Public Employees Retirement Association of Colorado trimmed its position in shares of NetApp Inc. (NASDAQ:NTAP) by 19.7% in the first quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm owned 39,073 shares of the data storage provider’s stock after selling 9,567 shares during the period. Public Employees Retirement Association of Colorado’s holdings in NetApp were worth $2,709,000 at the end of the most recent quarter.
Several other hedge funds also recently added to or reduced their stakes in the business. Steward Partners Investment Advisory LLC grew its holdings in shares of NetApp by 45.6% in the 1st quarter. Steward Partners Investment Advisory LLC now owns 4,997 shares of the data storage provider’s stock worth $346,000 after purchasing an additional 1,566 shares during the last quarter. M&R Capital Management Inc. grew its holdings in shares of NetApp by 34.5% in the 1st quarter. M&R Capital Management Inc. now owns 3,700 shares of the data storage provider’s stock worth $266,000 after purchasing an additional 950 shares during the last quarter. Meag Munich Ergo Kapitalanlagegesellschaft MBH bought a new stake in shares of NetApp in the 1st quarter worth about $619,000. SG Americas Securities LLC grew its holdings in NetApp by 66.1% during the 1st quarter. SG Americas Securities LLC now owns 97,768 shares of the data storage provider’s stock worth $6,779,000 after acquiring an additional 38,892 shares during the last quarter. Finally, Quadrant Capital Group LLC grew its holdings in NetApp by 22.1% during the 1st quarter. Quadrant Capital Group LLC now owns 1,539 shares of the data storage provider’s stock worth $104,000 after acquiring an additional 279 shares during the last quarter. Institutional investors own 96.62% of the company’s stock.
A number of equities research analysts have commented on the stock. BidaskClub lowered shares of NetApp from a “strong-buy” rating to a “buy” rating in a report on Wednesday, April 24th. Credit Suisse Group assumed coverage on shares of NetApp in a report on Thursday, April 11th. They set an “outperform” rating and a $89.00 price objective on the stock. Piper Jaffray Companies decreased their price objective on shares of NetApp from $90.00 to $81.00 and set an “overweight” rating on the stock in a report on Friday, May 17th. BMO Capital Markets cut their target price on shares of NetApp to $80.00 and set an “outperform” rating on the stock in a research report on Thursday, February 14th. Finally, JPMorgan Chase & Co. downgraded shares of NetApp from an “overweight” rating to a “neutral” rating and cut their target price for the company from $80.00 to $75.00 in a research report on Thursday, February 14th. Three investment analysts have rated the stock with a sell rating, twelve have issued a hold rating and fourteen have issued a buy rating to the stock. The stock has a consensus rating of “Hold” and an average price target of $77.00.
NTAP stock traded down $0.39 during mid-day trading on Wednesday, hitting $60.31. 2,040,126 shares of the company were exchanged, compared to its average volume of 2,783,079. The company has a debt-to-equity ratio of 1.05, a quick ratio of 1.42 and a current ratio of 1.45. The company has a market capitalization of $14.90 billion, a P/E ratio of 15.00, a price-to-earnings-growth ratio of 0.96 and a beta of 1.40. NetApp Inc. has a 1-year low of $54.50 and a 1-year high of $88.08.
NetApp (NASDAQ:NTAP) last announced its earnings results on Wednesday, May 22nd. The data storage provider reported $1.10 EPS for the quarter, missing the consensus estimate of $1.13 by ($0.03). The company had revenue of $1.59 billion for the quarter, compared to analyst estimates of $1.64 billion. NetApp had a return on equity of 71.66% and a net margin of 19.02%. The business’s quarterly revenue was down 3.2% on a year-over-year basis. During the same quarter last year, the business posted $1.05 earnings per share. Analysts forecast that NetApp Inc. will post 4.37 earnings per share for the current year.
The firm also recently declared a quarterly dividend, which will be paid on Wednesday, July 24th. Stockholders of record on Friday, July 5th will be paid a dividend of $0.48 per share. This is a boost from NetApp’s previous quarterly dividend of $0.40. This represents a $1.92 annualized dividend and a dividend yield of 3.18%. The ex-dividend date of this dividend is Wednesday, July 3rd. NetApp’s dividend payout ratio (DPR) is currently 39.80%.
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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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