Jacobs Levy Equity Management Inc. raised its position in NetApp Inc. (NASDAQ:NTAP) by 8.6% during the third quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 992,787 shares of the data storage provider’s stock after buying an additional 78,410 shares during the period. NetApp comprises 0.6% of Jacobs Levy Equity Management Inc.’s portfolio, making the stock its 27th largest position. Jacobs Levy Equity Management Inc. owned approximately 0.36% of NetApp worth $35,562,000 at the end of the most recent quarter.
Other large investors have also bought and sold shares of the company. Two Sigma Advisers LP increased its stake in NetApp by 51.9% in the third quarter. Two Sigma Advisers LP now owns 232,849 shares of the data storage provider’s stock worth $8,341,000 after buying an additional 79,600 shares during the period. OMERS ADMINISTRATION Corp boosted its position in shares of NetApp by 184.2% in the third quarter. OMERS ADMINISTRATION Corp now owns 89,800 shares of the data storage provider’s stock worth $3,217,000 after buying an additional 58,200 shares in the last quarter. HighTower Advisors LLC purchased a new position in shares of NetApp during the third quarter worth about $1,914,000. Adage Capital Partners GP L.L.C. boosted its position in shares of NetApp by 64.1% in the third quarter. Adage Capital Partners GP L.L.C. now owns 405,100 shares of the data storage provider’s stock worth $14,511,000 after buying an additional 158,300 shares in the last quarter. Finally, Dynamic Capital Management Ltd purchased a new position in shares of NetApp during the third quarter worth about $7,461,000. 90.26% of the stock is owned by institutional investors and hedge funds.
Shares of NetApp Inc. (NASDAQ:NTAP) opened at 35.99 on Thursday. The stock has a 50 day moving average of $35.98 and a 200 day moving average of $33.01. The company has a market cap of $9.91 billion, a price-to-earnings ratio of 32.66 and a beta of 1.48. NetApp Inc. has a 1-year low of $20.89 and a 1-year high of $39.00.
NetApp (NASDAQ:NTAP) last issued its earnings results on Wednesday, November 16th. The data storage provider reported $0.60 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $0.54 by $0.06. The business earned $1.34 billion during the quarter, compared to analyst estimates of $1.36 billion. NetApp had a return on equity of 15.66% and a net margin of 5.89%. NetApp’s revenue for the quarter was down 7.3% on a year-over-year basis. During the same quarter in the prior year, the firm earned $0.61 earnings per share. Analysts predict that NetApp Inc. will post $2.57 EPS for the current year.
The company also recently announced a quarterly dividend, which will be paid on Wednesday, January 25th. Shareholders of record on Friday, January 6th will be paid a $0.19 dividend. This represents a $0.76 annualized dividend and a yield of 2.11%. The ex-dividend date of this dividend is Wednesday, January 4th. NetApp’s dividend payout ratio is currently 69.09%.
NTAP has been the subject of a number of analyst reports. Susquehanna boosted their price objective on shares of NetApp from $36.00 to $42.00 and gave the company a “positive” rating in a report on Wednesday, September 21st. Deutsche Bank AG cut shares of NetApp from a “hold” rating to a “sell” rating and decreased their price objective for the company from $35.66 to $25.00 in a report on Monday, September 26th. They noted that the move was a valuation call. Cross Research upgraded shares of NetApp from a “hold” rating to a “buy” rating in a report on Monday, September 26th. RBC Capital Markets boosted their price objective on shares of NetApp from $32.00 to $36.00 and gave the company a “sector perform” rating in a report on Tuesday, September 27th. Finally, William Blair restated an “underperform” rating on shares of NetApp in a report on Wednesday, September 28th. Eleven investment analysts have rated the stock with a sell rating, twenty-four have assigned a hold rating and six have assigned a buy rating to the stock. The stock has an average rating of “Hold” and an average price target of $33.79.
In other news, CEO George Kurian sold 4,000 shares of the stock in a transaction that occurred on Friday, December 30th. The stock was sold at an average price of $35.84, for a total transaction of $143,360.00. Following the completion of the sale, the chief executive officer now owns 36,396 shares of the company’s stock, valued at $1,304,432.64. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, Director Gerald Held sold 20,000 shares of the stock in a transaction that occurred on Thursday, December 8th. The shares were sold at an average price of $36.45, for a total value of $729,000.00. Following the sale, the director now directly owns 5,259 shares of the company’s stock, valued at approximately $191,690.55. The disclosure for this sale can be found here. 0.49% of the stock is owned by company insiders.
NetApp Company Profile
NetApp, Inc (NetApp) provides software, systems and services to manage and store customer data. The Company enables enterprises, service providers, governmental organizations, and partners to envision, deploy and evolve their information technology (IT) environments. The Company offers a portfolio of products and services that satisfy a range of customer workloads across different data types and deployment models.
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