California State Teachers Retirement System Trims Stake in NetApp, Inc. (NTAP)
California State Teachers Retirement System lowered its holdings in NetApp, Inc. (NASDAQ:NTAP) by 10.0% in the second quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 502,197 shares of the data storage provider’s stock after selling 55,727 shares during the period. California State Teachers Retirement System owned approximately 0.18% of NetApp worth $20,113,000 as of its most recent SEC filing.
Several other institutional investors and hedge funds have also added to or reduced their stakes in NTAP. Renaissance Technologies LLC lifted its holdings in shares of NetApp by 781.1% in the second quarter. Renaissance Technologies LLC now owns 3,339,574 shares of the data storage provider’s stock valued at $133,750,000 after purchasing an additional 2,960,542 shares in the last quarter. Janus Henderson Group PLC lifted its holdings in shares of NetApp by 6,495.7% in the second quarter. Janus Henderson Group PLC now owns 2,312,525 shares of the data storage provider’s stock valued at $92,617,000 after purchasing an additional 2,277,464 shares in the last quarter. BlackRock Inc. lifted its holdings in shares of NetApp by 7.5% in the second quarter. BlackRock Inc. now owns 21,648,037 shares of the data storage provider’s stock valued at $867,006,000 after purchasing an additional 1,517,967 shares in the last quarter. FMR LLC lifted its holdings in shares of NetApp by 89.2% in the second quarter. FMR LLC now owns 3,044,302 shares of the data storage provider’s stock valued at $121,924,000 after purchasing an additional 1,435,588 shares in the last quarter. Finally, Nomura Asset Management Co. Ltd. lifted its holdings in shares of NetApp by 3,230.3% in the first quarter. Nomura Asset Management Co. Ltd. now owns 1,202,818 shares of the data storage provider’s stock valued at $50,338,000 after purchasing an additional 1,166,701 shares in the last quarter. Institutional investors own 92.06% of the company’s stock.
Shares of NetApp, Inc. (NASDAQ NTAP) opened at 43.67 on Tuesday. The firm has a market capitalization of $11.78 billion, a P/E ratio of 21.09 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 price is $41.60 and its 200-day moving average price is $40.84.
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 Zacks’ consensus estimate of $0.55 by $0.07. NetApp had a net margin of 10.47% and a return on equity of 24.13%. The firm had revenue of $1.33 billion for the quarter, compared to analyst estimates of $1.32 billion. During the same quarter in the prior year, the business posted $0.46 EPS. The business’s revenue was up 2.4% compared to the same quarter last year. Equities analysts predict that NetApp, Inc. will post $3.12 earnings per share for the current fiscal year.
The firm also recently announced 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 payout ratio is presently 38.65%.
A number of analysts have recently issued reports on NTAP shares. Credit Suisse Group increased their target price on NetApp from $37.00 to $40.00 and gave the company a “neutral” rating in a report on Wednesday, August 9th. Morgan Stanley restated an “underweight” rating on shares of NetApp in a report on Saturday, September 23rd. DA Davidson restated a “buy” rating and issued a $51.00 target price on shares of NetApp in a report on Monday, October 2nd. Zacks Investment Research upgraded NetApp from a “hold” rating to a “buy” rating and set a $49.00 target price for the company in a report on Wednesday, October 4th. Finally, Piper Jaffray Companies set a $50.00 target price on NetApp and gave the company a “buy” rating in a report on Monday, August 14th. Two analysts have rated the stock with a sell rating, twenty-one have assigned a hold rating and thirteen have issued a buy rating to the stock. NetApp has an average rating of “Hold” and a consensus price target of $45.12.
In other NetApp news, CEO George Kurian sold 4,570 shares of the stock in a transaction that occurred on Wednesday, August 30th. The shares were sold at an average price of $37.98, for a total transaction of $173,568.60. Following the transaction, the chief executive officer now owns 23,028 shares in the company, valued at approximately $874,603.44. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, Director Richard P. Wallace sold 34,000 shares of the 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 transaction, the director now owns 24,132 shares in the company, valued at approximately $1,050,465.96. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 48,498 shares of company stock worth $2,083,785. Company 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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