Hsbc Holdings PLC increased its stake in shares of NetApp Inc. (NASDAQ:NTAP) by 500.5% during the 3rd quarter, HoldingsChannel reports. The institutional investor owned 266,696 shares of the data storage provider’s stock after buying an additional 222,287 shares during the period. Hsbc Holdings PLC’s holdings in NetApp were worth $22,906,000 at the end of the most recent reporting period.
A number of other hedge funds and other institutional investors also recently modified their holdings of NTAP. MERIAN GLOBAL INVESTORS UK Ltd acquired a new position in NetApp during the 3rd quarter valued at about $161,995,000. Renaissance Technologies LLC lifted its position in NetApp by 270.0% during the 2nd quarter. Renaissance Technologies LLC now owns 2,332,932 shares of the data storage provider’s stock valued at $183,205,000 after purchasing an additional 1,702,432 shares during the period. American Century Companies Inc. lifted its position in NetApp by 8,411.2% during the 2nd quarter. American Century Companies Inc. now owns 1,696,205 shares of the data storage provider’s stock valued at $133,203,000 after purchasing an additional 1,676,276 shares during the period. Janus Henderson Group PLC lifted its position in NetApp by 388.7% during the 2nd quarter. Janus Henderson Group PLC now owns 1,375,800 shares of the data storage provider’s stock valued at $108,044,000 after purchasing an additional 1,094,273 shares during the period. Finally, Schroder Investment Management Group lifted its position in NetApp by 57.3% during the 2nd quarter. Schroder Investment Management Group now owns 2,493,836 shares of the data storage provider’s stock valued at $192,798,000 after purchasing an additional 908,642 shares during the period. Institutional investors and hedge funds own 95.59% of the company’s stock.
In related news, EVP Henri P. Richard sold 2,525 shares of the stock in a transaction that occurred on Friday, November 16th. The stock was sold at an average price of $69.55, for a total transaction of $175,613.75. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CEO George Kurian sold 10,000 shares of the stock in a transaction that occurred on Tuesday, November 20th. The stock was sold at an average price of $66.66, for a total value of $666,600.00. Following the sale, the chief executive officer now directly owns 10,244 shares of the company’s stock, valued at $682,865.04. The disclosure for this sale can be found here. Over the last three months, insiders have sold 93,648 shares of company stock valued at $7,605,603. 0.19% of the stock is owned by company insiders.
NetApp (NASDAQ:NTAP) last announced its quarterly earnings results on Wednesday, November 14th. The data storage provider reported $1.06 earnings per share for the quarter, beating analysts’ consensus estimates of $0.99 by $0.07. NetApp had a net margin of 4.70% and a return on equity of 51.50%. The business had revenue of $1.52 billion for the quarter, compared to the consensus estimate of $1.51 billion. During the same period last year, the company posted $0.81 EPS. NetApp’s revenue for the quarter was up 7.2% on a year-over-year basis. On average, analysts forecast that NetApp Inc. will post 3.98 EPS for the current fiscal year.
The firm also recently announced a quarterly dividend, which will be paid on Wednesday, January 23rd. Investors of record on Friday, January 4th will be paid a dividend of $0.40 per share. The ex-dividend date of this dividend is Thursday, January 3rd. This represents a $1.60 dividend on an annualized basis and a yield of 2.39%. NetApp’s payout ratio is 53.51%.
A number of research analysts have issued reports on NTAP shares. Citigroup upped their target price on shares of NetApp from $70.00 to $83.00 and gave the company a “neutral” rating in a research report on Monday, August 13th. DA Davidson upped their target price on shares of NetApp from $90.00 to $93.00 and gave the company a “buy” rating in a research report on Tuesday, August 14th. Zacks Investment Research downgraded shares of NetApp from a “strong-buy” rating to a “hold” rating in a research report on Tuesday, October 16th. BMO Capital Markets upped their target price on shares of NetApp from $75.00 to $90.00 and gave the company an “in-line” rating in a research report on Thursday, August 16th. Finally, Oppenheimer restated a “hold” rating on shares of NetApp in a research report on Wednesday, November 14th. Two analysts have rated the stock with a sell rating, nine have given a hold rating, fifteen have given a buy rating and one has issued a strong buy rating to the company. The stock currently has a consensus rating of “Buy” and an average price target of $81.78.
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NetApp Company Profile
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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