Pictet Asset Management Ltd. cut its stake in shares of NetApp Inc. (NASDAQ:NTAP) by 3.5% during the 3rd quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 133,021 shares of the data storage provider’s stock after selling 4,800 shares during the period. Pictet Asset Management Ltd. owned about 0.05% of NetApp worth $11,425,000 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. Northern Trust Corp lifted its position in shares of NetApp by 2.6% in the second quarter. Northern Trust Corp now owns 3,279,556 shares of the data storage provider’s stock valued at $257,545,000 after acquiring an additional 82,975 shares in the last quarter. Bank of America Corp DE lifted its position in shares of NetApp by 46.7% in the second quarter. Bank of America Corp DE now owns 2,647,027 shares of the data storage provider’s stock valued at $207,871,000 after acquiring an additional 842,904 shares in the last quarter. Schroder Investment Management Group lifted its position in shares of NetApp by 57.3% in the second quarter. Schroder Investment Management Group now owns 2,493,836 shares of the data storage provider’s stock valued at $192,798,000 after acquiring an additional 908,642 shares in the last quarter. Renaissance Technologies LLC lifted its position in shares of NetApp by 270.0% in the second quarter. Renaissance Technologies LLC now owns 2,332,932 shares of the data storage provider’s stock valued at $183,205,000 after acquiring an additional 1,702,432 shares in the last quarter. Finally, American Century Companies Inc. lifted its position in shares of NetApp by 33.9% in the third quarter. American Century Companies Inc. now owns 2,270,452 shares of the data storage provider’s stock valued at $195,009,000 after acquiring an additional 574,247 shares in the last quarter. Institutional investors own 93.96% of the company’s stock.

NASDAQ:NTAP opened at $68.48 on Friday. 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 $17.12 billion, a P/E ratio of 22.90, a PEG ratio of 1.20 and a beta of 1.33. NetApp Inc. has a 12 month low of $52.00 and a 12 month high of $88.08.

NetApp (NASDAQ:NTAP) last posted its earnings results on Wednesday, November 14th. The data storage provider reported $1.06 EPS for the quarter, topping analysts’ consensus estimates of $0.99 by $0.07. The company had revenue of $1.52 billion for the quarter, compared to the consensus estimate of $1.51 billion. NetApp had a return on equity of 51.50% and a net margin of 4.70%. The firm’s revenue for the quarter was up 7.2% on a year-over-year basis. During the same period in the previous year, the business earned $0.81 earnings per share. On average, equities research analysts anticipate that NetApp Inc. will post 3.98 EPS for the current year.

The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, January 23rd. Shareholders of record on Friday, January 4th will be paid a dividend of $0.40 per share. The ex-dividend date of this dividend is Thursday, January 3rd. This represents a $1.60 annualized dividend and a yield of 2.34%. NetApp’s payout ratio is currently 53.51%.

In other NetApp news, CEO George Kurian sold 6,000 shares of the business’s stock in a transaction that occurred on Monday, October 1st. The stock was sold at an average price of $86.10, for a total transaction of $516,600.00. Following the sale, the chief executive officer now directly owns 29,479 shares of the company’s stock, valued at $2,538,141.90. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, EVP Henri P. Richard sold 2,525 shares of the business’s stock in a transaction that occurred on Monday, September 17th. The stock was sold at an average price of $84.12, for a total value of $212,403.00. Following the sale, the executive vice president now directly owns 68,390 shares in the company, valued at $5,752,966.80. The disclosure for this sale can be found here. Insiders have sold 87,648 shares of company stock worth $7,085,943 over the last three months. 0.19% of the stock is currently owned by insiders.

Several equities analysts have recently commented on the company. BidaskClub upgraded NetApp from a “buy” rating to a “strong-buy” rating in a research report on Friday, August 31st. Zacks Investment Research upgraded NetApp from a “hold” rating to a “strong-buy” rating and set a $93.00 price objective on the stock in a research report on Tuesday, August 21st. Lake Street Capital lowered their price objective on NetApp from $88.00 to $72.00 and set a “buy” rating on the stock in a research report on Thursday, August 16th. JPMorgan Chase & Co. restated a “buy” rating and issued a $92.00 price objective on shares of NetApp in a research report on Thursday, August 16th. Finally, Maxim Group boosted their target price on NetApp from $81.00 to $91.00 and gave the stock a “buy” rating in a research report on Thursday, August 16th. Two analysts have rated the stock with a sell rating, nine have issued a hold rating, fifteen have assigned a buy rating and one has assigned a strong buy rating to the company. The company presently has a consensus rating of “Buy” and a consensus price target of $81.74.

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NetApp Profile

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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Institutional Ownership by Quarter for NetApp (NASDAQ:NTAP)

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