Royal Fund Management LLC Takes $1.19 Million Position in NetApp, Inc. (NASDAQ:NTAP)

Royal Fund Management LLC acquired a new stake in shares of NetApp, Inc. (NASDAQ:NTAPFree Report) during the second quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm acquired 15,534 shares of the data storage provider’s stock, valued at approximately $1,187,000.

Other hedge funds also recently made changes to their positions in the company. Private Advisor Group LLC grew its position in shares of NetApp by 66.3% during the first quarter. Private Advisor Group LLC now owns 7,740 shares of the data storage provider’s stock worth $643,000 after buying an additional 3,086 shares in the last quarter. Commonwealth of Pennsylvania Public School Empls Retrmt SYS grew its position in shares of NetApp by 6.0% during the first quarter. Commonwealth of Pennsylvania Public School Empls Retrmt SYS now owns 29,741 shares of the data storage provider’s stock worth $2,469,000 after buying an additional 1,672 shares in the last quarter. Sei Investments Co. grew its position in shares of NetApp by 0.8% during the first quarter. Sei Investments Co. now owns 139,507 shares of the data storage provider’s stock worth $11,563,000 after buying an additional 1,086 shares in the last quarter. Aviva PLC grew its position in shares of NetApp by 41.0% during the first quarter. Aviva PLC now owns 98,770 shares of the data storage provider’s stock worth $8,198,000 after buying an additional 28,705 shares in the last quarter. Finally, Prudential PLC acquired a new stake in shares of NetApp during the first quarter worth approximately $465,000. Hedge funds and other institutional investors own 90.25% of the company’s stock.

Insider Buying and Selling at NetApp

In other news, President Cesar Cernuda sold 22,000 shares of the company’s stock in a transaction dated Wednesday, September 6th. The stock was sold at an average price of $79.44, for a total value of $1,747,680.00. Following the transaction, the president now owns 103,659 shares in the company, valued at approximately $8,234,670.96. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. In other news, President Cesar Cernuda sold 22,000 shares of the company’s stock in a transaction dated Wednesday, September 6th. The stock was sold at an average price of $79.44, for a total value of $1,747,680.00. Following the transaction, the president now owns 103,659 shares in the company, valued at approximately $8,234,670.96. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, EVP Elizabeth M. O’callahan sold 871 shares of the company’s stock in a transaction dated Monday, September 11th. The shares were sold at an average price of $79.58, for a total value of $69,314.18. Following the completion of the transaction, the executive vice president now owns 12,770 shares in the company, valued at approximately $1,016,236.60. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 48,362 shares of company stock valued at $3,787,230. 0.37% of the stock is currently owned by corporate insiders.

Analysts Set New Price Targets

NTAP has been the subject of a number of research reports. Northland Securities decreased their price objective on shares of NetApp from $89.00 to $88.00 and set an “outperform” rating for the company in a report on Thursday, August 24th. Deutsche Bank Aktiengesellschaft lifted their price objective on shares of NetApp from $75.00 to $80.00 and gave the stock a “buy” rating in a report on Monday, August 21st. Citigroup lifted their price objective on shares of NetApp from $80.00 to $83.00 and gave the stock a “neutral” rating in a report on Thursday, August 24th. Raymond James lifted their price objective on shares of NetApp from $77.00 to $80.00 and gave the stock an “outperform” rating in a report on Thursday, August 24th. Finally, William Blair downgraded shares of NetApp from an “outperform” rating to a “market perform” rating in a report on Monday. One investment analyst has rated the stock with a sell rating, eleven have issued a hold rating and ten have assigned a buy rating to the company. According to MarketBeat, the company currently has a consensus rating of “Hold” and an average target price of $78.35.

Read Our Latest Report on NetApp

NetApp Price Performance

NTAP stock opened at $76.17 on Tuesday. The company has a current ratio of 1.28, a quick ratio of 1.24 and a debt-to-equity ratio of 2.74. NetApp, Inc. has a one year low of $58.08 and a one year high of $80.53. The firm has a market capitalization of $15.90 billion, a PE ratio of 13.77, a P/E/G ratio of 2.17 and a beta of 1.22. The firm has a 50-day moving average of $77.69 and a two-hundred day moving average of $70.70.

NetApp (NASDAQ:NTAPGet Free Report) last posted its quarterly earnings data on Wednesday, August 23rd. The data storage provider reported $1.15 EPS for the quarter, beating analysts’ consensus estimates of $1.07 by $0.08. NetApp had a net margin of 19.49% and a return on equity of 85.69%. The company had revenue of $1.43 billion during the quarter, compared to analyst estimates of $1.41 billion. During the same period in the prior year, the firm earned $0.97 earnings per share. The business’s quarterly revenue was down 10.1% on a year-over-year basis. On average, analysts forecast that NetApp, Inc. will post 4.48 earnings per share for the current year.

NetApp Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, October 25th. Shareholders of record on Friday, October 6th will be paid a dividend of $0.50 per share. This represents a $2.00 dividend on an annualized basis and a yield of 2.63%. The ex-dividend date is Thursday, October 5th. NetApp’s dividend payout ratio is presently 36.17%.

About NetApp

(Free Report)

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, and storage infrastructure solutions, including NetApp All-Flash FAS series, NetApp Fabric Attached Storage, NetApp E/EF series, and NetApp StorageGRID.

Featured Articles

Institutional Ownership by Quarter for NetApp (NASDAQ:NTAP)

Receive News & Ratings for NetApp Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for NetApp and related companies with MarketBeat.com's FREE daily email newsletter.