Prudential Financial Inc. increased its position in shares of NetApp Inc. (NASDAQ:NTAP) by 29.5% in the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 405,045 shares of the data storage provider’s stock after purchasing an additional 92,250 shares during the period. Prudential Financial Inc.’s holdings in NetApp were worth $34,789,000 as of its most recent filing with the Securities and Exchange Commission.
A number of other large investors have also recently added to or reduced their stakes in the stock. Renaissance Technologies LLC increased its stake in NetApp by 270.0% during the 2nd quarter. Renaissance Technologies LLC now owns 2,332,932 shares of the data storage provider’s stock worth $183,205,000 after acquiring an additional 1,702,432 shares during the period. Berkshire Capital Holdings Inc. bought a new position in NetApp during the 2nd quarter worth $7,588,000. Ontario Teachers Pension Plan Board increased its stake in NetApp by 10.9% during the 2nd quarter. Ontario Teachers Pension Plan Board now owns 30,826 shares of the data storage provider’s stock worth $2,421,000 after acquiring an additional 3,041 shares during the period. Sumitomo Mitsui Trust Holdings Inc. increased its stake in NetApp by 11.8% during the 2nd quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 878,166 shares of the data storage provider’s stock worth $68,962,000 after acquiring an additional 92,890 shares during the period. Finally, WINTON GROUP Ltd increased its stake in shares of NetApp by 36.5% in the 2nd quarter. WINTON GROUP Ltd now owns 407,068 shares of the data storage provider’s stock valued at $31,967,000 after purchasing an additional 108,869 shares during the last quarter. 95.59% of the stock is owned by institutional investors and hedge funds.
In related news, CEO George Kurian sold 6,000 shares of the company’s stock in a transaction that occurred on Tuesday, September 4th. The stock was sold at an average price of $86.61, for a total transaction of $519,660.00. Following the transaction, the chief executive officer now directly owns 70,147 shares of the company’s stock, valued at approximately $6,075,431.67. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. Also, VP Joel D. Reich sold 7,157 shares of the company’s stock in a transaction that occurred on Friday, August 31st. The stock was sold at an average price of $86.83, for a total value of $621,442.31. Following the transaction, the vice president now directly owns 603 shares in the company, valued at $52,358.49. The disclosure for this sale can be found here. Insiders sold a total of 100,805 shares of company stock worth $8,227,046 over the last three months. 0.19% of the stock is owned by company insiders.
NetApp (NASDAQ:NTAP) last announced its quarterly earnings data on Wednesday, November 14th. The data storage provider reported $1.06 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.99 by $0.07. The company had revenue of $1.52 billion for the quarter, compared to the consensus estimate of $1.51 billion. NetApp had a return on equity of 51.50% and a net margin of 4.70%. The firm’s revenue was up 7.2% compared to the same quarter last year. During the same period in the previous year, the business earned $0.81 EPS. On average, equities research analysts forecast that NetApp Inc. will post 3.98 EPS for the current fiscal year.
The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, January 23rd. Stockholders of record on Friday, January 4th will be paid a $0.40 dividend. This represents a $1.60 dividend on an annualized basis and a dividend yield of 2.43%. The ex-dividend date of this dividend is Thursday, January 3rd. NetApp’s dividend payout ratio is 53.51%.
NTAP has been the topic of several recent analyst reports. Goldman Sachs Group upgraded 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. Susquehanna Bancshares lowered NetApp from a “positive” rating to a “neutral” rating in a research report on Tuesday, October 23rd. BidaskClub lowered NetApp from a “strong-buy” rating to a “buy” rating in a research report on Tuesday, October 9th. UBS Group lowered NetApp from a “positive” rating to a “neutral” rating in a research report on Tuesday, October 23rd. Finally, Deutsche Bank boosted their price objective on NetApp from $43.00 to $60.00 and gave the stock a “sell” rating in a research report on Thursday, August 16th. Two research analysts have rated the stock with a sell rating, nine have given a hold rating, fifteen have assigned a buy rating and one has given a strong buy rating to the company. The stock presently has a consensus rating of “Buy” and a consensus price target of $81.78.
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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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