Sumitomo Mitsui Asset Management Company LTD decreased its position in NetApp, Inc. (NASDAQ:NTAP) by 9.5% during the second quarter, according to its most recent 13F filing with the SEC. The firm owned 21,694 shares of the data storage provider’s stock after selling 2,277 shares during the period. Sumitomo Mitsui Asset Management Company LTD’s holdings in NetApp were worth $868,000 as of its most recent filing with the SEC.

Several other large investors have also recently modified their holdings of NTAP. Contravisory Investment Management Inc. boosted its stake in shares of NetApp by 0.6% in the second quarter. Contravisory Investment Management Inc. now owns 7,059 shares of the data storage provider’s stock worth $283,000 after buying an additional 45 shares during the last quarter. Breton Hill Capital Ltd. boosted its stake in shares of NetApp by 0.3% in the second quarter. Breton Hill Capital Ltd. now owns 17,290 shares of the data storage provider’s stock worth $692,000 after buying an additional 59 shares during the last quarter. Louisiana State Employees Retirement System boosted its stake in shares of NetApp by 0.6% in the second quarter. Louisiana State Employees Retirement System now owns 16,800 shares of the data storage provider’s stock worth $673,000 after buying an additional 100 shares during the last quarter. Jaffetilchin Investment Partners LLC boosted its stake in shares of NetApp by 0.8% in the first quarter. Jaffetilchin Investment Partners LLC now owns 14,713 shares of the data storage provider’s stock worth $616,000 after buying an additional 118 shares during the last quarter. Finally, Cadence Capital Management LLC boosted its stake in shares of NetApp by 1.6% in the first quarter. Cadence Capital Management LLC now owns 9,867 shares of the data storage provider’s stock worth $413,000 after buying an additional 159 shares during the last quarter. 91.25% of the stock is currently owned by institutional investors and hedge funds.

NetApp, Inc. (NASDAQ NTAP) opened at 42.74 on Monday. The firm has a 50-day moving average price of $41.03 and a 200 day moving average price of $40.32. The firm has a market capitalization of $11.61 billion, a P/E ratio of 23.61 and a beta of 1.21. NetApp, Inc. has a 52-week low of $26.47 and a 52-week high of $45.24.

NetApp (NASDAQ:NTAP) last announced its quarterly earnings results on Wednesday, May 24th. The data storage provider reported $0.86 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $0.82 by $0.04. The company had revenue of $1.48 billion during the quarter, compared to analyst estimates of $1.44 billion. NetApp had a return on equity of 21.66% and a net margin of 9.22%. The firm’s revenue was up 7.3% on a year-over-year basis. During the same period in the prior year, the firm posted $0.55 earnings per share. Analysts forecast that NetApp, Inc. will post $3.03 EPS for the current year.

The company also recently declared a quarterly dividend, which was paid on Wednesday, July 26th. Shareholders of record on Friday, July 7th were paid a dividend of $0.20 per share. The ex-dividend date of this dividend was Wednesday, July 5th. This is a positive change from NetApp’s previous quarterly dividend of $0.19. This represents a $0.80 annualized dividend and a yield of 1.87%. NetApp’s dividend payout ratio is currently 44.20%.

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A number of brokerages have recently issued reports on NTAP. UBS AG upgraded NetApp from a “sell” rating to a “neutral” rating and set a $40.00 target price on the stock in a research report on Friday, May 26th. Maxim Group reiterated a “hold” rating and set a $46.00 target price on shares of NetApp in a research report on Thursday, May 25th. Jefferies Group LLC decreased their target price on NetApp from $44.00 to $42.00 and set a “hold” rating on the stock in a research report on Thursday, May 25th. Citigroup Inc. decreased their target price on NetApp from $46.00 to $41.00 and set a “neutral” rating on the stock in a research report on Thursday, May 25th. Finally, Drexel Hamilton reiterated a “buy” rating and set a $62.00 target price on shares of NetApp in a research report on Wednesday, May 24th. Four analysts have rated the stock with a sell rating, twenty have given a hold rating and twelve have given a buy rating to the company. The stock currently has a consensus rating of “Hold” and an average target price of $41.52.

In other NetApp news, SVP Matthew K. Fawcett sold 8,070 shares of the company’s stock in a transaction dated Monday, June 5th. The stock was sold at an average price of $39.38, for a total transaction of $317,796.60. Following the completion of the sale, the senior vice president now directly owns 8,367 shares in the company, valued at $329,492.46. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CEO George Kurian sold 4,000 shares of the company’s stock in a transaction dated Tuesday, May 30th. The stock was sold at an average price of $40.12, for a total value of $160,480.00. Following the sale, the chief executive officer now owns 65,123 shares of the company’s stock, valued at $2,612,734.76. The disclosure for this sale can be found here. Insiders have sold 117,518 shares of company stock valued at $4,726,762 over the last 90 days. 0.47% of the stock is currently 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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Institutional Ownership by Quarter for NetApp (NASDAQ:NTAP)

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