Financial Gravity Companies Inc. bought a new position in shares of NetApp Inc. (NASDAQ:NTAP) during the 4th quarter, HoldingsChannel reports. The fund bought 1,138 shares of the data storage provider’s stock, valued at approximately $75,000.
A number of other institutional investors and hedge funds have also made changes to their positions in NTAP. Pensionfund DSM Netherlands purchased a new stake in shares of NetApp in the 4th quarter valued at approximately $1,671,000. Federated Investors Inc. PA increased its position in shares of NetApp by 15.3% in the 3rd quarter. Federated Investors Inc. PA now owns 584,780 shares of the data storage provider’s stock valued at $50,227,000 after purchasing an additional 77,411 shares during the last quarter. Aperio Group LLC increased its position in shares of NetApp by 17.0% in the 3rd quarter. Aperio Group LLC now owns 169,691 shares of the data storage provider’s stock valued at $14,575,000 after purchasing an additional 24,601 shares during the last quarter. Xact Kapitalforvaltning AB increased its position in shares of NetApp by 1.5% in the 3rd quarter. Xact Kapitalforvaltning AB now owns 70,090 shares of the data storage provider’s stock valued at $6,020,000 after purchasing an additional 1,012 shares during the last quarter. Finally, Great Lakes Advisors LLC increased its position in shares of NetApp by 1.1% in the 3rd quarter. Great Lakes Advisors LLC now owns 67,985 shares of the data storage provider’s stock valued at $5,839,000 after purchasing an additional 723 shares during the last quarter. 93.60% of the stock is currently owned by hedge funds and other institutional investors.
A number of research analysts recently commented on the stock. Morgan Stanley increased their target price on shares of NetApp from $70.00 to $72.00 and gave the company a “weight” rating in a research report on Thursday, November 15th. Goldman Sachs Group raised shares of NetApp from a “neutral” rating to a “conviction-buy” rating and set a $91.00 target price on the stock in a research report on Wednesday, October 17th. Zacks Investment Research raised shares of NetApp from a “hold” rating to a “strong-buy” rating and set a $88.00 target price on the stock in a research report on Friday, October 26th. OTR Global downgraded shares of NetApp to a “positive” rating in a research report on Friday. Finally, Cowen assumed coverage on shares of NetApp in a research report on Tuesday, December 11th. They issued an “underperform” rating and a $53.00 target price on the stock. Five research analysts have rated the stock with a sell rating, eight have assigned a hold rating, seventeen have issued a buy rating and one has issued a strong buy rating to the company’s stock. The company has a consensus rating of “Hold” and an average target price of $79.54.
NetApp (NASDAQ:NTAP) last issued its quarterly earnings results on Wednesday, November 14th. The data storage provider reported $1.06 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.99 by $0.07. The firm had revenue of $1.52 billion during the quarter, compared to analysts’ expectations of $1.51 billion. NetApp had a net margin of 4.70% and a return on equity of 51.50%. NetApp’s quarterly revenue was up 7.2% compared to the same quarter last year. During the same quarter in the prior year, the business earned $0.81 EPS. As a group, research analysts expect that NetApp Inc. will post 4.01 earnings per share for the current fiscal year.
The firm also recently declared a quarterly dividend, which was paid on Wednesday, January 23rd. Investors of record on Friday, January 4th were paid a dividend of $0.40 per share. This represents a $1.60 dividend on an annualized basis and a yield of 2.42%. The ex-dividend date of this dividend was Thursday, January 3rd. NetApp’s dividend payout ratio is currently 53.51%.
In related news, EVP Henri P. Richard sold 5,050 shares of the stock in a transaction on Friday, February 1st. The shares were sold at an average price of $66.01, for a total transaction of $333,350.50. Following the completion of the sale, the executive vice president now owns 56,707 shares in the company, valued at approximately $3,743,229.07. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, CEO George Kurian sold 10,000 shares of the 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 of the company’s stock, valued at approximately $682,865.04. The disclosure for this sale can be found here. In the last quarter, insiders have sold 17,575 shares of company stock valued at $1,175,564. 0.19% of the stock is owned by company insiders.
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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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