Candriam Luxembourg S.C.A. Takes Position in NetApp Inc. (NTAP)
Candriam Luxembourg S.C.A. purchased a new position in NetApp Inc. (NASDAQ:NTAP) during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm purchased 10,562 shares of the data storage provider’s stock, valued at approximately $260,000.
A number of other hedge funds and other institutional investors have also made changes to their positions in the company. Riverhead Capital Management LLC raised its stake in shares of NetApp by 126.4% in the first quarter. Riverhead Capital Management LLC now owns 1,104,969 shares of the data storage provider’s stock valued at $30,155,000 after buying an additional 616,852 shares during the period. AXA purchased a new stake in shares of NetApp during the first quarter valued at $9,991,000. Pictet Asset Management Ltd. raised its stake in shares of NetApp by 4.5% in the first quarter. Pictet Asset Management Ltd. now owns 161,459 shares of the data storage provider’s stock valued at $4,011,000 after buying an additional 6,900 shares during the period. Primecap Management Co. CA raised its stake in shares of NetApp by 3.7% in the first quarter. Primecap Management Co. CA now owns 43,514,951 shares of the data storage provider’s stock valued at $1,187,523,000 after buying an additional 1,562,403 shares during the period. Finally, Meeder Asset Management Inc. raised its stake in shares of NetApp by 354.0% in the first quarter. Meeder Asset Management Inc. now owns 24,769 shares of the data storage provider’s stock valued at $676,000 after buying an additional 19,313 shares during the period. Institutional investors own 89.57% of the company’s stock.
NetApp Inc. (NASDAQ:NTAP) traded up 0.03% on Thursday, reaching $33.87. The company’s stock had a trading volume of 3,253,444 shares. The company has a market cap of $9.44 billion, a P/E ratio of 30.49 and a beta of 1.58. NetApp Inc. has a 12 month low of $20.66 and a 12 month high of $36.10. The stock’s 50 day moving average price is $35.00 and its 200 day moving average price is $27.94.
NetApp (NASDAQ:NTAP) last released its earnings results on Wednesday, August 17th. The data storage provider reported $0.46 earnings per share for the quarter, topping the consensus estimate of $0.36 by $0.10. NetApp had a return on equity of 15.82% and a net margin of 5.87%. The firm earned $1.29 billion during the quarter, compared to analysts’ expectations of $1.26 billion. During the same period in the prior year, the company earned $0.29 earnings per share. The company’s quarterly revenue was down 3.1% on a year-over-year basis. Equities research analysts forecast that NetApp Inc. will post $2.36 earnings per share for the current year.
The firm also recently announced a quarterly dividend, which will be paid on Wednesday, October 26th. Shareholders of record on Friday, October 7th will be paid a dividend of $0.19 per share. This represents a $0.76 annualized dividend and a yield of 2.24%. The ex-dividend date is Wednesday, October 5th. NetApp’s payout ratio is presently 68.47%.
NTAP has been the subject of several research analyst reports. RBC Capital Markets upped their price objective on NetApp to $32.00 in a report on Thursday, August 18th. DA Davidson restated a “buy” rating and issued a $35.00 price objective on shares of NetApp in a report on Monday, August 15th. Maxim Group upped their price objective on NetApp from $39.00 to $40.00 and gave the company a “buy” rating in a report on Monday, August 15th. Cross Research upgraded NetApp from a “hold” rating to a “buy” rating in a report on Monday, September 26th. Finally, Susquehanna set a $42.00 price objective on NetApp and gave the company a “buy” rating in a report on Wednesday, September 28th. Ten equities research analysts have rated the stock with a sell rating, twenty-four have assigned a hold rating and six have issued a buy rating to the stock. NetApp presently has an average rating of “Hold” and an average target price of $30.16.
In other news, CEO George Kurian sold 4,000 shares of the company’s stock in a transaction on Friday, September 30th. The shares were sold at an average price of $35.16, for a total transaction of $140,640.00. Following the completion of the transaction, the chief executive officer now directly owns 40,570 shares in the company, valued at $1,426,441.20. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Jeffry R. Allen sold 10,980 shares of the company’s stock in a transaction on Tuesday, August 23rd. The stock was sold at an average price of $35.24, for a total transaction of $386,935.20. Following the transaction, the director now owns 15,000 shares of the company’s stock, valued at $528,600. The disclosure for this sale can be found here. Company insiders own 0.49% of the company’s stock.
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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