Todd Asset Management LLC Has $16.67 Million Position in NetApp Inc. (NTAP)
Todd Asset Management LLC cut its stake in shares of NetApp Inc. (NASDAQ:NTAP) by 20.5% during the 3rd quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 194,032 shares of the data storage provider’s stock after selling 49,966 shares during the period. Todd Asset Management LLC owned about 0.07% of NetApp worth $16,665,000 at the end of the most recent quarter.
A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in the stock. PNC Financial Services Group Inc. raised its holdings in NetApp by 15.6% during the third quarter. PNC Financial Services Group Inc. now owns 38,595 shares of the data storage provider’s stock valued at $3,315,000 after acquiring an additional 5,218 shares during the period. Janus Henderson Group PLC raised its holdings in NetApp by 46.9% during the third quarter. Janus Henderson Group PLC now owns 2,020,797 shares of the data storage provider’s stock valued at $173,567,000 after acquiring an additional 644,997 shares during the period. Eagle Asset Management Inc. raised its holdings in NetApp by 2.2% during the third quarter. Eagle Asset Management Inc. now owns 52,696 shares of the data storage provider’s stock valued at $4,526,000 after acquiring an additional 1,149 shares during the period. Piedmont Investment Advisors Inc. raised its holdings in NetApp by 49.1% during the third quarter. Piedmont Investment Advisors Inc. now owns 56,236 shares of the data storage provider’s stock valued at $4,830,000 after acquiring an additional 18,528 shares during the period. Finally, Norinchukin Bank The raised its holdings in NetApp by 8.7% during the third quarter. Norinchukin Bank The now owns 34,486 shares of the data storage provider’s stock valued at $2,962,000 after acquiring an additional 2,749 shares during the period. Institutional investors own 95.59% of the company’s stock.
NTAP has been the topic of a number of recent analyst reports. Bank of America raised their price target on NetApp from $88.00 to $90.00 and gave the company a “buy” rating in a report on Monday, August 13th. BidaskClub cut NetApp from a “strong-buy” rating to a “buy” rating in a report on Wednesday, July 25th. Lake Street Capital decreased their price target on NetApp from $88.00 to $72.00 and set a “buy” rating on the stock in a report on Thursday, August 16th. JPMorgan Chase & Co. reissued a “buy” rating and set a $92.00 price target on shares of NetApp in a report on Thursday, August 16th. Finally, Maxim Group lifted their target price on NetApp from $81.00 to $91.00 and gave the stock a “buy” rating in a report on Thursday, August 16th. Two equities research analysts have rated the stock with a sell rating, nine have issued a hold rating, fourteen have issued a buy rating and two have given a strong buy rating to the company. NetApp currently has an average rating of “Buy” and an average price target of $82.30.
Shares of NTAP stock opened at $67.28 on Tuesday. NetApp Inc. has a 12-month low of $52.00 and a 12-month high of $88.08. The company has a current ratio of 1.65, a quick ratio of 1.63 and a debt-to-equity ratio of 0.75. The stock has a market capitalization of $18.64 billion, a PE ratio of 22.50, a PEG ratio of 1.28 and a beta of 1.38.
NetApp (NASDAQ:NTAP) last released its quarterly earnings results on Wednesday, November 14th. The data storage provider reported $1.06 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $0.99 by $0.07. The company had revenue of $1.52 billion during the quarter, compared to analyst estimates of $1.51 billion. NetApp had a return on equity of 51.50% and a net margin of 4.70%. The firm’s revenue was up 7.2% on a year-over-year basis. During the same quarter last year, the business posted $0.81 earnings per share. As a group, analysts predict that NetApp Inc. will post 3.94 EPS for the current year.
The business also recently declared a quarterly dividend, which will be paid on Wednesday, January 23rd. Investors of record on Friday, January 4th will be given a $0.40 dividend. The ex-dividend date of this dividend is Thursday, January 3rd. This represents a $1.60 annualized dividend and a yield of 2.38%. NetApp’s dividend payout ratio is currently 53.51%.
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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