Pictet Asset Management Ltd. lessened its holdings in NetApp Inc. (NASDAQ:NTAP) by 0.6% during the 2nd quarter, HoldingsChannel.com reports. The fund owned 114,821 shares of the data storage provider’s stock after selling 700 shares during the period. Pictet Asset Management Ltd.’s holdings in NetApp were worth $7,084,000 at the end of the most recent quarter.
A number of other institutional investors have also made changes to their positions in the business. Cibc World Markets Corp grew its position in NetApp by 20.0% in the 2nd quarter. Cibc World Markets Corp now owns 71,831 shares of the data storage provider’s stock valued at $4,432,000 after acquiring an additional 11,966 shares during the last quarter. AustralianSuper Pty Ltd lifted its holdings in shares of NetApp by 37.9% in the 2nd quarter. AustralianSuper Pty Ltd now owns 326,358 shares of the data storage provider’s stock worth $20,136,000 after buying an additional 89,623 shares during the period. Tiverton Asset Management LLC lifted its holdings in shares of NetApp by 151.5% in the 2nd quarter. Tiverton Asset Management LLC now owns 11,060 shares of the data storage provider’s stock worth $683,000 after buying an additional 6,663 shares during the period. Pacer Advisors Inc. lifted its holdings in shares of NetApp by 20.1% in the 2nd quarter. Pacer Advisors Inc. now owns 78,342 shares of the data storage provider’s stock worth $4,834,000 after buying an additional 13,123 shares during the period. Finally, Bahl & Gaynor Inc. purchased a new stake in shares of NetApp in the 2nd quarter worth $984,000. 96.12% of the stock is currently owned by institutional investors.
Shares of NASDAQ NTAP traded up $0.03 during mid-day trading on Monday, reaching $56.60. 108,308 shares of the company were exchanged, compared to its average volume of 2,636,337. The company has a quick ratio of 1.39, a current ratio of 1.42 and a debt-to-equity ratio of 1.33. The stock has a market cap of $13.41 billion, a price-to-earnings ratio of 14.02, a P/E/G ratio of 1.25 and a beta of 1.52. NetApp Inc. has a 1 year low of $44.55 and a 1 year high of $87.65. The firm has a 50-day moving average of $49.76 and a 200 day moving average of $62.00.
The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, October 23rd. Investors of record on Friday, October 4th will be paid a dividend of $0.48 per share. This represents a $1.92 dividend on an annualized basis and a dividend yield of 3.39%. The ex-dividend date is Thursday, October 3rd. NetApp’s dividend payout ratio (DPR) is currently 47.76%.
In other NetApp news, SVP Matthew K. Fawcett sold 38,195 shares of the stock in a transaction dated Friday, June 21st. The stock was sold at an average price of $61.55, for a total value of $2,350,902.25. Following the completion of the sale, the senior vice president now directly owns 38,527 shares in the company, valued at $2,371,336.85. The transaction was disclosed in a document filed with the SEC, which is available at this link. Also, VP Joel D. Reich sold 23,650 shares of the stock in a transaction dated Tuesday, June 18th. The shares were sold at an average price of $61.49, for a total value of $1,454,238.50. Following the completion of the sale, the vice president now owns 16,212 shares of the company’s stock, valued at $996,875.88. The disclosure for this sale can be found here. Over the last quarter, insiders sold 82,808 shares of company stock valued at $4,792,561. 0.33% of the stock is currently owned by company insiders.
Several brokerages have weighed in on NTAP. Loop Capital lowered their target price on NetApp to $60.00 and set a “buy” rating for the company in a report on Friday, August 2nd. Cowen upgraded NetApp from an “underperform” rating to a “market perform” rating and upped their target price for the stock from $40.00 to $45.00 in a report on Monday, August 26th. Bank of America lowered their target price on NetApp from $60.00 to $56.00 and set a “neutral” rating for the company in a report on Thursday, August 15th. Barclays reiterated an “equal weight” rating and issued a $48.00 target price (up from $47.00) on shares of NetApp in a report on Thursday, August 15th. Finally, Evercore ISI began coverage on NetApp in a report on Wednesday, June 5th. They issued an “in-line” rating and a $65.00 target price for the company. Three investment analysts have rated the stock with a sell rating, sixteen have given a hold rating and ten have given a buy rating to the company’s stock. NetApp has a consensus rating of “Hold” and an average price target of $60.55.
NetApp Company Profile
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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