9,148 shares during the quarter. NetApp comprises about 3.1% of Fort Pitt Capital Group LLC’s holdings, making the stock its 9th biggest position. Fort Pitt Capital Group LLC’s holdings in NetApp were worth $40,584,000 as of its most recent SEC filing.
Other institutional investors have also added to or reduced their stakes in the company. Moneta Group Investment Advisors LLC grew its holdings in shares of NetApp by 441.0% during the first quarter. Moneta Group Investment Advisors LLC now owns 1,650 shares of the data storage provider’s stock worth $102,000 after buying an additional 1,345 shares in the last quarter. Migdal Insurance & Financial Holdings Ltd. grew its holdings in shares of NetApp by 16,433.3% during the second quarter. Migdal Insurance & Financial Holdings Ltd. now owns 1,488 shares of the data storage provider’s stock worth $116,000 after buying an additional 1,479 shares in the last quarter. Fortis Advisors LLC purchased a new stake in shares of NetApp during the first quarter worth $127,000. Mount Yale Investment Advisors LLC purchased a new stake in shares of NetApp during the first quarter worth $191,000. Finally, Greenleaf Trust purchased a new stake in shares of NetApp during the second quarter worth $206,000. 94.95% of the stock is owned by institutional investors and hedge funds.
In other NetApp news, EVP Henri P. Richard sold 2,525 shares of the company’s stock in a transaction dated Monday, July 16th. The shares were sold at an average price of $81.94, for a total value of $206,898.50. Following the transaction, the executive vice president now owns 72,715 shares of the company’s stock, valued at $5,958,267.10. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, CEO George Kurian sold 36,646 shares of the company’s stock in a transaction dated Friday, July 20th. The shares were sold at an average price of $81.97, for a total transaction of $3,003,872.62. Following the completion of the transaction, the chief executive officer now directly owns 100,793 shares in the company, valued at approximately $8,262,002.21. The disclosure for this sale can be found here. Insiders sold 212,255 shares of company stock worth $16,180,494 in the last ninety days. 0.19% of the stock is currently owned by corporate insiders.
NetApp (NASDAQ:NTAP) last announced its quarterly earnings data on Wednesday, August 15th. The data storage provider reported $1.04 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $0.80 by $0.24. NetApp had a net margin of 3.68% and a return on equity of 41.75%. The firm had revenue of $1.47 billion during the quarter, compared to analyst estimates of $1.42 billion. During the same quarter in the prior year, the firm posted $0.62 earnings per share. NetApp’s quarterly revenue was up 11.6% on a year-over-year basis. equities research analysts anticipate that NetApp Inc. will post 3.56 EPS for the current year.
The business also recently announced a quarterly dividend, which will be paid on Wednesday, October 24th. Shareholders of record on Friday, October 5th will be given a $0.40 dividend. The ex-dividend date of this dividend is Thursday, October 4th. This represents a $1.60 dividend on an annualized basis and a yield of 1.94%. NetApp’s payout ratio is currently 53.51%.
A number of equities research analysts have recently issued reports on NTAP shares. Argus upped their target price on shares of NetApp to $90.00 and gave the stock a “buy” rating in a report on Thursday, July 5th. They noted that the move was a valuation call. DA Davidson reaffirmed a “buy” rating and set a $90.00 target price (up previously from $83.00) on shares of NetApp in a report on Monday, July 9th. Morgan Stanley upped their target price on shares of NetApp from $65.00 to $70.00 and gave the stock an “equal weight” rating in a report on Thursday, August 16th. Deutsche Bank upped their target price on shares of NetApp from $40.00 to $43.00 and gave the stock a “sell” rating in a report on Thursday, May 24th. Finally, Piper Jaffray Companies upped their target price on shares of NetApp from $75.00 to $77.00 and gave the stock an “overweight” rating in a report on Thursday, May 24th. Two analysts have rated the stock with a sell rating, ten have assigned a hold rating and twenty have assigned a buy rating to the company. NetApp has an average rating of “Buy” and a consensus price target of $76.37.
NetApp, Inc provides software, systems, and services to manage and share date on-premises, and private and public clouds worldwide. It offers cloud data services, such as ONTAP cloud storage data management and NetApp cloud sync data synchronization services; NetApp SaaS backup for Microsoft Office 365; NetApp cloud backup solutions; OnCommand management software and management integration tools; and NetApp private storage for cloud.
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