Bremer Bank National Association acquired a new position in NetApp Inc. (NASDAQ:NTAP) during the first quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund acquired 545 shares of the data storage provider’s stock, valued at approximately $40,000.
Several other institutional investors have also bought and sold shares of NTAP. First Interstate Bank boosted its holdings in NetApp by 15.0% during the first quarter. First Interstate Bank now owns 1,130 shares of the data storage provider’s stock valued at $78,000 after purchasing an additional 147 shares in the last quarter. Destination Wealth Management raised its position in NetApp by 53.3% in the 1st quarter. Destination Wealth Management now owns 460 shares of the data storage provider’s stock worth $32,000 after purchasing an additional 160 shares during the last quarter. FTB Advisors Inc. raised its position in shares of NetApp by 14.6% during the 4th quarter. FTB Advisors Inc. now owns 1,318 shares of the data storage provider’s stock valued at $78,000 after acquiring an additional 168 shares during the last quarter. LS Investment Advisors LLC raised its position in shares of NetApp by 2.3% during the 4th quarter. LS Investment Advisors LLC now owns 7,681 shares of the data storage provider’s stock valued at $458,000 after acquiring an additional 173 shares during the last quarter. Finally, Commerce Bank raised its position in shares of NetApp by 1.3% during the 1st quarter. Commerce Bank now owns 13,951 shares of the data storage provider’s stock valued at $967,000 after acquiring an additional 183 shares during the last quarter. Institutional investors and hedge funds own 96.50% of the company’s stock.
NTAP traded down $0.33 during trading on Wednesday, hitting $60.63. 1,668,125 shares of the stock traded hands, compared to its average volume of 2,723,448. The company has a market cap of $14.64 billion, a price-to-earnings ratio of 15.08, a P/E/G ratio of 0.96 and a beta of 1.51. The company has a debt-to-equity ratio of 1.05, a current ratio of 1.45 and a quick ratio of 1.42. The company has a 50-day moving average price of $63.51. NetApp Inc. has a 12-month low of $54.50 and a 12-month high of $88.08.
NetApp (NASDAQ:NTAP) last announced its quarterly earnings results on Wednesday, May 22nd. The data storage provider reported $1.10 earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of $1.13 by ($0.03). The firm had revenue of $1.59 billion for the quarter, compared to analysts’ expectations of $1.64 billion. NetApp had a net margin of 19.02% and a return on equity of 71.66%. The company’s quarterly revenue was down 3.2% on a year-over-year basis. During the same period in the previous year, the company earned $1.05 EPS. As a group, equities research analysts expect that NetApp Inc. will post 4.38 EPS for the current fiscal year.
The company also recently declared a quarterly dividend, which will be paid on Wednesday, July 24th. Shareholders of record on Friday, July 5th will be given a dividend of $0.48 per share. The ex-dividend date of this dividend is Wednesday, July 3rd. This represents a $1.92 annualized dividend and a yield of 3.17%. This is a boost from NetApp’s previous quarterly dividend of $0.40. NetApp’s dividend payout ratio is presently 39.80%.
A number of equities analysts recently weighed in on the stock. ValuEngine lowered shares of NetApp from a “hold” rating to a “sell” rating in a research note on Monday, June 3rd. BidaskClub cut shares of NetApp from a “hold” rating to a “sell” rating in a report on Wednesday, June 19th. Piper Jaffray Companies decreased their target price on shares of NetApp from $90.00 to $81.00 and set an “overweight” rating on the stock in a research report on Friday, May 17th. Maxim Group reduced their price target on shares of NetApp to $86.00 and set a “buy” rating on the stock in a research report on Thursday, May 23rd. Finally, Credit Suisse Group assumed coverage on shares of NetApp in a research report on Thursday, April 11th. They issued an “outperform” rating and a $89.00 target price on the stock. Five equities research analysts have rated the stock with a sell rating, eleven have assigned a hold rating and thirteen have assigned a buy rating to the company. The company currently has a consensus rating of “Hold” and an average price target of $75.95.
In related news, CFO Ronald J. Pasek sold 58,052 shares of the firm’s stock in a transaction that occurred on Monday, June 3rd. The shares were sold at an average price of $58.49, for a total value of $3,395,461.48. Following the transaction, the chief financial officer now owns 122,806 shares of the company’s stock, valued at $7,182,922.94. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, VP Joel D. Reich sold 30,000 shares of the firm’s stock in a transaction that occurred on Tuesday, June 4th. The stock was sold at an average price of $60.59, for a total transaction of $1,817,700.00. Following the completion of the transaction, the vice president now directly owns 55,361 shares in the company, valued at approximately $3,354,322.99. The disclosure for this sale can be found here. Insiders have sold a total of 161,092 shares of company stock valued at $9,676,120 in the last three months. 0.19% of the stock is currently owned by corporate insiders.
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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