State Treasurer State of Michigan Trims Holdings in NetApp Inc. (NTAP)
State Treasurer State of Michigan reduced its position in shares of NetApp Inc. (NASDAQ:NTAP) by 3.4% during the 4th quarter, HoldingsChannel.com reports. The firm owned 79,091 shares of the data storage provider’s stock after selling 2,800 shares during the period. State Treasurer State of Michigan’s holdings in NetApp were worth $4,375,000 at the end of the most recent quarter.
A number of other institutional investors and hedge funds have also recently added to or reduced their stakes in the business. Exane Derivatives boosted its position in NetApp by 59,850.0% during the 3rd quarter. Exane Derivatives now owns 2,398 shares of the data storage provider’s stock valued at $105,000 after acquiring an additional 2,394 shares in the last quarter. First Personal Financial Services boosted its position in NetApp by 27,540.0% during the 3rd quarter. First Personal Financial Services now owns 2,764 shares of the data storage provider’s stock valued at $121,000 after acquiring an additional 2,754 shares in the last quarter. Krilogy Financial LLC bought a new stake in NetApp during the 2nd quarter valued at $122,000. Quantbot Technologies LP bought a new stake in NetApp during the 3rd quarter valued at $131,000. Finally, IFP Advisors Inc boosted its position in NetApp by 45.3% during the 4th quarter. IFP Advisors Inc now owns 2,571 shares of the data storage provider’s stock valued at $142,000 after acquiring an additional 801 shares in the last quarter. Institutional investors own 94.96% of the company’s stock.
In other NetApp news, CEO George Kurian sold 75,000 shares of NetApp stock in a transaction dated Monday, November 20th. The stock was sold at an average price of $52.50, for a total transaction of $3,937,500.00. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Also, VP Joel D. Reich sold 15,000 shares of NetApp stock in a transaction dated Thursday, December 7th. The stock was sold at an average price of $56.99, for a total value of $854,850.00. Following the sale, the vice president now directly owns 441 shares of the company’s stock, valued at approximately $25,132.59. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 199,454 shares of company stock valued at $10,542,184. 0.47% of the stock is currently owned by insiders.
NetApp (NASDAQ:NTAP) last posted its quarterly earnings data on Wednesday, November 15th. The data storage provider reported $0.81 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.69 by $0.12. The firm had revenue of $1.42 billion during the quarter, compared to analysts’ expectations of $1.38 billion. NetApp had a return on equity of 26.77% and a net margin of 11.49%. The business’s quarterly revenue was up 6.1% on a year-over-year basis. During the same quarter last year, the firm earned $0.60 EPS. research analysts expect that NetApp Inc. will post 2.76 earnings per share for the current fiscal year.
The company also recently declared a quarterly dividend, which was paid on Wednesday, January 24th. Shareholders of record on Friday, January 5th were given a dividend of $0.20 per share. The ex-dividend date was Thursday, January 4th. This represents a $0.80 dividend on an annualized basis and a yield of 1.38%. NetApp’s dividend payout ratio is currently 34.33%.
Several brokerages have issued reports on NTAP. DA Davidson cut NetApp from a “buy” rating to a “neutral” rating and increased their target price for the company from $56.00 to $64.00 in a research report on Tuesday, January 23rd. Morgan Stanley raised NetApp from an “underweight” rating to an “equal weight” rating and increased their target price for the company from $41.00 to $64.00 in a research report on Tuesday, January 23rd. UBS Group increased their target price on NetApp from $62.00 to $71.00 and gave the company a “buy” rating in a research report on Friday, January 26th. ValuEngine raised NetApp from a “hold” rating to a “buy” rating in a research report on Friday, February 2nd. Finally, Zacks Investment Research cut NetApp from a “buy” rating to a “hold” rating in a research report on Thursday, February 1st. One equities research analyst has rated the stock with a sell rating, nineteen have given a hold rating and fifteen have given a buy rating to the company. The company has a consensus rating of “Hold” and an average target price of $52.19.
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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