GW Henssler & Associates Ltd. bought a new position in NetApp Inc. (NASDAQ:NTAP) during the 2nd quarter, according to its most recent filing with the SEC. The institutional investor bought 8,600 shares of the data storage provider’s stock, valued at approximately $531,000.
A number of other hedge funds and other institutional investors have also recently bought and sold shares of the business. Geode Capital Management LLC grew its position in NetApp by 4.3% in the 4th quarter. Geode Capital Management LLC now owns 4,082,660 shares of the data storage provider’s stock valued at $243,266,000 after acquiring an additional 169,398 shares in the last quarter. Bank of Montreal Can lifted its stake in NetApp by 35.2% in the first quarter. Bank of Montreal Can now owns 2,572,566 shares of the data storage provider’s stock valued at $178,383,000 after buying an additional 670,441 shares during the last quarter. OppenheimerFunds Inc. lifted its stake in NetApp by 7.4% in the first quarter. OppenheimerFunds Inc. now owns 2,273,957 shares of the data storage provider’s stock valued at $157,677,000 after buying an additional 157,272 shares during the last quarter. Amundi Pioneer Asset Management Inc. lifted its stake in NetApp by 226.4% in the first quarter. Amundi Pioneer Asset Management Inc. now owns 1,715,806 shares of the data storage provider’s stock valued at $118,975,000 after buying an additional 1,190,167 shares during the last quarter. Finally, FMR LLC lifted its stake in NetApp by 24.3% in the first quarter. FMR LLC now owns 1,699,118 shares of the data storage provider’s stock valued at $117,816,000 after buying an additional 332,665 shares during the last quarter. Institutional investors and hedge funds own 93.62% of the company’s stock.
A number of research analysts recently weighed in on the company. Lake Street Capital lowered NetApp from a “buy” rating to a “hold” rating and dropped their price objective for the stock from $69.00 to $65.00 in a report on Thursday, May 23rd. Morgan Stanley reissued a “sell” rating and issued a $41.00 target price on shares of NetApp in a report on Sunday, August 11th. Piper Jaffray Companies downgraded NetApp from an “overweight” rating to a “neutral” rating and reduced their price objective for the company from $75.00 to $48.00 in a research report on Friday, August 2nd. Cowen restated an “underperform” rating and issued a $40.00 price objective (down from $53.00) on shares of NetApp in a research report on Thursday, August 15th. Finally, Evercore ISI initiated coverage on NetApp in a research report on Wednesday, June 5th. They set an “in-line” rating and a $65.00 target price on the stock. Five analysts have rated the stock with a sell rating, fifteen have given a hold rating and nine have given a buy rating to the company’s stock. The company presently has a consensus rating of “Hold” and a consensus price target of $59.52.
NetApp (NASDAQ:NTAP) last posted its quarterly earnings results on Wednesday, August 14th. The data storage provider reported $0.65 earnings per share for the quarter, beating the Zacks’ consensus estimate of $0.46 by $0.19. The company had revenue of $1.24 billion for the quarter, compared to the consensus estimate of $1.23 billion. NetApp had a return on equity of 77.11% and a net margin of 16.74%. The firm’s quarterly revenue was down 16.1% on a year-over-year basis. During the same quarter in the prior year, the business posted $1.04 EPS. On average, equities research analysts expect that NetApp Inc. will post 3.48 EPS for the current year.
The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, October 23rd. Stockholders of record on Friday, October 4th will be issued a $0.48 dividend. This represents a $1.92 annualized dividend and a dividend yield of 4.11%. The ex-dividend date of this dividend is Thursday, October 3rd. NetApp’s payout ratio is 47.76%.
In other NetApp news, CFO Ronald J. Pasek sold 58,052 shares of the firm’s stock in a transaction that occurred on Monday, June 3rd. The shares were sold at an average price of $58.49, for a total transaction of $3,395,461.48. Following the completion of the sale, the chief financial officer now directly owns 122,806 shares in the company, valued at $7,182,922.94. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, SVP Matthew K. Fawcett sold 11,195 shares of the firm’s stock in a transaction that occurred on Monday, June 3rd. The stock was sold at an average price of $58.76, for a total transaction of $657,818.20. Following the transaction, the senior vice president now directly owns 76,722 shares in the company, valued at $4,508,184.72. The disclosure for this sale can be found here. Insiders sold a total of 161,092 shares of company stock valued at $9,676,120 in the last 90 days. 0.33% of the stock is owned by corporate insiders.
NetApp, Inc provides software, systems, and services to manage and share data 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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