NetApp, Inc. (NTAP) Shares Sold by Dodge & Cox
Dodge & Cox reduced its position in NetApp, Inc. (NASDAQ:NTAP) by 16.1% during the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 12,319,220 shares of the data storage provider’s stock after selling 2,364,615 shares during the period. Dodge & Cox owned approximately 4.53% of NetApp worth $493,385,000 as of its most recent SEC filing.
Several other hedge funds and other institutional investors have also recently added to or reduced their stakes in NTAP. American Beacon Advisors Inc. acquired a new position in shares of NetApp in the 1st quarter valued at about $110,000. Cambridge Investment Research Advisors Inc. lifted its stake in shares of NetApp by 3.7% in the 2nd quarter. Cambridge Investment Research Advisors Inc. now owns 5,189 shares of the data storage provider’s stock valued at $208,000 after purchasing an additional 185 shares in the last quarter. Eagle Global Advisors LLC acquired a new position in shares of NetApp in the 2nd quarter valued at about $210,000. CAPROCK Group Inc. lifted its stake in shares of NetApp by 0.8% in the 2nd quarter. CAPROCK Group Inc. now owns 5,278 shares of the data storage provider’s stock valued at $211,000 after purchasing an additional 44 shares in the last quarter. Finally, Pitcairn Co. acquired a new position in shares of NetApp in the 2nd quarter valued at about $211,000. 92.08% of the stock is currently owned by institutional investors and hedge funds.
In other NetApp news, CEO George Kurian sold 59,697 shares of the stock in a transaction on Friday, June 30th. The stock was sold at an average price of $39.93, for a total value of $2,383,701.21. Following the transaction, the chief executive officer now directly owns 87,295 shares in the company, valued at approximately $3,485,689.35. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, EVP Henri P. Richard sold 1,976 shares of the stock in a transaction on Tuesday, August 1st. The shares were 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 in the company, valued at $858,997.08. The disclosure for this sale can be found here. Insiders sold a total of 85,202 shares of company stock worth $3,427,038 over the last quarter. Corporate insiders own 0.47% of the company’s stock.
Shares of NetApp, Inc. (NTAP) traded up 1.19% during mid-day trading on Friday, hitting $42.36. The stock had a trading volume of 447,861 shares. NetApp, Inc. has a 12-month low of $30.36 and a 12-month high of $45.24. The firm’s 50-day moving average price is $40.34 and its 200 day moving average price is $40.60. The stock has a market cap of $11.43 billion, a price-to-earnings ratio of 20.45 and a beta of 1.22.
NetApp (NASDAQ:NTAP) last announced its quarterly earnings data on Wednesday, August 16th. The data storage provider reported $0.62 EPS for the quarter, beating the Zacks’ consensus estimate of $0.55 by $0.07. The firm had revenue of $1.33 billion for the quarter, compared to analyst estimates of $1.32 billion. NetApp had a return on equity of 24.13% and a net margin of 10.47%. The business’s quarterly revenue was up 2.4% compared to the same quarter last year. During the same period last year, the company earned $0.46 EPS. Equities analysts forecast that NetApp, Inc. will post $3.12 EPS for the current fiscal year.
The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, October 25th. Shareholders of record on Friday, October 6th will be given a $0.20 dividend. The ex-dividend date is Thursday, October 5th. This represents a $0.80 dividend on an annualized basis and a yield of 1.91%. NetApp’s payout ratio is 38.65%.
Several equities analysts recently commented on NTAP shares. UBS AG raised NetApp from a “sell” rating to a “neutral” rating and set a $40.00 price target on the stock in a research report on Friday, May 26th. BidaskClub lowered NetApp from a “buy” rating to a “hold” rating in a research report on Saturday, August 12th. Credit Suisse Group boosted their price target on NetApp from $37.00 to $40.00 and gave the stock a “neutral” rating in a research report on Wednesday, August 9th. Citigroup Inc. boosted their price target on NetApp from $41.00 to $43.00 and gave the stock a “neutral” rating in a research report on Thursday, August 17th. Finally, Susquehanna Bancshares Inc reissued a “positive” rating and set a $50.00 price target (up from $48.00) on shares of NetApp in a research report on Wednesday, August 16th. Three investment analysts have rated the stock with a sell rating, twenty-two have given a hold rating and fourteen have issued a buy rating to the company. NetApp has an average rating of “Hold” and a consensus price target of $43.89.
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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