TIAA CREF Investment Management LLC boosted its position in shares of NetApp Inc. (NASDAQ:NTAP) by 43.7% during the third quarter, Holdings Channel reports. The firm owned 967,108 shares of the data storage provider’s stock after buying an additional 294,283 shares during the period. TIAA CREF Investment Management LLC’s holdings in NetApp were worth $34,642,000 as of its most recent SEC filing.
A number of other hedge funds have also recently modified their holdings of the stock. New York Life Trust Co. purchased a new stake in shares of NetApp during the third quarter worth approximately $104,000. Global X Management Co. LLC boosted its stake in shares of NetApp by 109.8% in the second quarter. Global X Management Co. LLC now owns 4,485 shares of the data storage provider’s stock worth $110,000 after buying an additional 2,347 shares during the period. FTB Advisors Inc. boosted its stake in shares of NetApp by 14.3% in the second quarter. FTB Advisors Inc. now owns 5,154 shares of the data storage provider’s stock worth $126,000 after buying an additional 646 shares during the period. Victory Capital Management Inc. boosted its stake in shares of NetApp by 44.2% in the third quarter. Victory Capital Management Inc. now owns 5,321 shares of the data storage provider’s stock worth $191,000 after buying an additional 1,631 shares during the period. Finally, Orinda Asset Management LLC purchased a new stake in shares of NetApp during the third quarter worth approximately $202,000. 89.98% of the stock is currently owned by institutional investors and hedge funds.
Shares of NetApp Inc. (NASDAQ:NTAP) traded down 0.93% on Wednesday, reaching $36.27. 172,936 shares of the company’s stock traded hands. NetApp Inc. has a 12-month low of $20.66 and a 12-month high of $39.00. The company has a market cap of $9.99 billion, a PE ratio of 32.91 and a beta of 1.49. The stock has a 50-day moving average price of $35.89 and a 200-day moving average price of $31.83.
NetApp (NASDAQ:NTAP) last posted its quarterly earnings results on Wednesday, November 16th. The data storage provider reported $0.60 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $0.54 by $0.06. The company had revenue of $1.34 billion for the quarter, compared to the consensus estimate of $1.36 billion. NetApp had a net margin of 5.89% and a return on equity of 15.66%. The firm’s revenue was down 7.3% compared to the same quarter last year. During the same quarter last year, the firm posted $0.61 EPS. Equities research analysts anticipate that NetApp Inc. will post $2.57 EPS for the current fiscal year.
The business also recently declared a quarterly dividend, which will be paid on Wednesday, January 25th. Investors of record on Friday, January 6th will be paid a $0.19 dividend. This represents a $0.76 annualized dividend and a yield of 2.08%. The ex-dividend date of this dividend is Wednesday, January 4th. NetApp’s dividend payout ratio is presently 69.09%.
NTAP has been the topic of several research reports. BMO Capital Markets upped their price objective on shares of NetApp to $39.00 in a report on Thursday, November 17th. Susquehanna set a $42.00 price objective on shares of NetApp and gave the company a “buy” rating in a report on Wednesday, September 28th. Cross Research upgraded shares of NetApp from a “hold” rating to a “buy” rating in a report on Monday, September 26th. Summit Redstone upgraded shares of NetApp from a “sell” rating to a “buy” rating and upped their target price for the stock from $30.00 to $45.00 in a report on Friday, September 30th. Finally, Drexel Hamilton upgraded shares of NetApp from a “hold” rating to a “buy” rating and upped their target price for the stock from $34.73 to $52.00 in a report on Thursday, November 17th. Twelve equities research analysts have rated the stock with a sell rating, twenty-four have given a hold rating and six have given a buy rating to the stock. The stock has a consensus rating of “Hold” and an average target price of $33.03.
In other NetApp news, CEO George Kurian sold 4,000 shares of the stock in a transaction dated Friday, September 30th. The shares were sold at an average price of $35.16, for a total transaction of $140,640.00. Following the transaction, the chief executive officer now directly owns 40,570 shares in the company, valued at approximately $1,426,441.20. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, Director Gerald Held sold 20,000 shares of the stock in a transaction dated Thursday, December 8th. The stock was sold at an average price of $36.45, for a total transaction of $729,000.00. Following the transaction, the director now owns 5,259 shares in the company, valued at $191,690.55. The disclosure for this sale can be found here. 0.49% of the stock is currently owned by corporate 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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