Palo Capital Inc. purchased a new position in shares of NetApp, Inc. (NASDAQ:NTAP) during the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor purchased 47,445 shares of the data storage provider’s stock, valued at approximately $1,900,000.
Other large investors have also added to or reduced their stakes in the company. Oregon Public Employees Retirement Fund boosted its stake in NetApp by 1.2% in the second quarter. Oregon Public Employees Retirement Fund now owns 164,490 shares of the data storage provider’s stock worth $6,588,000 after buying an additional 1,900 shares during the period. Winslow Evans & Crocker Inc. boosted its stake in NetApp by 1,141.7% in the second quarter. Winslow Evans & Crocker Inc. now owns 14,900 shares of the data storage provider’s stock worth $609,000 after buying an additional 13,700 shares during the period. Eqis Capital Management Inc. boosted its stake in NetApp by 4.7% in the second quarter. Eqis Capital Management Inc. now owns 21,924 shares of the data storage provider’s stock worth $878,000 after buying an additional 989 shares during the period. James Investment Research Inc. acquired a new stake in NetApp during the second quarter worth $1,207,000. Finally, Mn Services Vermogensbeheer B.V. raised its position in NetApp by 504.7% in the second quarter. Mn Services Vermogensbeheer B.V. now owns 44,945 shares of the data storage provider’s stock worth $1,800,000 after buying an additional 37,513 shares in the last quarter. 91.25% of the stock is currently owned by institutional investors.
NetApp, Inc. (NASDAQ:NTAP) opened at 41.49 on Friday. The firm has a market capitalization of $11.27 billion, a price-to-earnings ratio of 22.92 and a beta of 1.21. The stock’s 50 day moving average is $41.95 and its 200-day moving average is $40.60. NetApp, Inc. has a 12 month low of $28.32 and a 12 month high of $45.24.
NetApp (NASDAQ:NTAP) last released its quarterly earnings data on Wednesday, May 24th. The data storage provider reported $0.86 earnings per share for the quarter, beating analysts’ consensus estimates of $0.82 by $0.04. The firm had revenue of $1.48 billion during the quarter, compared to analyst estimates of $1.44 billion. NetApp had a return on equity of 21.66% and a net margin of 9.22%. The business’s quarterly revenue was up 7.3% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $0.55 earnings per share. Equities analysts anticipate that NetApp, Inc. will post $3.03 earnings per share for the current fiscal year.
The business also recently disclosed a quarterly dividend, which was paid on Wednesday, July 26th. Stockholders of record on Friday, July 7th were paid a dividend of $0.20 per share. This represents a $0.80 dividend on an annualized basis and a dividend yield of 1.93%. The ex-dividend date of this dividend was Wednesday, July 5th. This is a positive change from NetApp’s previous quarterly dividend of $0.19. NetApp’s dividend payout ratio is 44.20%.
NTAP has been the topic of a number of research analyst reports. Zacks Investment Research upgraded shares of NetApp from a “sell” rating to a “hold” rating in a research note on Monday, May 8th. FBN Securities upgraded shares of NetApp from a “sector perform” rating to an “outperform” rating and raised their price objective for the company from $45.00 to $50.00 in a research note on Thursday, May 25th. Stifel Nicolaus restated a “hold” rating and issued a $37.00 price target on shares of NetApp in a research report on Friday, May 26th. Barclays PLC restated a “sell” rating and issued a $35.00 price target (down previously from $38.00) on shares of NetApp in a research report on Thursday, May 25th. Finally, Credit Suisse Group upgraded shares of NetApp from an “underperform” rating to a “neutral” rating and lifted their price target for the stock from $35.00 to $37.00 in a research report on Thursday, May 25th. Four investment analysts have rated the stock with a sell rating, twenty have assigned a hold rating and twelve have given a buy rating to the stock. The company has a consensus rating of “Hold” and an average target price of $41.63.
In related news, CEO George Kurian sold 59,697 shares of the firm’s stock in a transaction on Friday, June 30th. The stock was sold at an average price of $39.93, for a total value of $2,383,701.21. Following the completion of the sale, the chief executive officer now owns 87,295 shares of the company’s stock, valued at $3,485,689.35. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Jeffry R. Allen sold 20,000 shares of the firm’s stock in a transaction on Tuesday, May 30th. The stock was sold at an average price of $40.46, for a total value of $809,200.00. Following the completion of the sale, the director now directly owns 8,500 shares of the company’s stock, valued at approximately $343,910. The disclosure for this sale can be found here. In the last three months, insiders have sold 117,518 shares of company stock valued at $4,726,762. Insiders own 0.47% of the company’s stock.
NetApp, Inc (NetApp) provides software, systems and services to manage and store customer data. The Company enables enterprises, service providers, governmental organizations, and partners to envision, deploy and evolve their information technology (IT) environments. The Company offers a portfolio of products and services that satisfy a range of customer workloads across different data types and deployment models.
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