NetApp Inc. (NASDAQ:NTAP) Shares Sold by Westfield Capital Management Co. LP

Westfield Capital Management Co. LP lowered its holdings in NetApp Inc. (NASDAQ:NTAP) by 0.6% in the first quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 553,259 shares of the data storage provider’s stock after selling 3,203 shares during the period. Westfield Capital Management Co. LP’s holdings in NetApp were worth $38,363,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also added to or reduced their stakes in the company. Boston Partners lifted its holdings in shares of NetApp by 4.2% in the fourth quarter. Boston Partners now owns 6,701,926 shares of the data storage provider’s stock valued at $399,904,000 after purchasing an additional 268,195 shares in the last quarter. Oregon Public Employees Retirement Fund increased its stake in shares of NetApp by 3,540.4% in the fourth quarter. Oregon Public Employees Retirement Fund now owns 6,050,717 shares of the data storage provider’s stock worth $101,000 after acquiring an additional 5,884,508 shares during the last quarter. Geode Capital Management LLC increased its stake in shares of NetApp by 4.3% in the fourth quarter. Geode Capital Management LLC now owns 4,082,660 shares of the data storage provider’s stock worth $243,266,000 after acquiring an additional 169,398 shares during the last quarter. Bank of New York Mellon Corp increased its stake in shares of NetApp by 45.4% in the fourth quarter. Bank of New York Mellon Corp now owns 3,582,797 shares of the data storage provider’s stock worth $213,787,000 after acquiring an additional 1,119,253 shares during the last quarter. Finally, Norges Bank acquired a new position in shares of NetApp in the fourth quarter worth $207,190,000. Institutional investors own 96.62% of the company’s stock.

A number of research firms have recently weighed in on NTAP. BidaskClub downgraded shares of NetApp from a “strong-buy” rating to a “buy” rating in a research note on Wednesday, April 24th. Credit Suisse Group began coverage on shares of NetApp in a research note on Thursday, April 11th. They issued an “outperform” rating and a $89.00 price target on the stock. Piper Jaffray Companies dropped their price target on shares of NetApp from $90.00 to $81.00 and set an “overweight” rating on the stock in a research note on Friday, May 17th. Lake Street Capital dropped their price target on shares of NetApp to $69.00 and set a “buy” rating on the stock in a research note on Thursday, February 14th. Finally, BMO Capital Markets dropped their price target on shares of NetApp to $80.00 and set an “outperform” rating on the stock in a research note on Thursday, February 14th. Four equities research analysts have rated the stock with a sell rating, twelve have assigned a hold rating and thirteen have assigned a buy rating to the company’s stock. The company presently has a consensus rating of “Hold” and an average target price of $76.32.

In other news, CFO Ronald J. Pasek sold 58,052 shares of the firm’s stock in a transaction dated Monday, June 3rd. The stock was sold at an average price of $58.49, for a total value of $3,395,461.48. Following the sale, the chief financial officer now directly owns 122,806 shares of the company’s stock, valued at $7,182,922.94. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Also, VP Joel D. Reich sold 30,000 shares of the firm’s stock in a transaction dated Tuesday, June 4th. The shares were sold at an average price of $60.59, for a total value of $1,817,700.00. Following the completion of the sale, the vice president now directly owns 55,361 shares in the company, valued at $3,354,322.99. The disclosure for this sale can be found here. Insiders have sold 99,247 shares of company stock worth $5,870,980 over the last three months. Company insiders own 0.19% of the company’s stock.

NetApp stock traded down $0.86 during mid-day trading on Friday, hitting $61.30. 52,568 shares of the company’s stock were exchanged, compared to its average volume of 3,213,865. The company has a debt-to-equity ratio of 1.05, a current ratio of 1.45 and a quick ratio of 1.42. The company has a market capitalization of $15.19 billion, a price-to-earnings ratio of 15.24, a PEG ratio of 0.96 and a beta of 1.51. NetApp Inc. has a 1-year low of $54.50 and a 1-year high of $88.08.

NetApp (NASDAQ:NTAP) last posted its earnings results on Wednesday, May 22nd. The data storage provider reported $1.10 EPS for the quarter, missing the Thomson Reuters’ consensus estimate of $1.13 by ($0.03). The business had revenue of $1.59 billion for the quarter, compared to analyst estimates of $1.64 billion. NetApp had a return on equity of 71.66% and a net margin of 19.02%. The company’s quarterly revenue was down 3.2% compared to the same quarter last year. During the same period in the previous year, the company earned $1.05 earnings per share. As a group, sell-side analysts anticipate that NetApp Inc. will post 4.38 earnings per share for the current year.

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, July 24th. Shareholders of record on Friday, July 5th will be given a dividend of $0.48 per share. This represents a $1.92 annualized dividend and a yield of 3.13%. This is an increase from NetApp’s previous quarterly dividend of $0.40. The ex-dividend date of this dividend is Wednesday, July 3rd. NetApp’s dividend payout ratio is presently 39.80%.

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NetApp Company Profile

NetApp, Inc provides software, systems, and services to manage and share data 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: What is the balance sheet?

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Institutional Ownership by Quarter for NetApp (NASDAQ:NTAP)

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