NetApp Inc. (NTAP) Stake Increased by Eaton Vance Management

Eaton Vance Management grew its stake in shares of NetApp Inc. (NASDAQ:NTAP) by 0.1% in the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 608,516 shares of the data storage provider’s stock after purchasing an additional 378 shares during the quarter. Eaton Vance Management owned approximately 0.24% of NetApp worth $36,310,000 at the end of the most recent quarter.

Other institutional investors and hedge funds also recently modified their holdings of the company. Boston Partners lifted its stake in NetApp by 4.2% in the fourth quarter. Boston Partners now owns 6,701,926 shares of the data storage provider’s stock worth $399,904,000 after acquiring an additional 268,195 shares during the period. BBT Capital Management LLC purchased a new stake in NetApp in the fourth quarter worth about $506,000. Piedmont Investment Advisors Inc. lifted its stake in NetApp by 2.8% in the fourth quarter. Piedmont Investment Advisors Inc. now owns 57,806 shares of the data storage provider’s stock worth $3,449,000 after acquiring an additional 1,570 shares during the period. Stanley Laman Group Ltd. purchased a new stake in NetApp in the fourth quarter worth about $1,129,000. Finally, Jensen Investment Management Inc. lifted its stake in NetApp by 65.5% in the fourth quarter. Jensen Investment Management Inc. now owns 12,030 shares of the data storage provider’s stock worth $718,000 after acquiring an additional 4,760 shares during the period. 92.40% of the stock is owned by hedge funds and other institutional investors.

In other news, VP Joel D. Reich sold 20,000 shares of the company’s stock in a transaction dated Tuesday, February 19th. The shares were sold at an average price of $64.04, for a total transaction of $1,280,800.00. Following the transaction, the vice president now owns 744 shares in the company, valued at $47,645.76. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, EVP Henri P. Richard sold 5,050 shares of the company’s stock in a transaction dated Friday, February 1st. The shares were sold at an average price of $66.01, for a total transaction of $333,350.50. Following the transaction, the executive vice president now owns 56,707 shares in the company, valued at approximately $3,743,229.07. The disclosure for this sale can be found here. Corporate insiders own 0.19% of the company’s stock.

NTAP stock opened at $65.44 on Friday. The stock has a market cap of $16.18 billion, a price-to-earnings ratio of 21.89, a PEG ratio of 1.13 and a beta of 1.34. NetApp Inc. has a one year low of $54.50 and a one year high of $88.08. The company has a quick ratio of 1.53, a current ratio of 1.56 and a debt-to-equity ratio of 0.93.

NetApp (NASDAQ:NTAP) last released its quarterly earnings results on Wednesday, February 13th. The data storage provider reported $1.20 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $1.15 by $0.05. The business had revenue of $1.56 billion during the quarter, compared to analyst estimates of $1.60 billion. NetApp had a net margin of 16.85% and a return on equity of 60.32%. The company’s quarterly revenue was up 1.6% on a year-over-year basis. During the same period in the prior year, the firm posted $0.99 earnings per share. Analysts predict that NetApp Inc. will post 4.04 earnings per share for the current year.

The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, April 24th. Stockholders of record on Friday, April 5th will be issued a dividend of $0.40 per share. The ex-dividend date is Thursday, April 4th. This represents a $1.60 annualized dividend and a dividend yield of 2.44%. NetApp’s dividend payout ratio (DPR) is currently 53.51%.

A number of research firms recently weighed in on NTAP. BMO Capital Markets lowered their price objective on shares of NetApp to $80.00 and set an “outperform” rating for the company in a research note on Thursday, February 14th. Lake Street Capital lowered their price objective on shares of NetApp to $69.00 and set a “buy” rating for the company in a research note on Thursday, February 14th. Zacks Investment Research raised shares of NetApp from a “hold” rating to a “buy” rating and set a $76.00 price objective for the company in a research note on Tuesday, November 27th. Oppenheimer reaffirmed a “hold” rating on shares of NetApp in a research note on Wednesday, November 14th. Finally, Maxim Group lowered their price objective on shares of NetApp from $91.00 to $89.00 and set a “buy” rating for the company in a research note on Thursday, November 15th. Four research analysts have rated the stock with a sell rating, eleven have issued a hold rating, fifteen have assigned a buy rating and one has issued a strong buy rating to the company. NetApp has an average rating of “Hold” and an average target price of $77.16.

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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.

Further Reading: Why is the price-sales ratio important?

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Institutional Ownership by Quarter for NetApp (NASDAQ:NTAP)

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