NetApp, Inc. (NASDAQ:NTAP) Shares Bought by Allspring Global Investments Holdings LLC

Allspring Global Investments Holdings LLC increased its stake in NetApp, Inc. (NASDAQ:NTAPFree Report) by 26.8% in the first quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 15,593 shares of the data storage provider’s stock after purchasing an additional 3,291 shares during the period. Allspring Global Investments Holdings LLC’s holdings in NetApp were worth $1,637,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other institutional investors also recently bought and sold shares of the stock. Occidental Asset Management LLC boosted its stake in NetApp by 3.5% in the 1st quarter. Occidental Asset Management LLC now owns 37,463 shares of the data storage provider’s stock worth $3,932,000 after purchasing an additional 1,281 shares in the last quarter. Kathmere Capital Management LLC acquired a new stake in NetApp during the 1st quarter valued at approximately $220,000. Capital Insight Partners LLC lifted its stake in NetApp by 42.3% during the 1st quarter. Capital Insight Partners LLC now owns 6,636 shares of the data storage provider’s stock valued at $697,000 after acquiring an additional 1,972 shares during the period. Artemis Investment Management LLP acquired a new stake in NetApp during the 1st quarter valued at approximately $2,649,000. Finally, Wealth Enhancement Advisory Services LLC lifted its stake in NetApp by 38.3% during the 1st quarter. Wealth Enhancement Advisory Services LLC now owns 54,850 shares of the data storage provider’s stock valued at $5,758,000 after acquiring an additional 15,200 shares during the period. 92.17% of the stock is currently owned by institutional investors and hedge funds.

NetApp Price Performance

Shares of NASDAQ NTAP opened at $130.26 on Friday. The firm has a market cap of $26.81 billion, a PE ratio of 28.07, a PEG ratio of 5.27 and a beta of 1.27. The firm has a fifty day moving average of $117.22 and a 200 day moving average of $102.24. The company has a debt-to-equity ratio of 1.74, a quick ratio of 1.15 and a current ratio of 1.19. NetApp, Inc. has a one year low of $70.82 and a one year high of $131.02.

NetApp (NASDAQ:NTAPGet Free Report) last issued its quarterly earnings results on Thursday, May 30th. The data storage provider reported $1.80 EPS for the quarter, topping the consensus estimate of $1.48 by $0.32. The company had revenue of $1.67 billion during the quarter, compared to analyst estimates of $1.65 billion. NetApp had a net margin of 15.73% and a return on equity of 114.54%. The firm’s revenue was up 5.5% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $1.20 EPS. As a group, research analysts predict that NetApp, Inc. will post 5.47 EPS for the current fiscal year.

NetApp announced that its Board of Directors has initiated a share buyback plan on Thursday, May 30th that permits the company to repurchase $1.00 billion in shares. This repurchase authorization permits the data storage provider to buy up to 4% of its shares through open market purchases. Shares repurchase plans are usually a sign that the company’s management believes its stock is undervalued.

NetApp Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, July 24th. Stockholders of record on Friday, July 5th will be issued a dividend of $0.52 per share. This is a positive change from NetApp’s previous quarterly dividend of $0.50. The ex-dividend date of this dividend is Friday, July 5th. This represents a $2.08 dividend on an annualized basis and a dividend yield of 1.60%. NetApp’s dividend payout ratio is presently 43.10%.

Insider Transactions at NetApp

In other news, President Cesar Cernuda sold 22,000 shares of the company’s stock in a transaction on Friday, June 28th. The shares were sold at an average price of $129.46, for a total transaction of $2,848,120.00. Following the completion of the sale, the president now owns 64,789 shares of the company’s stock, valued at $8,387,583.94. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. In other news, President Cesar Cernuda sold 22,000 shares of the company’s stock in a transaction on Friday, June 28th. The shares were sold at an average price of $129.46, for a total transaction of $2,848,120.00. Following the completion of the sale, the president now owns 64,789 shares of the company’s stock, valued at $8,387,583.94. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Also, Director Thomas Michael Nevens sold 3,334 shares of the company’s stock in a transaction on Friday, June 21st. The stock was sold at an average price of $127.33, for a total transaction of $424,518.22. Following the sale, the director now directly owns 11,455 shares of the company’s stock, valued at approximately $1,458,565.15. The disclosure for this sale can be found here. Insiders sold 42,205 shares of company stock valued at $5,193,529 over the last 90 days. 0.37% of the stock is currently owned by corporate insiders.

Analysts Set New Price Targets

Several analysts have commented on the stock. StockNews.com cut shares of NetApp from a “strong-buy” rating to a “buy” rating in a research note on Thursday, March 7th. Barclays lifted their price objective on shares of NetApp from $100.00 to $116.00 and gave the company an “equal weight” rating in a research note on Friday, May 31st. Citigroup lifted their price objective on shares of NetApp from $110.00 to $120.00 and gave the company a “neutral” rating in a research note on Tuesday, May 21st. Susquehanna lifted their price objective on shares of NetApp from $138.00 to $155.00 and gave the company a “positive” rating in a research note on Wednesday, June 12th. Finally, Argus boosted their target price on shares of NetApp from $130.00 to $140.00 and gave the company a “buy” rating in a research note on Wednesday, June 5th. One investment analyst has rated the stock with a sell rating, eleven have given a hold rating and six have given a buy rating to the company’s stock. According to data from MarketBeat.com, the company currently has an average rating of “Hold” and a consensus price target of $117.81.

View Our Latest Report on NetApp

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.

Further Reading

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Institutional Ownership by Quarter for NetApp (NASDAQ:NTAP)

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