Investors Purchase High Volume of NetApp Call Options (NTAP)

NetApp Inc. (NASDAQ:NTAP) was the recipient of some unusual options trading on Wednesday. Traders acquired 12,231 call options on the company. This is an increase of 1,166% compared to the typical daily volume of 966 call options.

Shares of NTAP opened at $78.03 on Thursday. The company has a market cap of $20.45 billion, a P/E ratio of 26.10, a price-to-earnings-growth ratio of 1.42 and a beta of 1.38. NetApp has a 12-month low of $45.24 and a 12-month high of $88.08. The company has a debt-to-equity ratio of 0.80, a quick ratio of 2.03 and a current ratio of 2.06.

NetApp (NASDAQ:NTAP) last released its quarterly earnings data on Wednesday, November 14th. The data storage provider reported $1.06 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $0.99 by $0.07. NetApp had a return on equity of 41.75% and a net margin of 3.68%. The business had revenue of $1.52 billion for the quarter, compared to the consensus estimate of $1.51 billion. During the same quarter in the previous year, the company posted $0.81 EPS. The company’s revenue was up 7.2% compared to the same quarter last year. On average, equities analysts expect that NetApp will post 3.92 EPS for the current year.

A number of research analysts have recently weighed in on the company. Zacks Investment Research raised NetApp from a “hold” rating to a “strong-buy” rating and set a $88.00 price objective on the stock in a research report on Friday, October 26th. Susquehanna Bancshares cut NetApp from a “positive” rating to a “neutral” rating in a research report on Tuesday, October 23rd. UBS Group cut NetApp from a “positive” rating to a “neutral” rating in a research report on Tuesday, October 23rd. Goldman Sachs Group raised NetApp from a “neutral” rating to a “conviction-buy” rating and set a $91.00 price objective on the stock in a research report on Wednesday, October 17th. Finally, BidaskClub cut NetApp from a “buy” rating to a “hold” rating in a research report on Wednesday, October 17th. Two research analysts have rated the stock with a sell rating, ten have issued a hold rating, sixteen have assigned a buy rating and two have assigned a strong buy rating to the company. NetApp has a consensus rating of “Buy” and a consensus price target of $81.17.

In other news, CEO George Kurian sold 46,638 shares of NetApp stock in a transaction dated Thursday, September 20th. The stock was sold at an average price of $84.76, for a total transaction of $3,953,036.88. Following the transaction, the chief executive officer now directly owns 55,950 shares of the company’s stock, valued at approximately $4,742,322. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, VP Joel D. Reich sold 7,157 shares of NetApp stock in a transaction dated Friday, August 31st. The shares were sold at an average price of $86.83, for a total value of $621,442.31. Following the transaction, the vice president now directly owns 603 shares in the company, valued at $52,358.49. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 124,926 shares of company stock worth $10,378,444. Insiders own 0.19% of the company’s stock.

Large investors have recently added to or reduced their stakes in the business. Renaissance Technologies LLC increased its stake in NetApp by 270.0% in the 2nd quarter. Renaissance Technologies LLC now owns 2,332,932 shares of the data storage provider’s stock worth $183,205,000 after acquiring an additional 1,702,432 shares during the last quarter. Berkshire Capital Holdings Inc. bought a new stake in NetApp in the 2nd quarter worth approximately $7,588,000. Ontario Teachers Pension Plan Board increased its stake in NetApp by 10.9% in the 2nd quarter. Ontario Teachers Pension Plan Board now owns 30,826 shares of the data storage provider’s stock worth $2,421,000 after acquiring an additional 3,041 shares during the last quarter. Sumitomo Mitsui Trust Holdings Inc. increased its stake in NetApp by 11.8% in the 2nd quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 878,166 shares of the data storage provider’s stock worth $68,962,000 after acquiring an additional 92,890 shares during the last quarter. Finally, Lido Advisors LLC bought a new stake in NetApp in the 2nd quarter worth approximately $363,000. 95.18% of the stock is currently owned by institutional investors and hedge funds.

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About NetApp

NetApp, Inc provides software, systems, and services to manage and share date 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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