Sumitomo Mitsui Trust Holdings Inc. Decreases Stock Holdings in NetApp Inc. (NASDAQ:NTAP)
Sumitomo Mitsui Trust Holdings Inc. trimmed its holdings in shares of NetApp Inc. (NASDAQ:NTAP) by 1.0% in the second quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 995,895 shares of the data storage provider’s stock after selling 9,664 shares during the quarter. Sumitomo Mitsui Trust Holdings Inc. owned 0.45% of NetApp worth $43,703,000 at the end of the most recent quarter.
Several other institutional investors and hedge funds have also modified their holdings of the stock. Meeder Asset Management Inc. increased its position in NetApp by 87.5% in the first quarter. Meeder Asset Management Inc. now owns 662 shares of the data storage provider’s stock worth $28,000 after buying an additional 309 shares during the last quarter. Hoey Investments Inc. increased its position in NetApp by 125.0% in the second quarter. Hoey Investments Inc. now owns 900 shares of the data storage provider’s stock worth $40,000 after buying an additional 500 shares during the last quarter. Aigen Investment Management LP purchased a new stake in NetApp in the first quarter worth $50,000. Signaturefd LLC increased its position in NetApp by 58.0% in the first quarter. Signaturefd LLC now owns 1,876 shares of the data storage provider’s stock worth $78,000 after buying an additional 689 shares during the last quarter. Finally, Quadrant Capital Group LLC increased its position in NetApp by 61.5% in the fourth quarter. Quadrant Capital Group LLC now owns 1,699 shares of the data storage provider’s stock worth $102,000 after buying an additional 647 shares during the last quarter. 90.12% of the stock is owned by institutional investors.
A number of research firms have issued reports on NTAP. Susquehanna Bancshares reissued a “buy” rating and issued a $60.00 target price on shares of NetApp in a research report on Friday, July 10th. BidaskClub lowered NetApp from a “sell” rating to a “strong sell” rating in a report on Friday, May 29th. Cfra cut their price target on NetApp from $60.00 to $50.00 and set a “hold” rating for the company in a report on Thursday, May 28th. William Blair reaffirmed a “hold” rating on shares of NetApp in a report on Thursday, June 4th. Finally, Stifel Nicolaus lowered NetApp from a “buy” rating to a “hold” rating and cut their price target for the stock from $55.00 to $50.00 in a report on Monday, May 11th. Five investment analysts have rated the stock with a sell rating, fifteen have given a hold rating and six have assigned a buy rating to the company. The company has a consensus rating of “Hold” and an average price target of $50.89.
NetApp (NASDAQ:NTAP) last announced its quarterly earnings data on Wednesday, May 27th. The data storage provider reported $1.19 earnings per share for the quarter, beating the Zacks’ consensus estimate of $1.04 by $0.15. The company had revenue of $1.40 billion for the quarter, compared to analysts’ expectations of $1.37 billion. NetApp had a return on equity of 168.65% and a net margin of 15.13%. NetApp’s revenue for the quarter was down 12.0% compared to the same quarter last year. During the same period last year, the firm posted $1.22 EPS. As a group, research analysts expect that NetApp Inc. will post 2.68 EPS for the current fiscal year.
The company also recently disclosed a quarterly dividend, which was paid on Wednesday, July 29th. Investors of record on Friday, July 10th were issued a dividend of $0.48 per share. The ex-dividend date of this dividend was Thursday, July 9th. This represents a $1.92 dividend on an annualized basis and a dividend yield of 4.33%. NetApp’s dividend payout ratio is 54.39%.
NetApp Company Profile
NetApp, Inc provides software, systems, and services to manage and share data 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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