Bank of Montreal Can lessened its holdings in NetApp, Inc. (NASDAQ:NTAP – Get Rating) by 49.8% during the second quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 174,092 shares of the data storage provider’s stock after selling 172,581 shares during the quarter. Bank of Montreal Can’s holdings in NetApp were worth $11,748,000 as of its most recent SEC filing.
Other institutional investors have also made changes to their positions in the company. First Horizon Advisors Inc. lifted its position in shares of NetApp by 237.1% in the second quarter. First Horizon Advisors Inc. now owns 482 shares of the data storage provider’s stock worth $31,000 after purchasing an additional 339 shares in the last quarter. CENTRAL TRUST Co increased its holdings in NetApp by 43.0% during the first quarter. CENTRAL TRUST Co now owns 552 shares of the data storage provider’s stock worth $46,000 after buying an additional 166 shares during the last quarter. Kempen Capital Management N.V. acquired a new position in NetApp during the first quarter worth $48,000. Evoke Wealth LLC increased its holdings in NetApp by 3,438.9% during the first quarter. Evoke Wealth LLC now owns 637 shares of the data storage provider’s stock worth $53,000 after buying an additional 619 shares during the last quarter. Finally, EverSource Wealth Advisors LLC increased its holdings in NetApp by 410.9% during the first quarter. EverSource Wealth Advisors LLC now owns 659 shares of the data storage provider’s stock worth $54,000 after buying an additional 530 shares during the last quarter. Institutional investors own 88.45% of the company’s stock.
Analyst Upgrades and Downgrades
A number of brokerages recently weighed in on NTAP. Barclays boosted their target price on shares of NetApp from $88.00 to $95.00 and gave the stock an “overweight” rating in a report on Thursday, August 25th. Susquehanna downgraded shares of NetApp from a “positive” rating to a “neutral” rating and decreased their price objective for the company from $100.00 to $75.00 in a report on Monday, September 19th. Morgan Stanley decreased their price objective on shares of NetApp from $88.00 to $71.00 and set an “equal weight” rating on the stock in a report on Tuesday, October 11th. The Goldman Sachs Group upped their price objective on shares of NetApp from $60.00 to $68.00 and gave the company a “sell” rating in a report on Thursday, August 25th. Finally, JPMorgan Chase & Co. upped their price objective on shares of NetApp from $85.00 to $90.00 and gave the company an “overweight” rating in a report on Monday, August 29th. One investment analyst has rated the stock with a sell rating, nine have issued a hold rating and nine have issued a buy rating to the company. According to data from MarketBeat, the stock has a consensus rating of “Hold” and a consensus price target of $86.50.
NetApp Trading Up 1.1 %
NetApp (NASDAQ:NTAP – Get Rating) last posted its quarterly earnings data on Wednesday, August 24th. The data storage provider reported $0.97 earnings per share for the quarter, topping the consensus estimate of $0.86 by $0.11. NetApp had a net margin of 14.71% and a return on equity of 128.71%. The business had revenue of $1.59 billion during the quarter, compared to analysts’ expectations of $1.55 billion. During the same quarter in the prior year, the business posted $0.99 earnings per share. NetApp’s revenue was up 9.2% compared to the same quarter last year. Analysts predict that NetApp, Inc. will post 4.47 EPS for the current fiscal year.
Insider Buying and Selling
In related news, President Cesar Cernuda sold 18,000 shares of the company’s stock in a transaction dated Thursday, September 15th. The shares were sold at an average price of $69.82, for a total transaction of $1,256,760.00. Following the completion of the sale, the president now owns 78,463 shares of the company’s stock, valued at $5,478,286.66. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. 0.26% of the stock is currently owned by company insiders.
NetApp, Inc provides cloud-led and data-centric services to manage and share data on-premises, and private and public clouds worldwide. 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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