NetApp, Inc. (NTAP) Shares Sold by Alliancebernstein L.P.
Alliancebernstein L.P. cut its holdings in NetApp, Inc. (NASDAQ:NTAP) by 18.3% during the 2nd quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 490,695 shares of the data storage provider’s stock after selling 110,186 shares during the quarter. Alliancebernstein L.P. owned approximately 0.18% of NetApp worth $19,652,000 at the end of the most recent reporting period.
Other large investors have also added to or reduced their stakes in the company. American Beacon Advisors Inc. acquired a new stake in NetApp in the first quarter valued at about $110,000. Cambridge Investment Research Advisors Inc. boosted its stake in NetApp by 3.7% in the second quarter. Cambridge Investment Research Advisors Inc. now owns 5,189 shares of the data storage provider’s stock valued at $208,000 after buying an additional 185 shares in the last quarter. Eagle Global Advisors LLC acquired a new stake in NetApp in the second quarter valued at about $210,000. CAPROCK Group Inc. boosted its stake in 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. Finally, Pitcairn Co. acquired a new stake in NetApp in the second quarter valued at about $211,000. 92.08% of the stock is currently owned by institutional investors and hedge funds.
Several research firms recently weighed in on NTAP. UBS AG raised NetApp from a “sell” rating to a “neutral” rating and set a $40.00 price objective on the stock in a research note on Friday, May 26th. Stifel Nicolaus reaffirmed a “hold” rating and issued a $37.00 price objective on shares of NetApp in a research note on Wednesday, August 16th. Susquehanna Bancshares Inc reaffirmed a “positive” rating and issued a $50.00 price objective (up from $48.00) on shares of NetApp in a research note on Wednesday, August 16th. Barclays PLC raised their price objective on NetApp from $35.00 to $38.00 and gave the company an “underweight” rating in a research note on Thursday, August 17th. Finally, Lake Street Capital raised their price objective on NetApp from $43.00 to $49.00 and gave the company a “buy” rating in a research note on Thursday, August 17th. Three investment analysts have rated the stock with a sell rating, twenty-two have assigned a hold rating and fourteen have given a buy rating to the stock. The company has a consensus rating of “Hold” and a consensus target price of $43.89.
Shares of NetApp, Inc. (NASDAQ:NTAP) opened at 41.86 on Friday. The firm has a 50-day moving average price of $40.34 and a 200-day moving average price of $40.60. The firm has a market cap of $11.29 billion, a PE ratio of 20.21 and a beta of 1.22. NetApp, Inc. has a 52 week low of $30.36 and a 52 week high of $45.24.
NetApp (NASDAQ:NTAP) last announced its earnings results on Wednesday, August 16th. The data storage provider reported $0.62 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.55 by $0.07. NetApp had a return on equity of 24.13% and a net margin of 10.47%. The firm had revenue of $1.33 billion during the quarter, compared to analyst estimates of $1.32 billion. During the same quarter in the prior year, the company earned $0.46 EPS. The business’s revenue was up 2.4% compared to the same quarter last year. On average, equities research analysts predict that NetApp, Inc. will post $3.12 earnings per share for the current year.
The company also recently announced a quarterly dividend, which will be paid on Wednesday, October 25th. Stockholders of record on Friday, October 6th will be given a $0.20 dividend. This represents a $0.80 annualized dividend and a dividend yield of 1.92%. The ex-dividend date of this dividend is Thursday, October 5th. NetApp’s dividend payout ratio is currently 38.65%.
In other news, EVP Henri P. Richard sold 1,976 shares of the stock in a transaction that occurred on 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 sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CEO George Kurian sold 4,570 shares of the stock in a transaction that occurred on Wednesday, August 30th. The stock was sold at an average price of $37.98, for a total value of $173,568.60. Following the completion of the transaction, the chief executive officer now directly owns 23,028 shares of the company’s stock, valued at approximately $874,603.44. The disclosure for this sale can be found here. Insiders sold a total of 85,202 shares of company stock valued at $3,427,038 in the last three months. Corporate insiders own 0.47% 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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