Daiwa Securities Group Inc. Lowers Stake in NetApp, Inc. (NASDAQ:NTAP)
Daiwa Securities Group Inc. lowered its stake in NetApp, Inc. (NASDAQ:NTAP) by 49.7% during the second quarter, Holdings Channel reports. The institutional investor owned 17,920 shares of the data storage provider’s stock after selling 17,700 shares during the period. Daiwa Securities Group Inc.’s holdings in NetApp were worth $718,000 at the end of the most recent reporting period.
Other large investors also recently modified their holdings of the company. David R. Rahn & Associates Inc. bought a new stake in shares of NetApp during the second quarter valued at about $713,000. CAPROCK Group Inc. increased its stake in shares of NetApp by 0.8% in the second quarter. CAPROCK Group Inc. now owns 5,278 shares of the data storage provider’s stock valued at $211,000 after buying an additional 44 shares in the last quarter. CIBC Asset Management Inc increased its stake in shares of NetApp by 0.9% in the second quarter. CIBC Asset Management Inc now owns 31,161 shares of the data storage provider’s stock valued at $1,248,000 after buying an additional 275 shares in the last quarter. Eagle Global Advisors LLC bought a new stake in shares of NetApp during the second quarter valued at about $210,000. Finally, Janney Montgomery Scott LLC increased its stake in shares of NetApp by 14.5% in the second quarter. Janney Montgomery Scott LLC now owns 23,399 shares of the data storage provider’s stock valued at $937,000 after buying an additional 2,971 shares in the last quarter. 91.25% of the stock is owned by institutional investors.
NetApp, Inc. (NASDAQ NTAP) opened at 41.49 on Friday. NetApp, Inc. has a 12 month low of $28.32 and a 12 month high of $45.24. The stock has a 50 day moving average of $41.95 and a 200 day moving average of $40.60. The firm has a market capitalization of $11.27 billion, a PE ratio of 22.92 and a beta of 1.21.
NetApp (NASDAQ:NTAP) last posted its quarterly earnings results on Wednesday, May 24th. The data storage provider reported $0.86 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.82 by $0.04. The firm 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%. NetApp’s quarterly revenue was up 7.3% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $0.55 EPS. On average, equities analysts predict that NetApp, Inc. will post $3.03 earnings per share for the current fiscal year.
The business also recently declared a quarterly dividend, which was paid on Wednesday, July 26th. Stockholders of record on Friday, July 7th were given a $0.20 dividend. This represents a $0.80 annualized dividend and a dividend yield of 1.93%. The ex-dividend date was Wednesday, July 5th. This is a positive change from NetApp’s previous quarterly dividend of $0.19. NetApp’s payout ratio is currently 44.20%.
Several equities research analysts have recently issued reports on the stock. Credit Suisse Group increased their price objective on shares of NetApp from $37.00 to $40.00 and gave the stock a “neutral” rating in a research report on Wednesday. BidaskClub raised shares of NetApp from a “hold” rating to a “buy” rating in a research report on Wednesday, July 19th. Goldman Sachs Group, Inc. (The) raised shares of NetApp from a “neutral” rating to a “buy” rating and increased their price objective for the stock from $46.00 to $47.00 in a research report on Friday, July 14th. Royal Bank Of Canada reissued a “hold” rating and set a $45.00 price objective on shares of NetApp in a research report on Friday, June 9th. Finally, Stifel Nicolaus reissued a “hold” rating and set a $37.00 price objective on shares of NetApp in a research report on Friday, May 26th. Four equities research analysts have rated the stock with a sell rating, twenty have assigned a hold rating and twelve have issued a buy rating to the company’s stock. NetApp presently has an average rating of “Hold” and an average price target of $41.63.
In other news, EVP Henri P. Richard sold 1,976 shares of NetApp stock in a transaction dated Tuesday, August 1st. The stock was sold at an average price of $43.41, for a total value of $85,778.16. Following the completion of the transaction, the executive vice president now owns 19,788 shares of the company’s stock, valued at approximately $858,997.08. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, CEO George Kurian sold 4,000 shares of NetApp 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 completion of the transaction, the chief executive officer now directly owns 65,123 shares of the company’s stock, valued at approximately $2,612,734.76. The disclosure for this sale can be found here. In the last ninety days, insiders sold 117,518 shares of company stock valued at $4,726,762. 0.47% of the stock is owned by insiders.
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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