Los Angeles Capital Management LLC Has $57.27 Million Stock Holdings in NetApp, Inc. (NASDAQ:NTAP)

Los Angeles Capital Management LLC increased its position in shares of NetApp, Inc. (NASDAQ:NTAP) by 1,075.8% during the fourth quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 649,570 shares of the data storage provider’s stock after buying an additional 594,323 shares during the quarter. Los Angeles Capital Management LLC owned 0.32% of NetApp worth $57,266,000 at the end of the most recent quarter.

A number of other institutional investors have also added to or reduced their stakes in the company. Mission Wealth Management LP grew its position in NetApp by 3.3% during the fourth quarter. Mission Wealth Management LP now owns 3,639 shares of the data storage provider’s stock worth $321,000 after buying an additional 115 shares in the last quarter. First Horizon Advisors Inc. lifted its stake in NetApp by 58.7% during the fourth quarter. First Horizon Advisors Inc. now owns 311 shares of the data storage provider’s stock worth $27,000 after purchasing an additional 115 shares during the period. Lindbrook Capital LLC lifted its stake in NetApp by 10.1% during the fourth quarter. Lindbrook Capital LLC now owns 1,336 shares of the data storage provider’s stock worth $118,000 after purchasing an additional 123 shares during the period. Hennessy Advisors Inc. lifted its stake in NetApp by 0.3% during the fourth quarter. Hennessy Advisors Inc. now owns 41,209 shares of the data storage provider’s stock worth $3,633,000 after purchasing an additional 134 shares during the period. Finally, Huntington National Bank lifted its stake in NetApp by 40.4% during the third quarter. Huntington National Bank now owns 490 shares of the data storage provider’s stock worth $37,000 after purchasing an additional 141 shares during the period. 92.17% of the stock is owned by institutional investors and hedge funds.

Insider Activity at NetApp

In related news, CFO Michael J. Berry sold 7,500 shares of the company’s stock in a transaction dated Tuesday, March 12th. The shares were sold at an average price of $102.75, for a total value of $770,625.00. Following the transaction, the chief financial officer now owns 152,409 shares in the company, valued at approximately $15,660,024.75. The sale was disclosed in a document filed with the SEC, which can be accessed through this link. In related news, CFO Michael J. Berry sold 7,500 shares of the company’s stock in a transaction dated Tuesday, March 12th. The shares were sold at an average price of $102.75, for a total value of $770,625.00. Following the transaction, the chief financial officer now owns 152,409 shares in the company, valued at approximately $15,660,024.75. The sale was disclosed in a document filed with the SEC, which can be accessed through this link. Also, CEO George Kurian sold 8,500 shares of the company’s stock in a transaction dated Monday, April 15th. The shares were sold at an average price of $103.16, for a total transaction of $876,860.00. Following the completion of the transaction, the chief executive officer now owns 252,702 shares in the company, valued at approximately $26,068,738.32. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 40,371 shares of company stock worth $4,139,505. Insiders own 0.37% of the company’s stock.

Analysts Set New Price Targets

A number of brokerages have commented on NTAP. Stifel Nicolaus restated a “buy” rating and set a $120.00 price target (up previously from $105.00) on shares of NetApp in a research note on Friday, March 1st. StockNews.com cut shares of NetApp from a “strong-buy” rating to a “buy” rating in a research note on Thursday, March 7th. TD Cowen lifted their target price on shares of NetApp from $100.00 to $120.00 and gave the company an “outperform” rating in a research note on Friday, March 1st. Barclays lifted their target price on shares of NetApp from $80.00 to $100.00 and gave the company an “equal weight” rating in a research note on Friday, March 1st. Finally, Evercore ISI lifted their target price on shares of NetApp from $95.00 to $105.00 and gave the company an “in-line” rating in a research note on Friday, March 1st. One investment analyst has rated the stock with a sell rating, ten have issued a hold rating and six have given a buy rating to the company’s stock. According to data from MarketBeat.com, the company currently has an average rating of “Hold” and an average price target of $100.60.

NetApp Stock Up 2.5 %

NASDAQ:NTAP traded up $2.52 on Friday, hitting $104.64. 2,463,498 shares of the company’s stock were exchanged, compared to its average volume of 1,847,497. The firm has a 50-day moving average price of $101.53 and a 200-day moving average price of $89.99. The company has a debt-to-equity ratio of 2.00, a current ratio of 1.15 and a quick ratio of 1.11. NetApp, Inc. has a 52 week low of $61.54 and a 52 week high of $112.48. The company has a market cap of $21.60 billion, a P/E ratio of 23.78, a price-to-earnings-growth ratio of 2.11 and a beta of 1.27.

NetApp (NASDAQ:NTAP) last issued its quarterly earnings results on Thursday, February 29th. The data storage provider reported $1.94 EPS for the quarter, topping the consensus estimate of $1.69 by $0.25. The firm had revenue of $1.61 billion for the quarter, compared to analysts’ expectations of $1.59 billion. NetApp had a net margin of 15.21% and a return on equity of 109.49%. The company’s revenue for the quarter was up 5.2% on a year-over-year basis. During the same period in the previous year, the firm posted $1.02 EPS. As a group, analysts expect that NetApp, Inc. will post 5.16 EPS for the current fiscal year.

NetApp Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Wednesday, April 24th. Stockholders of record on Friday, April 5th were issued a $0.50 dividend. The ex-dividend date was Thursday, April 4th. This represents a $2.00 dividend on an annualized basis and a dividend yield of 1.91%. NetApp’s payout ratio is 45.45%.

NetApp Company Profile

NetApp, Inc provides cloud-led and data-centric services to manage and share data on-premises, and private and public clouds worldwide. It operates in two segments, Hybrid Cloud and Public Could. The company offers intelligent data management software, such as NetApp ONTAP, NetApp Snapshot, NetApp SnapCenter Backup Management, NetApp SnapMirror Data Replication, NetApp SnapLock Data Compliance, and storage infrastructure solutions, including NetApp All-Flash FAS series, NetApp Fabric Attached Storage, NetApp E/EF series, and NetApp StorageGRID.