NetApp, Inc. (NASDAQ:NTAP) is Paradiem LLC’s 6th Largest Position

Paradiem LLC grew its position in shares of NetApp, Inc. (NASDAQ:NTAP) by 33.2% in the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 92,131 shares of the data storage provider’s stock after purchasing an additional 22,940 shares during the quarter. NetApp makes up about 2.3% of Paradiem LLC’s portfolio, making the stock its 6th biggest holding. Paradiem LLC’s holdings in NetApp were worth $8,122,000 at the end of the most recent reporting period.

Several other institutional investors have also recently made changes to their positions in NTAP. Northern Trust Corp grew its stake in NetApp by 2.1% in the 3rd quarter. Northern Trust Corp now owns 2,299,008 shares of the data storage provider’s stock valued at $174,449,000 after acquiring an additional 47,040 shares during the period. California Public Employees Retirement System grew its stake in NetApp by 0.5% in the 4th quarter. California Public Employees Retirement System now owns 1,270,712 shares of the data storage provider’s stock valued at $112,026,000 after acquiring an additional 6,512 shares during the period. Royal Bank of Canada grew its stake in NetApp by 31.7% in the 3rd quarter. Royal Bank of Canada now owns 1,109,662 shares of the data storage provider’s stock valued at $84,202,000 after acquiring an additional 266,812 shares during the period. Ariel Investments LLC grew its stake in NetApp by 25.0% in the 3rd quarter. Ariel Investments LLC now owns 899,155 shares of the data storage provider’s stock valued at $68,228,000 after acquiring an additional 179,684 shares during the period. Finally, Wedge Capital Management L L P NC acquired a new stake in NetApp in the 4th quarter valued at $74,257,000. 92.17% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

NTAP has been the topic of several analyst reports. Raymond James reiterated a “market perform” rating on shares of NetApp in a report on Tuesday, January 16th. UBS Group boosted their price target on shares of NetApp from $93.00 to $96.00 and gave the stock a “neutral” rating in a research note on Friday, March 1st. Barclays boosted their price target on shares of NetApp from $80.00 to $100.00 and gave the stock an “equal weight” rating in a research note on Friday, March 1st. Argus upgraded shares of NetApp from a “hold” rating to a “buy” rating and set a $130.00 price target on the stock in a research note on Monday, March 4th. Finally, Wedbush boosted their price objective on NetApp from $85.00 to $100.00 and gave the stock a “neutral” rating in a research report on Friday, March 1st. One research analyst has rated the stock with a sell rating, ten have given a hold rating and six have issued a buy rating to the stock. According to MarketBeat.com, the stock currently has a consensus rating of “Hold” and an average price target of $100.60.

NetApp Price Performance

NASDAQ:NTAP traded up $0.39 during trading hours on Friday, hitting $101.33. The company’s stock had a trading volume of 2,124,805 shares, compared to its average volume of 1,401,973. The business’s 50-day moving average is $100.21 and its two-hundred day moving average is $89.36. The company has a market capitalization of $20.91 billion, a PE ratio of 23.03, a PEG ratio of 2.24 and a beta of 1.28. The company has a debt-to-equity ratio of 2.00, a quick ratio of 1.11 and a current ratio of 1.15. NetApp, Inc. has a 52-week low of $61.54 and a 52-week high of $112.48.

NetApp (NASDAQ:NTAP) last released its quarterly earnings data on Thursday, February 29th. The data storage provider reported $1.94 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.69 by $0.25. The firm had revenue of $1.61 billion during the quarter, compared to analysts’ expectations of $1.59 billion. NetApp had a return on equity of 109.49% and a net margin of 15.21%. NetApp’s revenue was up 5.2% compared to the same quarter last year. During the same quarter in the prior year, the business posted $1.02 earnings per share. As a group, research analysts anticipate that NetApp, Inc. will post 5.16 EPS for the current fiscal year.

NetApp Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Wednesday, April 24th. Shareholders of record on Friday, April 5th were given a $0.50 dividend. This represents a $2.00 annualized dividend and a yield of 1.97%. The ex-dividend date of this dividend was Thursday, April 4th. NetApp’s payout ratio is 45.45%.

Insiders Place Their Bets

In related news, EVP Elizabeth M. O’callahan sold 871 shares of the company’s stock in a transaction on Wednesday, April 10th. The stock was sold at an average price of $103.02, for a total value of $89,730.42. Following the completion of the transaction, the executive vice president now directly owns 9,601 shares in the company, valued at $989,095.02. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. In other NetApp news, EVP Elizabeth M. O’callahan sold 871 shares of the company’s stock in a transaction dated Wednesday, April 10th. The stock was sold at an average price of $103.02, for a total transaction of $89,730.42. Following the completion of the sale, the executive vice president now directly owns 9,601 shares in the company, valued at $989,095.02. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CFO Michael J. Berry sold 7,500 shares of the company’s stock in a transaction dated Tuesday, March 12th. The stock was sold at an average price of $102.75, for a total value of $770,625.00. Following the sale, the chief financial officer now owns 152,409 shares of the company’s stock, valued at $15,660,024.75. The disclosure for this sale can be found here. Over the last quarter, insiders sold 40,371 shares of company stock worth $4,139,505. 0.37% of the stock is owned by corporate insiders.

NetApp Profile

NetApp, Inc provides cloud-led and data-centric services to manage and share data on-premises, and private and public clouds worldwide. It operates in two segments, Hybrid Cloud and Public Could. The company offers intelligent data management software, such as NetApp ONTAP, NetApp Snapshot, NetApp SnapCenter Backup Management, NetApp SnapMirror Data Replication, NetApp SnapLock Data Compliance, and storage infrastructure solutions, including NetApp All-Flash FAS series, NetApp Fabric Attached Storage, NetApp E/EF series, and NetApp StorageGRID.