Citigroup Inc. Raises Stake in NetApp, Inc. (NASDAQ:NTAP)

Citigroup Inc. boosted its holdings in NetApp, Inc. (NASDAQ:NTAP) by 12.3% during the 2nd quarter, HoldingsChannel reports. The institutional investor owned 264,971 shares of the data storage provider’s stock after purchasing an additional 28,918 shares during the quarter. Citigroup Inc.’s holdings in NetApp were worth $21,680,000 at the end of the most recent quarter.

A number of other hedge funds have also made changes to their positions in NTAP. BlackRock Inc. lifted its stake in shares of NetApp by 2.8% during the first quarter. BlackRock Inc. now owns 17,508,222 shares of the data storage provider’s stock worth $1,272,322,000 after purchasing an additional 470,295 shares in the last quarter. Geode Capital Management LLC raised its holdings in shares of NetApp by 8.7% during the 1st quarter. Geode Capital Management LLC now owns 4,178,330 shares of the data storage provider’s stock valued at $302,985,000 after buying an additional 335,321 shares during the period. Boston Partners acquired a new position in NetApp during the 1st quarter worth approximately $266,984,000. Ninety One UK Ltd boosted its holdings in NetApp by 70.3% in the 1st quarter. Ninety One UK Ltd now owns 3,488,753 shares of the data storage provider’s stock worth $253,528,000 after acquiring an additional 1,440,671 shares during the period. Finally, Dimensional Fund Advisors LP grew its position in NetApp by 4.2% in the first quarter. Dimensional Fund Advisors LP now owns 1,451,434 shares of the data storage provider’s stock valued at $105,387,000 after acquiring an additional 58,912 shares in the last quarter. 91.73% of the stock is currently owned by hedge funds and other institutional investors.

In other NetApp news, CEO George Kurian sold 4,250 shares of the business’s stock in a transaction dated Monday, August 30th. The shares were sold at an average price of $87.08, for a total transaction of $370,090.00. Following the completion of the transaction, the chief executive officer now directly owns 164,576 shares of the company’s stock, valued at approximately $14,331,278.08. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. 0.28% of the stock is owned by company insiders.

NTAP has been the subject of a number of recent analyst reports. Raymond James raised their price target on shares of NetApp from $100.00 to $104.00 and gave the company an “outperform” rating in a report on Thursday, August 26th. Fox-Davies Capital downgraded NetApp from an “overweight” rating to an “equal weight” rating in a research note on Thursday, August 19th. Susquehanna Bancshares reiterated a “buy” rating and issued a $95.00 price target on shares of NetApp in a research note on Wednesday, August 25th. Barclays raised their price objective on NetApp from $74.00 to $85.00 and gave the company an “equal weight” rating in a research note on Thursday, August 26th. Finally, Bank of America upped their target price on NetApp from $90.00 to $95.00 and gave the company a “buy” rating in a research report on Thursday, August 26th. One research analyst has rated the stock with a sell rating, ten have given a hold rating and fifteen have given a buy rating to the company. According to MarketBeat.com, NetApp has a consensus rating of “Buy” and an average price target of $83.57.

Shares of NTAP stock opened at $90.01 on Friday. The company has a market cap of $20.13 billion, a P/E ratio of 24.00, a PEG ratio of 2.48 and a beta of 1.32. The business has a 50 day moving average of $83.65 and a two-hundred day moving average of $78.68. NetApp, Inc. has a 52 week low of $40.46 and a 52 week high of $93.68. The company has a quick ratio of 1.78, a current ratio of 1.81 and a debt-to-equity ratio of 3.66.

NetApp (NASDAQ:NTAP) last released its quarterly earnings data on Tuesday, August 24th. The data storage provider reported $1.15 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $0.95 by $0.20. NetApp had a return on equity of 151.60% and a net margin of 14.49%. The business had revenue of $1.46 billion during the quarter, compared to analyst estimates of $1.43 billion. During the same quarter in the previous year, the firm posted $0.73 EPS. The business’s revenue for the quarter was up 11.9% compared to the same quarter last year. Analysts expect that NetApp, Inc. will post 4.23 EPS for the current fiscal year.

The company also recently declared a quarterly dividend, which will be paid on Wednesday, October 27th. Stockholders of record on Friday, October 8th will be given a dividend of $0.50 per share. The ex-dividend date is Thursday, October 7th. This represents a $2.00 annualized dividend and a dividend yield of 2.22%. NetApp’s dividend payout ratio is currently 60.61%.

NetApp Profile

NetApp, Inc provides software, systems, and services to manage and share data on-premises, and private and public clouds worldwide. The company offers cloud data services, including NetApp Cloud Volumes Service for AWS, NetApp Cloud Volumes ONTAP, NetApp Cloud Sync, NetApp Cloud Secure, NetApp Cloud Tiering, NetApp SaaS Backup, NetApp Kubernetes Service, and NetApp Cloud Insights.

Further Reading: How Important is Technical Analysis of Stocks

Want to see what other hedge funds are holding NTAP? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for NetApp, Inc. (NASDAQ:NTAP).

Institutional Ownership by Quarter for NetApp (NASDAQ:NTAP)

Receive News & Ratings for NetApp Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for NetApp and related companies with MarketBeat.com's FREE daily email newsletter.