Grimes & Company Inc. Has $1,538,000 Position in NetApp Inc. (NTAP)
Grimes & Company Inc. reduced its position in NetApp Inc. (NASDAQ:NTAP) by 1.2% during the second quarter, Holdings Channel reports. The fund owned 62,550 shares of the data storage provider’s stock after selling 746 shares during the period. Grimes & Company Inc.’s holdings in NetApp were worth $1,538,000 at the end of the most recent quarter.
Several other institutional investors have also recently bought and sold shares of the company. Jacobs Levy Equity Management Inc. raised its position in NetApp by 58.8% in the first quarter. Jacobs Levy Equity Management Inc. now owns 1,192,099 shares of the data storage provider’s stock worth $32,532,000 after buying an additional 441,417 shares during the last quarter. Legal & General Group Plc raised its position in shares of NetApp by 0.6% in the first quarter. Legal & General Group Plc now owns 1,320,761 shares of the data storage provider’s stock worth $36,042,000 after buying an additional 8,301 shares in the last quarter. Geode Capital Management LLC raised its position in shares of NetApp by 1.6% in the first quarter. Geode Capital Management LLC now owns 2,781,488 shares of the data storage provider’s stock worth $75,775,000 after buying an additional 43,931 shares in the last quarter. Creative Planning raised its position in shares of NetApp by 248.6% in the second quarter. Creative Planning now owns 10,495 shares of the data storage provider’s stock worth $258,000 after buying an additional 7,484 shares in the last quarter. Finally, National Pension Service raised its position in shares of NetApp by 4.4% in the first quarter. National Pension Service now owns 225,705 shares of the data storage provider’s stock worth $6,159,000 after buying an additional 9,591 shares in the last quarter. Institutional investors and hedge funds own 89.54% of the company’s stock.
Shares of NetApp Inc. (NASDAQ:NTAP) traded up 2.073% during midday trading on Wednesday, reaching $35.705. 3,763,114 shares of the company’s stock traded hands. The stock’s 50 day moving average is $32.68 and its 200-day moving average is $27.04. The company has a market capitalization of $9.95 billion, a PE ratio of 32.138 and a beta of 1.56. NetApp Inc. has a 52 week low of $20.66 and a 52 week high of $36.09.
NetApp (NASDAQ:NTAP) last posted its quarterly earnings data on Wednesday, August 17th. The data storage provider reported $0.46 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $0.36 by $0.10. The business earned $1.29 billion during the quarter, compared to the consensus estimate of $1.26 billion. NetApp had a return on equity of 15.82% and a net margin of 5.87%. The company’s revenue was down 3.1% compared to the same quarter last year. During the same period in the prior year, the company earned $0.29 earnings per share. On average, analysts forecast that NetApp Inc. will post $2.36 earnings per share for the current fiscal year.
The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, October 26th. Stockholders of record on Friday, October 7th will be issued a $0.19 dividend. This represents a $0.76 annualized dividend and a dividend yield of 2.13%. The ex-dividend date of this dividend is Wednesday, October 5th. NetApp’s payout ratio is currently 68.47%.
A number of equities analysts recently weighed in on NTAP shares. Maxim Group upped their target price on shares of NetApp from $39.00 to $40.00 and gave the stock a “buy” rating in a research report on Monday, August 15th. OTR Global upgraded shares of NetApp from a “negative” rating to a “mixed” rating in a research report on Thursday, August 11th. Zacks Investment Research lowered shares of NetApp from a “hold” rating to a “sell” rating in a research report on Tuesday, July 26th. Piper Jaffray Cos. upped their price target on shares of NetApp from $26.00 to $31.00 and gave the company a “neutral” rating in a research note on Thursday, August 18th. Finally, BMO Capital Markets reaffirmed a “hold” rating and set a $31.00 price target on shares of NetApp in a research note on Sunday, August 21st. Ten investment analysts have rated the stock with a sell rating, twenty-four have given a hold rating and four have given a buy rating to the company’s stock. The stock currently has an average rating of “Hold” and an average price target of $28.95.
In other NetApp news, VP Joel D. Reich sold 2,241 shares of the stock in a transaction on Thursday, June 30th. The stock was sold at an average price of $24.35, for a total value of $54,568.35. Following the completion of the transaction, the vice president now owns 489 shares in the company, valued at $11,907.15. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, CEO George Kurian sold 48,176 shares of the stock in a transaction on Friday, August 26th. The stock was sold at an average price of $34.87, for a total value of $1,679,897.12. Following the completion of the transaction, the chief executive officer now owns 92,746 shares of the company’s stock, valued at approximately $3,234,053.02. The disclosure for this sale can be found here. 0.49% of the stock is owned by insiders.
NetApp Company Profile
NetApp, Inc (NetApp) provides software, systems and services to manage and store customer data. The Company enables enterprises, service providers, governmental organizations, and partners to envision, deploy and evolve their information technology (IT) environments. The Company offers a portfolio of products and services that satisfy a range of customer workloads across different data types and deployment models.
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