Wedge Capital Management L L P NC Buys New Position in NetApp, Inc. (NASDAQ:NTAP)

Wedge Capital Management L L P NC bought a new stake in NetApp, Inc. (NASDAQ:NTAP) during the third quarter, Holdings Channel.com reports. The fund bought 739,163 shares of the data storage provider’s stock, valued at approximately $66,347,000. NetApp accounts for approximately 0.9% of Wedge Capital Management L L P NC’s holdings, making the stock its 20th largest position.

A number of other institutional investors and hedge funds also recently made changes to their positions in NTAP. Strategic Blueprint LLC purchased a new stake in NetApp in the second quarter valued at approximately $40,000. Mizuho Securities Co. Ltd. purchased a new stake in NetApp in the second quarter valued at approximately $41,000. Van ECK Associates Corp raised its stake in NetApp by 170.4% in the second quarter. Van ECK Associates Corp now owns 503 shares of the data storage provider’s stock valued at $41,000 after purchasing an additional 317 shares in the last quarter. Red Door Wealth Management LLC purchased a new stake in NetApp in the second quarter valued at approximately $48,000. Finally, Berman Capital Advisors LLC raised its stake in NetApp by 173.8% in the second quarter. Berman Capital Advisors LLC now owns 649 shares of the data storage provider’s stock valued at $53,000 after purchasing an additional 412 shares in the last quarter. 92.05% of the stock is currently owned by institutional investors and hedge funds.

NASDAQ:NTAP traded up $3.02 during trading hours on Thursday, hitting $89.78. The company had a trading volume of 2,624,573 shares, compared to its average volume of 1,650,583. The company has a market capitalization of $20.08 billion, a PE ratio of 23.94, a price-to-earnings-growth ratio of 2.45 and a beta of 1.23. The stock has a 50-day moving average price of $90.47 and a 200 day moving average price of $84.83. NetApp, Inc. has a 52 week low of $52.33 and a 52 week high of $94.69. The company has a debt-to-equity ratio of 3.66, a current ratio of 1.81 and a quick ratio of 1.78.

NetApp (NASDAQ:NTAP) last released its quarterly earnings results on Tuesday, August 24th. The data storage provider reported $1.15 earnings per share for the quarter, beating the consensus estimate of $0.95 by $0.20. The business had revenue of $1.46 billion for the quarter, compared to analysts’ expectations of $1.43 billion. NetApp had a net margin of 14.49% and a return on equity of 151.60%. The firm’s revenue for the quarter was up 11.9% compared to the same quarter last year. During the same quarter in the previous year, the business posted $0.73 earnings per share. Analysts anticipate that NetApp, Inc. will post 4.28 EPS for the current fiscal year.

NTAP has been the topic of several research reports. Deutsche Bank Aktiengesellschaft lifted their price target on shares of NetApp from $77.00 to $86.00 and gave the stock a “hold” rating in a research note on Thursday, August 26th. Barclays lifted their price target on shares of NetApp from $74.00 to $85.00 and gave the stock an “equal weight” rating in a research note on Thursday, August 26th. Bank of America lifted their price target on shares of NetApp from $90.00 to $95.00 and gave the stock a “buy” rating in a research note on Thursday, August 26th. JPMorgan Chase & Co. lifted their price target on shares of NetApp from $95.00 to $108.00 and gave the stock a “neutral” rating in a research note on Wednesday, September 29th. Finally, Credit Suisse Group lifted their price target on shares of NetApp from $90.00 to $94.00 and gave the stock an “outperform” rating in a research note on Thursday, August 26th. One research analyst has rated the stock with a sell rating, nine have issued a hold rating and fifteen have issued a buy rating to the stock. According to MarketBeat, the stock has a consensus rating of “Buy” and an average price target of $90.00.

In other news, CEO George Kurian sold 4,250 shares of the business’s stock in a transaction on Monday, August 30th. The shares were sold at an average price of $87.08, for a total transaction of $370,090.00. Following the sale, the chief executive officer now owns 164,576 shares in the company, valued at approximately $14,331,278.08. The sale was disclosed in a document filed with the SEC, which is accessible through this link. Also, Director Carrie Palin sold 1,867 shares of the business’s stock in a transaction on Tuesday, September 21st. The shares were sold at an average price of $88.73, for a total transaction of $165,658.91. The disclosure for this sale can be found here. In the last quarter, insiders sold 14,617 shares of company stock worth $1,329,224. 0.28% of the stock is currently owned by company insiders.

NetApp Profile

NetApp, Inc provides software, systems, and services to manage and share data on-premises, and private and public clouds worldwide. The company offers cloud data services, including NetApp Cloud Volumes Service for AWS, NetApp Cloud Volumes ONTAP, NetApp Cloud Sync, NetApp Cloud Secure, NetApp Cloud Tiering, NetApp SaaS Backup, NetApp Kubernetes Service, and NetApp Cloud Insights.

Further Reading: Price-Sales Ratio

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Institutional Ownership by Quarter for NetApp (NASDAQ:NTAP)

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