Meiji Yasuda Asset Management Co Ltd. Sells 1,100 Shares of NetApp, Inc. (NTAP)
Meiji Yasuda Asset Management Co Ltd. cut its stake in NetApp, Inc. (NASDAQ:NTAP) by 9.7% during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 10,268 shares of the data storage provider’s stock after selling 1,100 shares during the period. Meiji Yasuda Asset Management Co Ltd.’s holdings in NetApp were worth $411,000 at the end of the most recent quarter.
A number of other large investors have also recently made changes to their positions in the company. CAPROCK Group Inc. raised its stake in shares of NetApp by 0.8% in the second quarter. CAPROCK Group Inc. now owns 5,278 shares of the data storage provider’s stock valued at $211,000 after buying an additional 44 shares during the period. Contravisory Investment Management Inc. raised its stake in shares of NetApp by 0.6% in the second quarter. Contravisory Investment Management Inc. now owns 7,059 shares of the data storage provider’s stock valued at $283,000 after buying an additional 45 shares during the period. Breton Hill Capital Ltd. raised its stake in shares of NetApp by 0.3% in the second quarter. Breton Hill Capital Ltd. now owns 17,290 shares of the data storage provider’s stock valued at $692,000 after buying an additional 59 shares during the period. Louisiana State Employees Retirement System raised its stake in shares of NetApp by 0.6% in the second quarter. Louisiana State Employees Retirement System now owns 16,800 shares of the data storage provider’s stock valued at $673,000 after buying an additional 100 shares during the period. Finally, Jaffetilchin Investment Partners LLC raised its stake in shares of NetApp by 0.8% in the first quarter. Jaffetilchin Investment Partners LLC now owns 14,713 shares of the data storage provider’s stock valued at $616,000 after buying an additional 118 shares during the period. 91.85% of the stock is owned by institutional investors.
NetApp, Inc. (NASDAQ:NTAP) opened at 38.03 on Wednesday. NetApp, Inc. has a 1-year low of $30.36 and a 1-year high of $45.24. The stock’s 50 day moving average price is $41.93 and its 200 day moving average price is $40.73. The stock has a market capitalization of $10.27 billion, a PE ratio of 18.36 and a beta of 1.21.
NetApp (NASDAQ:NTAP) last released its quarterly earnings results on Wednesday, August 16th. The data storage provider reported $0.62 EPS for the quarter, topping analysts’ consensus estimates of $0.55 by $0.07. NetApp had a return on equity of 24.13% and a net margin of 10.47%. The company had revenue of $1.33 billion for the quarter, compared to analysts’ expectations of $1.32 billion. During the same period in the prior year, the firm earned $0.46 earnings per share. The firm’s revenue was up 2.4% compared to the same quarter last year. On average, equities research analysts predict that NetApp, Inc. will post $3.13 earnings per share for the current fiscal year.
The company also recently declared a quarterly dividend, which will be paid on Wednesday, October 25th. Shareholders of record on Friday, October 6th will be paid a dividend of $0.20 per share. This represents a $0.80 dividend on an annualized basis and a yield of 2.10%. The ex-dividend date is Thursday, October 5th. NetApp’s dividend payout ratio (DPR) is 38.65%.
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NTAP has been the subject of several analyst reports. UBS AG upgraded NetApp from a “sell” rating to a “neutral” rating and set a $40.00 target price for the company in a research note on Friday, May 26th. Stifel Nicolaus restated a “hold” rating and issued a $37.00 target price on shares of NetApp in a research note on Wednesday, August 16th. Susquehanna Bancshares Inc restated a “positive” rating and issued a $50.00 target price (up previously from $48.00) on shares of NetApp in a research note on Wednesday, August 16th. Barclays PLC raised their target price on NetApp from $35.00 to $38.00 and gave the stock an “underweight” rating in a research note on Thursday, August 17th. Finally, Lake Street Capital raised their target price on NetApp from $43.00 to $49.00 and gave the stock a “buy” rating in a research note on Thursday, August 17th. Three investment analysts have rated the stock with a sell rating, twenty-two have given a hold rating and thirteen have given a buy rating to the stock. NetApp has an average rating of “Hold” and a consensus target price of $43.70.
In other NetApp news, EVP Henri P. Richard sold 1,976 shares of the company’s stock in a transaction on Tuesday, August 1st. The stock was sold at an average price of $43.41, for a total transaction of $85,778.16. Following the transaction, the executive vice president now directly owns 19,788 shares in the company, valued at $858,997.08. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO George Kurian sold 4,000 shares of the company’s stock in a transaction on Monday, July 31st. The stock was sold at an average price of $43.67, for a total value of $174,680.00. Following the transaction, the chief executive officer now owns 27,598 shares in the company, valued at $1,205,204.66. The disclosure for this sale can be found here. Insiders have sold 93,518 shares of company stock worth $3,757,082 over the last 90 days. 0.47% of the stock is owned by insiders.
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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