Illinois Municipal Retirement Fund acquired a new position in NetApp Inc. (NASDAQ:NTAP) in the fourth quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor acquired 9,949 shares of the data storage provider’s stock, valued at approximately $619,000.
Other large investors have also added to or reduced their stakes in the company. Hoey Investments Inc. purchased a new stake in NetApp in the fourth quarter worth about $25,000. American National Bank purchased a new stake in NetApp in the fourth quarter worth about $54,000. Parallel Advisors LLC lifted its stake in NetApp by 107.8% in the third quarter. Parallel Advisors LLC now owns 1,087 shares of the data storage provider’s stock worth $57,000 after acquiring an additional 564 shares during the period. Usca Ria LLC purchased a new stake in NetApp in the third quarter worth about $63,000. Finally, First Mercantile Trust Co. purchased a new stake in NetApp in the fourth quarter worth about $105,000. 98.26% of the stock is owned by institutional investors.
In other news, CAO Scott R. Allen sold 2,781 shares of the company’s stock in a transaction dated Friday, December 13th. The shares were sold at an average price of $62.23, for a total transaction of $173,061.63. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, EVP Henri P. Richard sold 2,500 shares of the company’s stock in a transaction dated Wednesday, January 15th. The shares were sold at an average price of $64.20, for a total transaction of $160,500.00. Following the transaction, the executive vice president now owns 143,855 shares in the company, valued at approximately $9,235,491. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 5,284 shares of company stock worth $333,743. Corporate insiders own 0.33% of the company’s stock.
NetApp (NASDAQ:NTAP) last posted its quarterly earnings data on Wednesday, February 12th. The data storage provider reported $1.16 earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of $1.18 by ($0.02). NetApp had a net margin of 18.19% and a return on equity of 103.11%. The company had revenue of $1.40 billion for the quarter, compared to analyst estimates of $1.47 billion. During the same quarter last year, the company earned $1.20 EPS. The business’s revenue was down 10.2% compared to the same quarter last year. On average, research analysts anticipate that NetApp Inc. will post 3.72 EPS for the current fiscal year.
The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, April 22nd. Stockholders of record on Friday, April 3rd will be issued a dividend of $0.48 per share. The ex-dividend date of this dividend is Thursday, April 2nd. This represents a $1.92 annualized dividend and a dividend yield of 3.54%. NetApp’s dividend payout ratio (DPR) is currently 47.76%.
Several analysts have commented on the stock. BidaskClub lowered shares of NetApp from a “hold” rating to a “sell” rating in a research report on Tuesday, February 4th. Zacks Investment Research lowered shares of NetApp from a “strong-buy” rating to a “hold” rating and set a $73.00 price target for the company. in a research report on Tuesday, November 19th. Standpoint Research raised shares of NetApp from a “hold” rating to a “buy” rating in a research report on Monday, December 23rd. Lake Street Capital increased their price target on shares of NetApp from $49.00 to $58.00 and gave the company a “hold” rating in a research report on Thursday, November 14th. Finally, Loop Capital increased their price target on shares of NetApp to $70.00 and gave the company a “buy” rating in a research report on Thursday, November 14th. Four equities research analysts have rated the stock with a sell rating, fifteen have given a hold rating and eight have given a buy rating to the stock. NetApp presently has a consensus rating of “Hold” and a consensus target price of $63.26.
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.
Further Reading: Are sell-side analysts objective?
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