Smithfield Trust Co. decreased its stake in NetApp Inc. (NASDAQ:NTAP) by 34.1% in the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 1,400 shares of the data storage provider’s stock after selling 725 shares during the period. Smithfield Trust Co.’s holdings in NetApp were worth $97,000 at the end of the most recent quarter.
Other large investors also recently modified their holdings of the company. Boston Partners increased its position in NetApp by 4.2% in the 4th quarter. Boston Partners now owns 6,701,926 shares of the data storage provider’s stock valued at $399,904,000 after acquiring an additional 268,195 shares during the period. Oregon Public Employees Retirement Fund increased its position in shares of NetApp by 3,540.4% during the fourth quarter. Oregon Public Employees Retirement Fund now owns 6,050,717 shares of the data storage provider’s stock worth $101,000 after buying an additional 5,884,508 shares during the period. Geode Capital Management LLC increased its position in shares of NetApp by 4.3% during the fourth quarter. Geode Capital Management LLC now owns 4,082,660 shares of the data storage provider’s stock worth $243,266,000 after buying an additional 169,398 shares during the period. Bank of New York Mellon Corp increased its position in shares of NetApp by 45.4% during the fourth quarter. Bank of New York Mellon Corp now owns 3,582,797 shares of the data storage provider’s stock worth $213,787,000 after buying an additional 1,119,253 shares during the period. Finally, Norges Bank acquired a new stake in shares of NetApp during the fourth quarter worth $207,190,000. 91.87% of the stock is owned by institutional investors and hedge funds.
Several research firms have recently weighed in on NTAP. BidaskClub upgraded shares of NetApp from a “buy” rating to a “strong-buy” rating in a research report on Saturday, April 13th. Goldman Sachs Group cut shares of NetApp from a “conviction-buy” rating to a “buy” rating in a research report on Thursday. Bank of America decreased their price objective on shares of NetApp from $78.00 to $74.00 and set a “buy” rating for the company in a research report on Thursday. Loop Capital decreased their price objective on shares of NetApp to $78.00 and set a “buy” rating for the company in a research report on Thursday. Finally, Piper Jaffray Companies decreased their price objective on shares of NetApp from $90.00 to $81.00 and set an “overweight” rating for the company in a research report on Friday, May 17th. Four equities research analysts have rated the stock with a sell rating, twelve have assigned a hold rating and fifteen have given a buy rating to the stock. The company has a consensus rating of “Hold” and a consensus price target of $75.71.
NASDAQ:NTAP traded up $0.33 during trading hours on Friday, reaching $61.99. The company had a trading volume of 2,485,865 shares, compared to its average volume of 2,784,977. NetApp Inc. has a twelve month low of $54.50 and a twelve month high of $88.08. The stock has a market capitalization of $17.29 billion, a price-to-earnings ratio of 20.73, a PEG ratio of 1.01 and a beta of 1.40. The company has a current ratio of 1.56, a quick ratio of 1.53 and a debt-to-equity ratio of 0.93.
NetApp (NASDAQ:NTAP) last released its quarterly earnings data on Wednesday, May 22nd. The data storage provider reported $1.10 earnings per share for the quarter, missing analysts’ consensus estimates of $1.13 by ($0.03). NetApp had a net margin of 16.85% and a return on equity of 60.32%. The business had revenue of $1.59 billion during the quarter, compared to the consensus estimate of $1.64 billion. During the same period last year, the business posted $1.05 earnings per share. The firm’s quarterly revenue was down 3.2% on a year-over-year basis. Equities analysts predict that NetApp Inc. will post 4.04 earnings per share for the current fiscal year.
The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, July 24th. Shareholders of record on Friday, July 5th will be paid a $0.48 dividend. This represents a $1.92 dividend on an annualized basis and a dividend yield of 3.10%. This is a positive change from NetApp’s previous quarterly dividend of $0.40. The ex-dividend date is Wednesday, July 3rd. NetApp’s dividend payout ratio (DPR) is 53.51%.
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NetApp Company Profile
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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