Traders Buy Shares of NetApp, Inc. (NTAP) on Weakness

Traders purchased shares of NetApp, Inc. (NASDAQ:NTAP) on weakness during trading hours on Tuesday. $58.04 million flowed into the stock on the tick-up and $16.51 million flowed out of the stock on the tick-down, for a money net flow of $41.53 million into the stock. Of all companies tracked, NetApp had the 7th highest net in-flow for the day. NetApp traded down ($0.71) for the day and closed at $43.66

A number of research firms have recently weighed in on NTAP. Zacks Investment Research lowered NetApp from a “buy” rating to a “hold” rating in a research note on Thursday, October 5th. Oppenheimer Holdings, Inc. reissued a “hold” rating on shares of NetApp in a research note on Wednesday, October 4th. Robert W. Baird reissued a “hold” rating and issued a $46.00 target price (up previously from $44.00) on shares of NetApp in a research note on Wednesday, October 4th. BidaskClub raised NetApp from a “hold” rating to a “buy” rating in a research note on Wednesday, July 19th. Finally, DA Davidson reissued a “buy” rating and issued a $51.00 target price on shares of NetApp in a research note on Monday, October 2nd. Two investment analysts have rated the stock with a sell rating, twenty-one have assigned a hold rating and thirteen have given a buy rating to the stock. The company currently has a consensus rating of “Hold” and an average price target of $45.12.

The firm’s 50-day moving average is $41.24 and its 200-day moving average is $40.81. The stock has a market cap of $11.74 billion, a PE ratio of 21.01 and a beta of 1.26.

NetApp (NASDAQ:NTAP) last announced its earnings results on Wednesday, August 16th. The data storage provider reported $0.62 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.55 by $0.07. The company had revenue of $1.33 billion during the quarter, compared to analysts’ expectations of $1.32 billion. NetApp had a net margin of 10.47% and a return on equity of 24.13%. The firm’s quarterly revenue was up 2.4% compared to the same quarter last year. During the same quarter in the previous year, the business posted $0.46 earnings per share. Equities analysts predict that NetApp, Inc. will post $3.12 earnings per share for the current fiscal year.

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, October 25th. Shareholders of record on Friday, October 6th will be given a dividend of $0.20 per share. This represents a $0.80 dividend on an annualized basis and a yield of 1.84%. The ex-dividend date is Thursday, October 5th. NetApp’s payout ratio is currently 38.65%.

In other news, EVP Henri P. Richard sold 1,976 shares of the business’s stock in a transaction that occurred on Monday, October 2nd. The shares were sold at an average price of $43.89, for a total value of $86,726.64. Following the completion of the transaction, the executive vice president now owns 15,836 shares of the company’s stock, valued at $695,042.04. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. Also, CEO George Kurian sold 4,570 shares of the business’s stock in a transaction that occurred on Wednesday, August 30th. The shares were sold at an average price of $37.98, for a total transaction of $173,568.60. Following the completion of the transaction, the chief executive officer now directly owns 23,028 shares of the company’s stock, valued at approximately $874,603.44. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 52,450 shares of company stock valued at $2,250,560. 0.47% of the stock is currently owned by company insiders.

Large investors have recently bought and sold shares of the company. BTIM Corp. raised its position in shares of NetApp by 4.5% in the second quarter. BTIM Corp. now owns 118,219 shares of the data storage provider’s stock valued at $4,735,000 after buying an additional 5,099 shares during the last quarter. Janus Capital Management LLC raised its position in shares of NetApp by 55.1% in the first quarter. Janus Capital Management LLC now owns 725,050 shares of the data storage provider’s stock valued at $30,343,000 after buying an additional 257,433 shares during the last quarter. Cantor Fitzgerald Investment Adviser L.P. acquired a new position in shares of NetApp in the second quarter valued at approximately $280,000. Aberdeen Asset Management PLC UK raised its position in shares of NetApp by 13.4% in the second quarter. Aberdeen Asset Management PLC UK now owns 547,294 shares of the data storage provider’s stock valued at $21,918,000 after buying an additional 64,722 shares during the last quarter. Finally, Point72 Asia Hong Kong Ltd raised its position in shares of NetApp by 8,443.8% in the first quarter. Point72 Asia Hong Kong Ltd now owns 5,468 shares of the data storage provider’s stock valued at $229,000 after buying an additional 5,404 shares during the last quarter. 92.08% of the stock is owned by institutional investors and hedge funds.

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NetApp Company Profile

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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