Chase Investment Counsel Corp trimmed its holdings in shares of NetApp, Inc. (NASDAQ:NTAP) by 60.7% in the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 8,099 shares of the data storage provider’s stock after selling 12,520 shares during the period. Chase Investment Counsel Corp’s holdings in NetApp were worth $354,000 as of its most recent SEC filing.
Several other institutional investors and hedge funds have also modified their holdings of the company. Vanguard Group Inc. increased its stake in shares of NetApp by 1.8% during the 2nd quarter. Vanguard Group Inc. now owns 27,214,474 shares of the data storage provider’s stock worth $1,089,939,000 after purchasing an additional 481,365 shares in the last quarter. BlackRock Inc. grew its stake in NetApp by 7.5% in the 2nd quarter. BlackRock Inc. now owns 21,648,037 shares of the data storage provider’s stock worth $867,006,000 after acquiring an additional 1,517,967 shares during the period. Boston Partners purchased a new stake in NetApp in the 3rd quarter worth approximately $315,629,000. Renaissance Technologies LLC grew its stake in NetApp by 781.1% in the 2nd quarter. Renaissance Technologies LLC now owns 3,339,574 shares of the data storage provider’s stock worth $133,750,000 after acquiring an additional 2,960,542 shares during the period. Finally, APG Asset Management N.V. grew its stake in NetApp by 22.9% in the 3rd quarter. APG Asset Management N.V. now owns 3,046,414 shares of the data storage provider’s stock worth $133,311,000 after acquiring an additional 567,300 shares during the period. 92.53% of the stock is owned by institutional investors and hedge funds.
In related news, Director Richard P. Wallace sold 34,000 shares of the business’s stock in a transaction dated Friday, September 29th. The shares were sold at an average price of $43.53, for a total transaction of $1,480,020.00. Following the completion of the sale, the director now owns 24,132 shares of the company’s stock, valued at approximately $1,050,465.96. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, EVP Henri P. Richard sold 1,976 shares of the business’s stock in a transaction dated Tuesday, September 19th. The shares were sold at an average price of $42.01, for a total transaction of $83,011.76. Following the sale, the executive vice president now directly owns 17,812 shares of the company’s stock, valued at approximately $748,282.12. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 44,498 shares of company stock valued at $1,911,496. Insiders own 0.47% of the company’s stock.
Several research firms have commented on NTAP. Credit Suisse Group lifted their target price on shares of NetApp from $37.00 to $40.00 and gave the stock a “neutral” rating in a research note on Wednesday, August 9th. Longbow Research raised shares of NetApp from a “neutral” rating to a “buy” rating and set a $50.00 target price for the company in a research note on Tuesday, August 15th. Barclays PLC lifted their target price on shares of NetApp from $35.00 to $38.00 and gave the stock an “underweight” rating in a research note on Thursday, August 17th. BidaskClub cut shares of NetApp from a “buy” rating to a “hold” rating in a research note on Saturday, August 12th. Finally, Drexel Hamilton reaffirmed a “buy” rating and issued a $62.00 target price (up from $60.00) on shares of NetApp in a research note on Friday, August 18th. One research analyst has rated the stock with a sell rating, twenty-one have given a hold rating and fourteen have issued a buy rating to the company. The company has an average rating of “Hold” and an average target price of $45.65.
NetApp, Inc. (NASDAQ NTAP) traded up $0.04 on Friday, hitting $46.34. 1,649,200 shares of the stock traded hands, compared to its average volume of 2,923,803. The company has a market cap of $12,489.78, a P/E ratio of 19.45, a P/E/G ratio of 1.63 and a beta of 1.16. NetApp, Inc. has a one year low of $33.26 and a one year high of $47.20. The company has a debt-to-equity ratio of 0.27, a current ratio of 1.47 and a quick ratio of 1.44.
NetApp (NASDAQ:NTAP) last released its earnings results on Wednesday, August 16th. The data storage provider reported $0.62 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $0.55 by $0.07. The company had revenue of $1.33 billion during the quarter, compared to the consensus estimate of $1.32 billion. NetApp had a net margin of 10.47% and a return on equity of 24.13%. The company’s revenue was up 2.4% on a year-over-year basis. During the same quarter in the previous year, the firm earned $0.46 EPS. sell-side analysts expect that NetApp, Inc. will post 2.49 earnings per share for the current year.
The firm also recently disclosed a quarterly dividend, which was paid on Wednesday, October 25th. Investors of record on Friday, October 6th were given a dividend of $0.20 per share. This represents a $0.80 dividend on an annualized basis and a dividend yield of 1.73%. The ex-dividend date of this dividend was Thursday, October 5th. NetApp’s dividend payout ratio is presently 38.65%.
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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