Teacher Retirement System of Texas grew its holdings in shares of NetApp Inc. (NASDAQ:NTAP) by 6,974.9% in the 1st quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 251,511 shares of the data storage provider’s stock after buying an additional 247,956 shares during the quarter. Teacher Retirement System of Texas’ holdings in NetApp were worth $17,440,000 at the end of the most recent quarter.
A number of other institutional investors and hedge funds have also added to or reduced their stakes in the business. Boston Partners boosted its stake in shares of NetApp by 4.2% in the fourth quarter. Boston Partners now owns 6,701,926 shares of the data storage provider’s stock valued at $399,904,000 after purchasing an additional 268,195 shares during the period. Oregon Public Employees Retirement Fund boosted its stake in shares of NetApp by 3,540.4% in the fourth quarter. Oregon Public Employees Retirement Fund now owns 6,050,717 shares of the data storage provider’s stock valued at $101,000 after purchasing an additional 5,884,508 shares during the period. Geode Capital Management LLC boosted its stake in shares of NetApp by 4.3% in the fourth quarter. Geode Capital Management LLC now owns 4,082,660 shares of the data storage provider’s stock valued at $243,266,000 after purchasing an additional 169,398 shares during the period. Bank of New York Mellon Corp boosted its stake in shares of NetApp by 45.4% in the fourth quarter. Bank of New York Mellon Corp now owns 3,582,797 shares of the data storage provider’s stock valued at $213,787,000 after purchasing an additional 1,119,253 shares during the period. Finally, Norges Bank purchased a new position in shares of NetApp in the fourth quarter valued at $207,190,000. Institutional investors own 93.97% of the company’s stock.
Several research analysts have recently weighed in on NTAP shares. Zacks Investment Research downgraded shares of NetApp from a “hold” rating to a “sell” rating in a research note on Friday, January 18th. BidaskClub raised shares of NetApp from a “hold” rating to a “buy” rating in a report on Wednesday, January 30th. OTR Global cut shares of NetApp to a “positive” rating in a report on Friday, February 8th. Bank of America reaffirmed a “buy” rating and issued a $90.00 price target on shares of NetApp in a report on Monday, February 11th. Finally, Oppenheimer reaffirmed a “hold” rating on shares of NetApp in a report on Thursday, February 14th. Four investment analysts have rated the stock with a sell rating, eleven have assigned a hold rating, sixteen have issued a buy rating and one has assigned a strong buy rating to the company. NetApp currently has an average rating of “Hold” and a consensus target price of $77.04.
In other NetApp news, VP Joel D. Reich sold 20,000 shares of the stock in a transaction on Tuesday, February 19th. The shares were sold at an average price of $64.04, for a total transaction of $1,280,800.00. Following the sale, the vice president now directly owns 744 shares of the company’s stock, valued at $47,645.76. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 0.19% of the stock is currently owned by corporate insiders.
Shares of NASDAQ:NTAP traded down $0.02 on Friday, reaching $69.67. 51,713 shares of the company’s stock were exchanged, compared to its average volume of 2,199,667. The stock has a market capitalization of $16.74 billion, a price-to-earnings ratio of 23.24, a price-to-earnings-growth ratio of 0.98 and a beta of 1.40. NetApp Inc. has a fifty-two week low of $54.50 and a fifty-two week high of $88.08. The company has a debt-to-equity ratio of 0.93, a quick ratio of 1.53 and a current ratio of 1.56.
NetApp (NASDAQ:NTAP) last issued its earnings results on Wednesday, February 13th. The data storage provider reported $1.20 earnings per share for the quarter, topping the Zacks’ consensus estimate of $1.15 by $0.05. The company had revenue of $1.56 billion for the quarter, compared to analysts’ expectations of $1.60 billion. NetApp had a net margin of 16.85% and a return on equity of 60.32%. The firm’s revenue was up 1.6% compared to the same quarter last year. During the same period in the prior year, the company earned $0.99 earnings per share. Sell-side analysts expect that NetApp Inc. will post 4.04 EPS for the current fiscal year.
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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.
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