Forsta AP Fonden lessened its holdings in NetApp, Inc. (NASDAQ:NTAP) by 27.4% in the 3rd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 77,400 shares of the data storage provider’s stock after selling 29,200 shares during the period. Forsta AP Fonden’s holdings in NetApp were worth $6,947,000 as of its most recent SEC filing.
A number of other institutional investors and hedge funds have also recently added to or reduced their stakes in NTAP. Arden Trust Co increased its stake in shares of NetApp by 2.7% in the third quarter. Arden Trust Co now owns 4,152 shares of the data storage provider’s stock worth $372,000 after purchasing an additional 111 shares during the period. Sigma Planning Corp increased its stake in NetApp by 1.0% during the second quarter. Sigma Planning Corp now owns 13,193 shares of the data storage provider’s stock valued at $1,079,000 after acquiring an additional 134 shares during the period. Allworth Financial LP increased its stake in NetApp by 39.1% during the third quarter. Allworth Financial LP now owns 491 shares of the data storage provider’s stock valued at $44,000 after acquiring an additional 138 shares during the period. Spire Wealth Management increased its stake in NetApp by 5.7% during the third quarter. Spire Wealth Management now owns 3,044 shares of the data storage provider’s stock valued at $273,000 after acquiring an additional 164 shares during the period. Finally, MML Investors Services LLC increased its stake in NetApp by 3.4% during the second quarter. MML Investors Services LLC now owns 5,012 shares of the data storage provider’s stock valued at $410,000 after acquiring an additional 167 shares during the period. 91.66% of the stock is owned by hedge funds and other institutional investors.
In related news, President Cesar Cernuda sold 14,000 shares of the company’s stock in a transaction on Wednesday, December 15th. The shares were sold at an average price of $87.13, for a total value of $1,219,820.00. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CEO George Kurian sold 4,250 shares of the company’s stock in a transaction on Monday, December 20th. The stock was sold at an average price of $87.02, for a total transaction of $369,835.00. The disclosure for this sale can be found here. In the last 90 days, insiders sold 39,749 shares of company stock valued at $3,537,994. 0.28% of the stock is owned by corporate insiders.
NetApp (NASDAQ:NTAP) last issued its earnings results on Tuesday, November 30th. The data storage provider reported $1.28 EPS for the quarter, beating the consensus estimate of $1.21 by $0.07. The company had revenue of $1.57 billion during the quarter, compared to analysts’ expectations of $1.55 billion. NetApp had a net margin of 15.57% and a return on equity of 136.54%. The business’s revenue for the quarter was up 10.6% compared to the same quarter last year. During the same quarter in the previous year, the company posted $0.87 EPS. As a group, research analysts forecast that NetApp, Inc. will post 4.21 EPS for the current fiscal year.
The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, January 26th. Investors of record on Friday, January 7th will be given a $0.50 dividend. This represents a $2.00 dividend on an annualized basis and a dividend yield of 2.10%. The ex-dividend date is Thursday, January 6th. NetApp’s dividend payout ratio is currently 48.54%.
NTAP has been the topic of several research reports. Susquehanna Bancshares boosted their price target on NetApp from $100.00 to $105.00 and gave the company a “positive” rating in a research note on Wednesday, December 1st. JPMorgan Chase & Co. raised NetApp from a “neutral” rating to an “overweight” rating and lifted their price objective for the company from $108.00 to $110.00 in a report on Monday, December 13th. Northland Securities lifted their price objective on NetApp from $107.00 to $111.00 and gave the company an “outperform” rating in a report on Wednesday, December 1st. Susquehanna lifted their price objective on NetApp from $100.00 to $105.00 and gave the company a “positive” rating in a report on Wednesday, December 1st. Finally, Cowen raised NetApp from a “market perform” rating to an “outperform” rating and lifted their price objective for the company from $95.00 to $116.00 in a report on Friday. One equities research analyst has rated the stock with a sell rating, six have assigned a hold rating and sixteen have assigned a buy rating to the company. According to data from MarketBeat.com, the company presently has an average rating of “Buy” and an average price target of $96.47.
NetApp Company 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.
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