Gulf International Bank UK Ltd lessened its holdings in NetApp Inc. (NASDAQ:NTAP) by 28.3% in the 4th quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 64,710 shares of the data storage provider’s stock after selling 25,571 shares during the period. Gulf International Bank UK Ltd’s holdings in NetApp were worth $3,861,000 at the end of the most recent quarter.
Other institutional investors have also recently modified their holdings of the company. CENTRAL TRUST Co grew its stake in NetApp by 589.7% during the third quarter. CENTRAL TRUST Co now owns 1,276 shares of the data storage provider’s stock worth $110,000 after buying an additional 1,091 shares during the last quarter. Cerebellum GP LLC bought a new stake in shares of NetApp during the third quarter valued at approximately $182,000. Checchi Capital Advisers LLC bought a new stake in shares of NetApp during the third quarter valued at approximately $201,000. Calamos Advisors LLC bought a new stake in shares of NetApp during the third quarter valued at approximately $206,000. Finally, Warren Averett Asset Management LLC bought a new stake in shares of NetApp during the third quarter valued at approximately $206,000. 93.91% of the stock is currently owned by hedge funds and other institutional investors.
In related news, EVP Henri P. Richard sold 2,525 shares of the firm’s stock in a transaction on Friday, November 16th. The shares were sold at an average price of $69.55, for a total transaction of $175,613.75. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, CEO George Kurian sold 10,000 shares of the firm’s stock in a transaction on Tuesday, November 20th. The stock was sold at an average price of $66.66, for a total transaction of $666,600.00. Following the sale, the chief executive officer now owns 10,244 shares in the company, valued at $682,865.04. The disclosure for this sale can be found here. Over the last quarter, insiders sold 32,485 shares of company stock worth $2,403,904. Company insiders own 0.19% of the company’s stock.
NetApp (NASDAQ:NTAP) last posted its earnings results on Wednesday, November 14th. The data storage provider reported $1.06 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $0.99 by $0.07. The company had revenue of $1.52 billion for the quarter, compared to analyst estimates of $1.51 billion. NetApp had a net margin of 4.70% and a return on equity of 51.50%. The business’s revenue for the quarter was up 7.2% compared to the same quarter last year. During the same period last year, the business posted $0.81 earnings per share. Research analysts predict that NetApp Inc. will post 4.02 earnings per share for the current year.
The company also recently announced a quarterly dividend, which will be paid on Wednesday, January 23rd. Shareholders of record on Friday, January 4th will be issued a $0.40 dividend. The ex-dividend date of this dividend is Thursday, January 3rd. This represents a $1.60 annualized dividend and a yield of 2.60%. NetApp’s dividend payout ratio (DPR) is presently 53.51%.
Several research firms have recently commented on NTAP. UBS Group cut shares of NetApp from a “positive” rating to a “neutral” rating in a research note on Tuesday, October 23rd. BidaskClub cut shares of NetApp from a “strong-buy” rating to a “buy” rating in a research note on Tuesday, October 9th. Maxim Group decreased their price target on shares of NetApp from $91.00 to $89.00 and set a “buy” rating on the stock in a research note on Thursday, November 15th. Oppenheimer reissued a “hold” rating on shares of NetApp in a research note on Wednesday, November 14th. Finally, Goldman Sachs Group raised shares of NetApp from a “neutral” rating to a “conviction-buy” rating and set a $91.00 price target on the stock in a research note on Wednesday, October 17th. Three analysts have rated the stock with a sell rating, nine have given a hold rating, sixteen have given a buy rating and one has given a strong buy rating to the stock. NetApp currently has a consensus rating of “Buy” and a consensus price target of $80.13.
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NetApp Company Profile
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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