Millennium Management LLC reduced its stake in shares of NetApp Inc. (NASDAQ:NTAP) by 29.6% in the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 868,751 shares of the data storage provider’s stock after selling 365,137 shares during the period. Millennium Management LLC owned 0.32% of NetApp worth $53,593,000 as of its most recent SEC filing.
Several other institutional investors also recently modified their holdings of NTAP. Moneta Group Investment Advisors LLC raised its position in shares of NetApp by 441.0% during the 1st quarter. Moneta Group Investment Advisors LLC now owns 1,650 shares of the data storage provider’s stock worth $102,000 after purchasing an additional 1,345 shares during the last quarter. Fortis Advisors LLC acquired a new position in shares of NetApp during the 1st quarter worth approximately $127,000. Tower Research Capital LLC TRC raised its position in shares of NetApp by 227.3% during the 4th quarter. Tower Research Capital LLC TRC now owns 3,286 shares of the data storage provider’s stock worth $182,000 after purchasing an additional 2,282 shares during the last quarter. Wetherby Asset Management Inc. acquired a new position in shares of NetApp during the 4th quarter worth approximately $224,000. Finally, Ffcm LLC raised its position in shares of NetApp by 1,100.3% during the 1st quarter. Ffcm LLC now owns 4,369 shares of the data storage provider’s stock worth $269,000 after purchasing an additional 4,005 shares during the last quarter. Hedge funds and other institutional investors own 90.87% of the company’s stock.
NTAP has been the subject of several research reports. Morgan Stanley lifted their price objective on NetApp from $62.00 to $64.00 and gave the stock an “equal weight” rating in a research report on Friday, April 6th. Pivotal Research set a $62.00 price objective on NetApp and gave the stock a “hold” rating in a research report on Wednesday, February 28th. DA Davidson set a $79.00 price objective on NetApp and gave the stock a “buy” rating in a research report on Friday, April 6th. Cross Research downgraded NetApp from a “buy” rating to a “hold” rating in a report on Monday, April 2nd. Finally, William Blair upgraded NetApp from a “market perform” rating to an “outperform” rating in a report on Tuesday, April 17th. Two analysts have rated the stock with a sell rating, nine have assigned a hold rating, twenty-one have given a buy rating and one has assigned a strong buy rating to the company. The stock currently has an average rating of “Buy” and a consensus price target of $67.15.
NetApp (NASDAQ:NTAP) last announced its quarterly earnings results on Wednesday, May 23rd. The data storage provider reported $1.05 earnings per share for the quarter, topping analysts’ consensus estimates of $1.01 by $0.04. NetApp had a net margin of 1.29% and a return on equity of 33.87%. The firm had revenue of $1.64 billion during the quarter, compared to analysts’ expectations of $1.60 billion. During the same period in the prior year, the company earned $0.86 EPS. The firm’s revenue was up 10.8% on a year-over-year basis. sell-side analysts expect that NetApp Inc. will post 3.54 earnings per share for the current year.
The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, July 25th. Shareholders of record on Friday, July 6th will be given a $0.40 dividend. This is a boost from NetApp’s previous quarterly dividend of $0.20. This represents a $1.60 dividend on an annualized basis and a yield of 2.06%. The ex-dividend date of this dividend is Thursday, July 5th. NetApp’s dividend payout ratio is presently 26.76%.
In other NetApp news, VP Joel D. Reich sold 12,000 shares of the company’s stock in a transaction dated Wednesday, June 6th. The shares were sold at an average price of $73.13, for a total value of $877,560.00. Following the completion of the transaction, the vice president now directly owns 32,760 shares of the company’s stock, valued at approximately $2,395,738.80. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Also, VP Joel D. Reich sold 23,108 shares of the company’s stock in a transaction dated Tuesday, May 29th. The shares were sold at an average price of $67.72, for a total transaction of $1,564,873.76. Following the completion of the transaction, the vice president now directly owns 52,997 shares of the company’s stock, valued at $3,588,956.84. The disclosure for this sale can be found here. Over the last three months, insiders sold 149,411 shares of company stock valued at $10,503,463. 0.47% of the stock is currently owned by corporate insiders.
NetApp Company Profile
NetApp, Inc provides software, systems, and services to manage and store computer data worldwide. It offers flash; flash arrays that support data management; hybrid arrays to deploy the speed of flash storage; hybrid cloud; ONTAP cloud storage data management service; NetApp cloud sync hybrid data management Software as a Service; NetApp private storage for cloud; and AltaVault cloud-integrated solutions.
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