Inlet Private Wealth LLC purchased a new stake in shares of NetApp Inc. (NASDAQ:NTAP) during the 3rd quarter, Holdings Channel reports. The fund purchased 5,800 shares of the data storage provider’s stock, valued at approximately $254,000.
Other large investors have also bought and sold shares of the company. Meeder Asset Management Inc. raised its position in NetApp by 87.5% during the first quarter. Meeder Asset Management Inc. now owns 662 shares of the data storage provider’s stock valued at $28,000 after buying an additional 309 shares during the period. Hoey Investments Inc. raised its position in NetApp by 125.0% during the second quarter. Hoey Investments Inc. now owns 900 shares of the data storage provider’s stock valued at $40,000 after buying an additional 500 shares during the period. SG3 Management LLC acquired a new position in NetApp during the second quarter valued at $44,000. Citizens Financial Group Inc RI raised its position in NetApp by 539.3% during the second quarter. Citizens Financial Group Inc RI now owns 1,042 shares of the data storage provider’s stock valued at $46,000 after buying an additional 879 shares during the period. Finally, Private Advisor Group LLC acquired a new position in NetApp during the second quarter valued at $56,000. 92.70% of the stock is currently owned by hedge funds and other institutional investors.
Shares of NASDAQ:NTAP traded up $0.10 during midday trading on Friday, hitting $47.15. The company had a trading volume of 1,332,058 shares, compared to its average volume of 2,663,785. NetApp Inc. has a 12 month low of $34.66 and a 12 month high of $65.38. The company has a current ratio of 1.62, a quick ratio of 1.57 and a debt-to-equity ratio of 9.26. The stock has a market cap of $10.47 billion, a price-to-earnings ratio of 13.59, a PEG ratio of 1.48 and a beta of 1.33. The firm has a fifty day simple moving average of $44.55 and a 200 day simple moving average of $43.43.
NetApp (NASDAQ:NTAP) last posted its quarterly earnings results on Wednesday, August 26th. The data storage provider reported $0.73 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $0.41 by $0.32. The business had revenue of $1.30 billion for the quarter, compared to analyst estimates of $1.15 billion. NetApp had a return on equity of 240.01% and a net margin of 14.47%. The firm’s revenue was up 5.4% on a year-over-year basis. During the same period last year, the company earned $0.65 EPS. Equities analysts forecast that NetApp Inc. will post 2.65 EPS for the current fiscal year.
The firm also recently announced a quarterly dividend, which will be paid on Wednesday, October 28th. Shareholders of record on Friday, October 9th will be issued a dividend of $0.48 per share. The ex-dividend date is Thursday, October 8th. This represents a $1.92 annualized dividend and a yield of 4.07%. NetApp’s dividend payout ratio is presently 54.39%.
NTAP has been the topic of several recent analyst reports. Zacks Investment Research raised NetApp from a “sell” rating to a “hold” rating and set a $50.00 price target on the stock in a research report on Tuesday, September 1st. BidaskClub raised NetApp from a “sell” rating to a “hold” rating in a research report on Friday, October 9th. Cowen upped their target price on NetApp from $45.00 to $52.00 and gave the stock a “market perform” rating in a research report on Thursday, August 27th. JPMorgan Chase & Co. upped their target price on NetApp from $45.00 to $52.00 and gave the stock a “neutral” rating in a research report on Thursday, August 27th. Finally, Morgan Stanley upped their target price on NetApp from $34.00 to $38.00 and gave the stock an “underweight” rating in a research report on Thursday, August 27th. Three equities research analysts have rated the stock with a sell rating, fifteen have given a hold rating and six have assigned a buy rating to the company. The stock presently has a consensus rating of “Hold” and an average target price of $52.56.
In other NetApp news, Director Thomas Michael Nevens sold 22,831 shares of NetApp stock in a transaction dated Friday, September 11th. The stock was sold at an average price of $44.62, for a total transaction of $1,018,719.22. Following the transaction, the director now directly owns 22,831 shares in the company, valued at $1,018,719.22. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Insiders own 0.36% of the company’s stock.
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.
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