Zacks Investment Management Has $567,000 Position in NetApp, Inc. (NTAP)
Zacks Investment Management trimmed its position in NetApp, Inc. (NASDAQ:NTAP) by 61.9% during the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 14,165 shares of the data storage provider’s stock after selling 23,015 shares during the quarter. Zacks Investment Management’s holdings in NetApp were worth $567,000 as of its most recent filing with the Securities & Exchange Commission.
Other hedge funds and other institutional investors have also recently modified their holdings of the company. American Beacon Advisors Inc. purchased a new position in shares of NetApp in the first quarter worth $110,000. Cambridge Investment Research Advisors Inc. increased its stake in shares of NetApp by 3.7% in the second quarter. Cambridge Investment Research Advisors Inc. now owns 5,189 shares of the data storage provider’s stock worth $208,000 after buying an additional 185 shares during the period. Eagle Global Advisors LLC purchased a new position in shares of NetApp in the second quarter worth $210,000. CAPROCK Group Inc. increased 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 worth $211,000 after buying an additional 44 shares during the period. Finally, Pitcairn Co. purchased a new position in shares of NetApp in the second quarter worth $211,000. 92.08% of the stock is currently owned by institutional investors.
Several research analysts recently commented on NTAP shares. Royal Bank Of Canada reaffirmed a “hold” rating and issued a $45.00 target price on shares of NetApp in a research note on Friday, June 9th. BidaskClub cut shares of NetApp from a “hold” rating to a “sell” rating in a report on Saturday, June 17th. Goldman Sachs Group, Inc. (The) upgraded shares of NetApp from a “neutral” rating to a “buy” rating and lifted their price target for the company from $46.00 to $47.00 in a report on Friday, July 14th. Credit Suisse Group lifted their price target on shares of NetApp from $37.00 to $40.00 and gave the company a “neutral” rating in a report on Wednesday, August 9th. Finally, Robert W. Baird set a $44.00 price target on shares of NetApp and gave the company a “hold” rating in a report on Monday, August 14th. Two investment analysts have rated the stock with a sell rating, twenty-one have given a hold rating and thirteen have issued a buy rating to the company. NetApp presently has an average rating of “Hold” and an average price target of $45.12.
NetApp, Inc. (NASDAQ:NTAP) opened at 44.46 on Thursday. The company has a market capitalization of $11.99 billion, a P/E ratio of 21.47 and a beta of 1.26. The firm has a 50-day moving average price of $40.63 and a 200 day moving average price of $40.70. NetApp, Inc. has a 1-year low of $30.36 and a 1-year high of $45.24.
NetApp (NASDAQ:NTAP) last announced its quarterly earnings results on Wednesday, August 16th. The data storage provider reported $0.62 earnings per share for the quarter, beating the consensus estimate of $0.55 by $0.07. The company had revenue of $1.33 billion during the quarter, compared to analysts’ expectations of $1.32 billion. NetApp had a return on equity of 24.13% and a net margin of 10.47%. NetApp’s quarterly revenue was up 2.4% on a year-over-year basis. During the same period last year, the business earned $0.46 earnings per share. On average, equities analysts predict that NetApp, Inc. will post $3.13 EPS for the current year.
The business also recently declared a quarterly dividend, which will be paid on Wednesday, October 25th. Investors of record on Friday, October 6th will be given a dividend of $0.20 per share. This represents a $0.80 annualized dividend and a yield of 1.80%. The ex-dividend date of this dividend is Thursday, October 5th. NetApp’s dividend payout ratio is currently 38.65%.
In other news, EVP Henri P. Richard sold 3,952 shares of the business’s stock in a transaction that occurred on Friday, July 14th. The stock was sold at an average price of $42.20, for a total value of $166,774.40. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CEO George Kurian sold 4,000 shares of the business’s stock in a transaction that occurred on Monday, July 31st. The shares were sold at an average price of $43.67, for a total value of $174,680.00. Following the completion of the sale, the chief executive officer now owns 27,598 shares of the company’s stock, valued at $1,205,204.66. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 52,450 shares of company stock valued at $2,250,560. 0.47% of the stock is owned by company insiders.
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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