NetApp Inc. (NTAP) Holdings Reduced by Todd Asset Management LLC
Todd Asset Management LLC decreased its position in NetApp Inc. (NASDAQ:NTAP) by 13.4% in the 2nd quarter, Holdings Channel reports. The firm owned 243,998 shares of the data storage provider’s stock after selling 37,686 shares during the period. Todd Asset Management LLC’s holdings in NetApp were worth $19,161,000 as of its most recent filing with the Securities and Exchange Commission.
A number of other hedge funds and other institutional investors have also recently bought and sold shares of NTAP. Palo Capital Inc. acquired a new stake in shares of NetApp in the 2nd quarter worth approximately $4,465,000. Mount Yale Investment Advisors LLC acquired a new stake in shares of NetApp in the 1st quarter worth approximately $191,000. Foundry Partners LLC acquired a new stake in shares of NetApp in the 2nd quarter worth approximately $235,000. Amalgamated Bank lifted its stake in shares of NetApp by 9.3% in the 2nd quarter. Amalgamated Bank now owns 41,879 shares of the data storage provider’s stock worth $3,289,000 after acquiring an additional 3,549 shares during the period. Finally, Sumitomo Mitsui Trust Holdings Inc. lifted its stake in shares of NetApp by 11.8% in the 2nd quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 878,166 shares of the data storage provider’s stock worth $68,962,000 after acquiring an additional 92,890 shares during the period. Hedge funds and other institutional investors own 94.95% of the company’s stock.
Shares of NASDAQ:NTAP traded up $0.86 during mid-day trading on Tuesday, hitting $83.23. The stock had a trading volume of 93,381 shares, compared to its average volume of 2,859,184. The company has a debt-to-equity ratio of 0.80, a quick ratio of 2.03 and a current ratio of 2.06. The company has a market cap of $21.23 billion, a PE ratio of 27.84, a price-to-earnings-growth ratio of 1.61 and a beta of 1.19. NetApp Inc. has a 12-month low of $37.55 and a 12-month high of $83.60.
The company also recently declared a quarterly dividend, which will be paid on Wednesday, October 24th. Investors of record on Friday, October 5th will be given a $0.40 dividend. The ex-dividend date is Thursday, October 4th. This represents a $1.60 annualized dividend and a dividend yield of 1.92%. NetApp’s dividend payout ratio (DPR) is presently 53.51%.
Several analysts recently commented on NTAP shares. Oppenheimer reissued a “hold” rating on shares of NetApp in a research note on Wednesday, August 15th. Maxim Group increased their target price on shares of NetApp from $81.00 to $91.00 and gave the company a “buy” rating in a research note on Thursday, August 16th. JPMorgan Chase & Co. reissued a “buy” rating and set a $92.00 target price on shares of NetApp in a research note on Thursday, August 16th. Lake Street Capital cut their target price on shares of NetApp from $88.00 to $72.00 and set a “buy” rating for the company in a research note on Thursday, August 16th. Finally, BMO Capital Markets increased their target price on shares of NetApp from $75.00 to $90.00 and gave the company an “in-line” rating in a research note on Thursday, August 16th. Two research analysts have rated the stock with a sell rating, ten have issued a hold rating and twenty have assigned a buy rating to the company. NetApp has an average rating of “Buy” and a consensus target price of $76.37.
In related news, CEO George Kurian sold 6,000 shares of the company’s stock in a transaction that occurred on Friday, June 1st. The shares were sold at an average price of $68.36, for a total value of $410,160.00. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, VP Joel D. Reich sold 23,108 shares of the company’s stock in a transaction that occurred on Tuesday, May 29th. The shares were sold at an average price of $67.72, for a total transaction of $1,564,873.76. Following the completion of the sale, the vice president now owns 52,997 shares of the company’s stock, valued at approximately $3,588,956.84. The disclosure for this sale can be found here. In the last 90 days, insiders sold 212,255 shares of company stock valued at $16,180,494. 0.19% of the stock is owned by insiders.
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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