HighTower Advisors LLC Reduces Holdings in NetApp, Inc. (NTAP)
HighTower Advisors LLC decreased its holdings in NetApp, Inc. (NASDAQ:NTAP) by 59.3% in the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 21,797 shares of the data storage provider’s stock after selling 31,755 shares during the period. HighTower Advisors LLC’s holdings in NetApp were worth $871,000 as of its most recent filing with the Securities & Exchange Commission.
Other large investors have also bought and sold shares of the company. BTIM Corp. grew its stake in shares of NetApp by 4.5% in the second quarter. BTIM Corp. now owns 118,219 shares of the data storage provider’s stock worth $4,735,000 after acquiring an additional 5,099 shares in the last quarter. Janus Capital Management LLC grew its stake in shares of NetApp by 55.1% during the first quarter. Janus Capital Management LLC now owns 725,050 shares of the data storage provider’s stock worth $30,343,000 after purchasing an additional 257,433 shares in the last quarter. Cantor Fitzgerald Investment Adviser L.P. acquired a new position in shares of NetApp during the second quarter worth $280,000. Aberdeen Asset Management PLC UK grew its stake in shares of NetApp by 13.4% during the second quarter. Aberdeen Asset Management PLC UK now owns 547,294 shares of the data storage provider’s stock worth $21,918,000 after purchasing an additional 64,722 shares in the last quarter. Finally, Point72 Asia Hong Kong Ltd grew its stake in shares of NetApp by 8,443.8% during the first quarter. Point72 Asia Hong Kong Ltd now owns 5,468 shares of the data storage provider’s stock worth $229,000 after purchasing an additional 5,404 shares in the last quarter. Institutional investors and hedge funds own 92.08% of the company’s stock.
NetApp, Inc. (NTAP) opened at 43.63 on Friday. The firm has a market capitalization of $11.77 billion, a price-to-earnings ratio of 21.07 and a beta of 1.26. 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 is $41.52 and its 200 day moving average is $40.85.
NetApp (NASDAQ:NTAP) last released its quarterly earnings results on Wednesday, August 16th. The data storage provider reported $0.62 EPS for the quarter, topping analysts’ consensus estimates of $0.55 by $0.07. NetApp had a net margin of 10.47% and a return on equity of 24.13%. The company had revenue of $1.33 billion for the quarter, compared to the consensus estimate of $1.32 billion. During the same period in the previous year, the firm earned $0.46 EPS. NetApp’s revenue was up 2.4% on a year-over-year basis. Equities analysts predict that NetApp, Inc. will post $3.12 earnings per share for the current year.
The business also recently declared a quarterly dividend, which will be paid on Wednesday, October 25th. Shareholders of record on Friday, October 6th will be given a dividend of $0.20 per share. The ex-dividend date is Thursday, October 5th. This represents a $0.80 dividend on an annualized basis and a dividend yield of 1.83%. NetApp’s dividend payout ratio (DPR) is 38.65%.
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In other news, EVP Henri P. Richard sold 1,976 shares of NetApp stock in a transaction that occurred on Monday, October 2nd. The shares were sold at an average price of $43.89, for a total value of $86,726.64. Following the transaction, the executive vice president now owns 15,836 shares of the company’s stock, valued at approximately $695,042.04. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Richard P. Wallace sold 34,000 shares of NetApp stock in a transaction that occurred on Friday, September 29th. The stock was sold at an average price of $43.53, for a total transaction of $1,480,020.00. Following the completion of the transaction, the director now directly owns 24,132 shares in the company, valued at approximately $1,050,465.96. The disclosure for this sale can be found here. Insiders have sold a total of 48,498 shares of company stock worth $2,083,785 over the last 90 days. 0.47% of the stock is owned by insiders.
A number of equities analysts recently commented on the stock. Credit Suisse Group boosted their target price on shares of NetApp from $37.00 to $40.00 and gave the stock a “neutral” rating in a research note on Wednesday, August 9th. Longbow Research upgraded shares of NetApp from a “neutral” rating to a “buy” rating and set a $50.00 target price for the company in a research note on Tuesday, August 15th. Barclays PLC boosted their target price on shares of NetApp from $35.00 to $38.00 and gave the stock an “underweight” rating in a research note on Thursday, August 17th. BidaskClub downgraded shares of NetApp from a “buy” rating to a “hold” rating in a research note on Saturday, August 12th. Finally, Drexel Hamilton reiterated a “buy” rating and set a $62.00 target price (up previously from $60.00) on shares of NetApp in a research note on Friday, August 18th. Two investment analysts have rated the stock with a sell rating, twenty-one have issued a hold rating and thirteen have issued a buy rating to the company. The stock has a consensus rating of “Hold” and a consensus target price of $45.12.
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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