Los Angeles Capital Management LLC Reduces NetApp, Inc. Stock Position (NASDAQ: NTAP)
Los Angeles Capital Management LLC reduced its holdings of NetApp, Inc. (NASDAQ: NTAP – Get Rating) stock by 24.0% in the first quarter, according to its latest 13F filing with the Securities and Exchange Commission. The institutional investor held 6,196 shares of the data storage provider after selling 1,955 shares during the quarter. Los Angeles Capital Management LLC’s holdings in NetApp were worth $514,000 at the end of last quarter.
Several other institutional investors and hedge funds also bought and sold shares of NTAP. North Star Investment Management Corp. increased its stake in NetApp by 200.0% in the 4th quarter. North Star Investment Management Corp. now owns 300 shares of the data storage provider worth $28,000 after buying an additional 200 shares in the last quarter. Cyrus J. Lawrence LLC acquired a new stake in NetApp in Q1 worth approximately $28,000. Benjamin Edwards Inc. acquired a new stake in NetApp in the 4th quarter for a value of approximately $32,000. Steward Partners Investment Advisory LLC increased its stake in NetApp by 40.0% in Q4. Steward Partners Investment Advisory LLC now owns 406 shares of the data storage provider worth $37,000 after buying 116 additional shares in the last quarter. Finally, CENTRAL TRUST Co increased its stake in NetApp shares by 43.0% in the 1st quarter. CENTRAL TRUST Co now owns 552 shares of the data storage provider worth $46,000 after buying 166 additional shares in the last quarter. 91.91% of the shares are currently held by hedge funds and other institutional investors.
NetApp trades up 1.7%
NASDAQ: NTAP opened at $74.93 on Monday. The company has a 50-day moving average price of $67.70 and a 200-day moving average price of $75.68. NetApp, Inc. has a 12-month low of $61.26 and a 12-month high of $96.82. The company has a current ratio of 1.50, a quick ratio of 1.45 and a debt ratio of 2.85. The stock has a market capitalization of $16.46 billion, a price/earnings ratio of 18.28, a P/E/G ratio of 1.92 and a beta of 1.22.
NetApp (NASDAQ:NTAP – Get Rating) last released its quarterly results on Wednesday, June 1. The data storage provider reported earnings per share (EPS) of $1.21 for the quarter, beating consensus analyst estimates of $1.04 by $0.17. NetApp had a net margin of 14.83% and a return on equity of 127.40%. The company posted revenue of $1.68 billion in the quarter, compared to analysts’ expectations of $1.68 billion. During the same period last year, the company posted EPS of $0.96. NetApp revenue increased 8.0% year over year. Equity analysts predict that NetApp, Inc. will post EPS of 4.45 for the current year.
NetApp Dividend Announcement
The company also recently declared a quarterly dividend, which was paid on Wednesday, July 27. Investors of record on Friday, July 8 received a dividend of $0.50 per share. The ex-dividend date was Thursday July 7th. This represents a dividend of $2.00 on an annualized basis and a yield of 2.67%. NetApp’s dividend payout ratio (DPR) is currently 48.78%.
A Wall Street analyst gives his opinion
A number of stock analysts have recently commented on the stock. Deutsche Bank Aktiengesellschaft moved NetApp shares from a “hold” rating to a “buy” rating and lowered its price target for the stock from $90.00 to $84.00 in a Tuesday report. June 14. UBS Group cut its price target on NetApp shares from $91.00 to $78.00 and set a “neutral” rating on the stock in a Friday, July 29 report. StockNews.com moved NetApp shares from a “hold” rating to a “buy” rating in a Friday, July 15 report. Morgan Stanley cut its price target on NetApp shares from $91.00 to $88.00 and set an “equal weight” rating on the stock in a Thursday, June 2 report. Finally, Raymond James lowered his price target on NetApp shares from $104.00 to $94.00 in a Thursday, June 2 report. One analyst rated the stock with a sell rating, eight gave the stock a hold rating and fourteen gave the stock a buy rating. According to data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average target price of $91.55.
Insider Activity at NetApp
Separately, CEO George Kurian sold 2,125 NetApp shares in a trade dated Monday, May 23. The shares were sold at an average price of $66.95, for a total transaction of $142,268.75. Following completion of the transaction, the CEO now directly owns 156,129 shares of the company, valued at approximately $10,452,836.55. The sale was disclosed in a filing with the SEC, which is available at this hyperlink. In other news, CEO George Kurian sold 2,125 NetApp shares in a trade that took place on Monday, May 23. The shares were sold at an average price of $66.95, for a total value of $142,268.75. Following the completion of the sale, the CEO now directly owns 156,129 shares of the company, valued at $10,452,836.55. The sale was disclosed in a document filed with the Securities & Exchange Commission, accessible via this hyperlink. Additionally, Chairman Cesar Cernuda sold 18,000 NetApp shares in a trade that took place on Wednesday, June 15. The stock was sold at an average price of $64.68, for a total transaction of $1,164,240.00. Following the completion of the sale, the president now owns 61,075 shares of the company, valued at $3,950,331. The disclosure of this sale can be found here. Insiders sold a total of 28,625 shares of the company valued at $1,889,651 over the past three months. Insiders of the company own 0.26% of the shares of the company.
NetApp Company Profile
(Get a rating)
NetApp, Inc provides cloud-based, data-centric services to manage and share data on premises, as well as private and public clouds around the world. 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, NetApp ElementOS software and NetApp SANtricity software; and storage infrastructure solutions, including NetApp All-Flash FAS series, NetApp Fabric Attached Storage, NetApp FlexPod, NetApp E/EF series, NetApp StorageGRID and NetApp SolidFire.
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