Korea Investment CORP Has $20.19 Million Stake in NetApp Inc. (NTAP)
Korea Investment CORP grew its stake in shares of NetApp Inc. (NASDAQ:NTAP) by 39.2% in the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 257,052 shares of the data storage provider’s stock after purchasing an additional 72,400 shares during the period. Korea Investment CORP’s holdings in NetApp were worth $20,186,000 as of its most recent SEC filing.
Other hedge funds and other institutional investors also recently made changes to their positions in the company. Berkshire Capital Holdings Inc. purchased a new stake in NetApp in the 2nd quarter worth about $7,588,000. Ontario Teachers Pension Plan Board lifted its stake in NetApp by 10.9% in the 2nd quarter. Ontario Teachers Pension Plan Board now owns 30,826 shares of the data storage provider’s stock worth $2,421,000 after acquiring an additional 3,041 shares in the last quarter. ClariVest Asset Management LLC lifted its stake in NetApp by 12.5% in the 2nd quarter. ClariVest Asset Management LLC now owns 667,794 shares of the data storage provider’s stock worth $52,441,000 after acquiring an additional 74,294 shares in the last quarter. ING Groep NV purchased a new stake in NetApp in the 2nd quarter worth about $243,000. Finally, Commerzbank Aktiengesellschaft FI lifted its stake in NetApp by 38.4% in the 2nd quarter. Commerzbank Aktiengesellschaft FI now owns 17,459 shares of the data storage provider’s stock worth $1,371,000 after acquiring an additional 4,844 shares in the last quarter. 93.53% of the stock is owned by institutional investors and hedge funds.
Several brokerages recently issued reports on NTAP. BidaskClub raised NetApp from a “buy” rating to a “strong-buy” rating in a research note on Friday, August 31st. Zacks Investment Research raised NetApp from a “hold” rating to a “strong-buy” rating and set a $93.00 price objective for the company in a research note on Tuesday, August 21st. Morgan Stanley increased their price objective on NetApp from $65.00 to $70.00 and gave the stock an “equal weight” rating in a research note on Thursday, August 16th. Deutsche Bank increased their price objective on NetApp from $43.00 to $60.00 and gave the stock a “sell” rating in a research note on Thursday, August 16th. Finally, Lake Street Capital reduced their price objective on NetApp from $88.00 to $72.00 and set a “buy” rating for the company in a research note on Thursday, August 16th. Two research analysts have rated the stock with a sell rating, eight have issued a hold rating, nineteen have given a buy rating and two have given a strong buy rating to the company. The company currently has a consensus rating of “Buy” and an average price target of $78.23.
NetApp (NASDAQ:NTAP) last issued its quarterly earnings data on Wednesday, August 15th. The data storage provider reported $1.04 EPS for the quarter, beating the Zacks’ consensus estimate of $0.80 by $0.24. The business had revenue of $1.47 billion for the quarter, compared to analyst estimates of $1.42 billion. NetApp had a return on equity of 41.75% and a net margin of 3.68%. The firm’s revenue for the quarter was up 11.6% on a year-over-year basis. During the same quarter in the prior year, the firm posted $0.62 EPS. research analysts expect that NetApp Inc. will post 3.91 earnings per share for the current year.
The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, October 24th. Stockholders of record on Friday, October 5th will be issued a dividend of $0.40 per share. This represents a $1.60 dividend on an annualized basis and a dividend yield of 1.92%. The ex-dividend date is Thursday, October 4th. NetApp’s dividend payout ratio is 53.51%.
In other news, CEO George Kurian sold 38,241 shares of the stock in a transaction dated Thursday, June 21st. The stock was sold at an average price of $78.24, for a total transaction of $2,991,975.84. Following the transaction, the chief executive officer now owns 142,218 shares of the company’s stock, valued at approximately $11,127,136.32. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, VP Joel D. Reich sold 7,157 shares of the stock in a transaction dated Friday, August 31st. The shares were sold at an average price of $86.83, for a total value of $621,442.31. Following the transaction, the vice president now directly owns 603 shares in the company, valued at approximately $52,358.49. The disclosure for this sale can be found here. In the last three months, insiders have sold 200,762 shares of company stock worth $16,026,695. 0.19% of the stock is currently owned by insiders.
NetApp, Inc provides software, systems, and services to manage and share date on-premises, and private and public clouds worldwide. It offers cloud data services, such as ONTAP cloud storage data management and NetApp cloud sync data synchronization services; NetApp SaaS backup for Microsoft Office 365; NetApp cloud backup solutions; OnCommand management software and management integration tools; and NetApp private storage for cloud.
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