Jaffetilchin Investment Partners LLC Lowers Stake in NetApp, Inc. (NTAP)
Jaffetilchin Investment Partners LLC decreased its stake in NetApp, Inc. (NASDAQ:NTAP) by 16.0% during the second quarter, Holdings Channel reports. The fund owned 12,355 shares of the data storage provider’s stock after selling 2,358 shares during the period. Jaffetilchin Investment Partners LLC’s holdings in NetApp were worth $495,000 as of its most recent filing with the SEC.
Other hedge funds have also recently added to or reduced their stakes in the company. SG Americas Securities LLC boosted its stake in NetApp by 2.6% in the second quarter. SG Americas Securities LLC now owns 212,725 shares of the data storage provider’s stock valued at $8,520,000 after buying an additional 5,420 shares during the last quarter. LMR Partners LLP purchased a new stake in NetApp during the second quarter valued at $1,869,000. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp boosted its stake in NetApp by 25.8% in the second quarter. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp now owns 122,045 shares of the data storage provider’s stock valued at $4,888,000 after buying an additional 25,000 shares during the last quarter. Rational Advisors LLC purchased a new stake in NetApp during the second quarter valued at $709,000. Finally, Advisors Asset Management Inc. boosted its stake in NetApp by 10.7% in the second quarter. Advisors Asset Management Inc. now owns 19,176 shares of the data storage provider’s stock valued at $768,000 after buying an additional 1,854 shares during the last quarter. 90.10% of the stock is owned by institutional investors and hedge funds.
Shares of NetApp, Inc. (NASDAQ NTAP) opened at 41.97 on Wednesday. The firm’s 50 day moving average price is $42.06 and its 200 day moving average price is $40.70. The stock has a market cap of $11.40 billion, a P/E ratio of 23.19 and a beta of 1.21. NetApp, Inc. has a 52-week low of $27.99 and a 52-week high of $45.24.
NetApp (NASDAQ:NTAP) last issued its quarterly earnings data on Wednesday, May 24th. The data storage provider reported $0.86 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.82 by $0.04. NetApp had a net margin of 9.22% and a return on equity of 21.66%. The firm had revenue of $1.48 billion during the quarter, compared to the consensus estimate of $1.44 billion. During the same quarter in the previous year, the firm posted $0.55 EPS. The company’s revenue for the quarter was up 7.3% compared to the same quarter last year. On average, analysts expect that NetApp, Inc. will post $3.03 EPS for the current year.
The firm also recently disclosed a quarterly dividend, which was paid on Wednesday, July 26th. Stockholders of record on Friday, July 7th were given a dividend of $0.20 per share. This is an increase from NetApp’s previous quarterly dividend of $0.19. The ex-dividend date of this dividend was Wednesday, July 5th. This represents a $0.80 dividend on an annualized basis and a dividend yield of 1.91%. NetApp’s payout ratio is presently 44.20%.
Several research firms recently weighed in on NTAP. Longbow Research raised NetApp from a “neutral” rating to a “buy” rating and set a $50.00 price target for the company in a report on Tuesday. Piper Jaffray Companies set a $50.00 price objective on NetApp and gave the company a “buy” rating in a report on Monday. Maxim Group raised NetApp from a “hold” rating to a “buy” rating and lifted their price objective for the company from $46.00 to $56.00 in a report on Monday. Robert W. Baird set a $44.00 price objective on NetApp and gave the company a “hold” rating in a report on Monday. Finally, BidaskClub cut NetApp from a “buy” rating to a “hold” rating in a report on Saturday. Four equities research analysts have rated the stock with a sell rating, twenty have issued a hold rating and twelve have given a buy rating to the company. The stock presently has a consensus rating of “Hold” and a consensus price target of $42.56.
In other news, SVP Matthew K. Fawcett sold 6,792 shares of the business’s stock in a transaction on Friday, June 2nd. The shares were sold at an average price of $39.58, for a total transaction of $268,827.36. Following the completion of the sale, the senior vice president now owns 2,117 shares of the company’s stock, valued at approximately $83,790.86. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, EVP Henri P. Richard sold 1,976 shares of the business’s stock in a transaction on Tuesday, August 1st. The shares were sold at an average price of $43.41, for a total transaction of $85,778.16. Following the sale, the executive vice president now directly owns 19,788 shares of the company’s stock, valued at approximately $858,997.08. The disclosure for this sale can be found here. In the last three months, insiders have sold 117,518 shares of company stock valued at $4,726,762. Insiders own 0.47% of the company’s stock.
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.
Want to see what other hedge funds are holding NTAP? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for NetApp, Inc. (NASDAQ:NTAP).
Receive News & Ratings for NetApp Inc. Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for NetApp Inc. and related companies with Analyst Ratings Network's FREE daily email newsletter.