Epoch Investment Partners Inc. Grows Stock Holdings in NetApp, Inc. (NASDAQ:NTAP)

Epoch Investment Partners Inc. grew its holdings in NetApp, Inc. (NASDAQ:NTAPFree Report) by 40.1% during the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 1,771,583 shares of the data storage provider’s stock after purchasing an additional 507,317 shares during the quarter. Epoch Investment Partners Inc. owned about 0.86% of NetApp worth $156,183,000 as of its most recent SEC filing.

A number of other institutional investors have also bought and sold shares of the business. ORG Partners LLC raised its position in shares of NetApp by 14,650.0% during the 4th quarter. ORG Partners LLC now owns 295 shares of the data storage provider’s stock valued at $26,000 after buying an additional 293 shares during the period. First Horizon Advisors Inc. raised its position in shares of NetApp by 58.7% during the 4th quarter. First Horizon Advisors Inc. now owns 311 shares of the data storage provider’s stock valued at $27,000 after buying an additional 115 shares during the period. UMB Bank n.a. raised its position in shares of NetApp by 82.9% during the 4th quarter. UMB Bank n.a. now owns 331 shares of the data storage provider’s stock valued at $29,000 after buying an additional 150 shares during the period. Planned Solutions Inc. purchased a new stake in shares of NetApp during the 4th quarter valued at approximately $34,000. Finally, EverSource Wealth Advisors LLC raised its position in shares of NetApp by 68.1% during the 4th quarter. EverSource Wealth Advisors LLC now owns 454 shares of the data storage provider’s stock valued at $40,000 after buying an additional 184 shares during the period. 92.17% of the stock is owned by hedge funds and other institutional investors.

Insider Activity at NetApp

In related news, EVP Elizabeth M. O’callahan sold 871 shares of the business’s stock in a transaction on Wednesday, April 10th. The shares were sold at an average price of $103.02, for a total value of $89,730.42. Following the completion of the sale, the executive vice president now directly owns 9,601 shares of the company’s stock, valued at $989,095.02. The sale was disclosed in a filing with the SEC, which is available through this hyperlink. In other news, CFO Michael J. Berry sold 7,500 shares of the company’s stock in a transaction dated Tuesday, March 12th. The shares were sold at an average price of $102.75, for a total value of $770,625.00. Following the completion of the sale, the chief financial officer now directly owns 152,409 shares of the company’s stock, valued at $15,660,024.75. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, EVP Elizabeth M. O’callahan sold 871 shares of the company’s stock in a transaction dated Wednesday, April 10th. The shares were sold at an average price of $103.02, for a total transaction of $89,730.42. Following the completion of the sale, the executive vice president now directly owns 9,601 shares of the company’s stock, valued at $989,095.02. The disclosure for this sale can be found here. Insiders sold a total of 40,371 shares of company stock valued at $4,139,505 over the last ninety days. Insiders own 0.37% of the company’s stock.

NetApp Stock Down 0.4 %

Shares of NetApp stock traded down $0.49 during trading on Friday, hitting $120.98. 1,375,975 shares of the stock were exchanged, compared to its average volume of 1,971,476. The stock has a market cap of $24.97 billion, a price-to-earnings ratio of 26.05, a price-to-earnings-growth ratio of 4.93 and a beta of 1.25. The firm’s 50-day moving average price is $107.89 and its 200 day moving average price is $96.63. NetApp, Inc. has a 12-month low of $69.51 and a 12-month high of $122.30. The company has a debt-to-equity ratio of 1.74, a current ratio of 1.19 and a quick ratio of 1.15.

NetApp (NASDAQ:NTAPGet Free Report) last released its quarterly earnings data on Thursday, May 30th. The data storage provider reported $1.80 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.48 by $0.32. The business had revenue of $1.67 billion during the quarter, compared to analysts’ expectations of $1.65 billion. NetApp had a net margin of 15.73% and a return on equity of 114.54%. The company’s revenue for the quarter was up 5.5% on a year-over-year basis. During the same period in the previous year, the company earned $1.20 EPS. As a group, analysts forecast that NetApp, Inc. will post 5.49 earnings per share for the current fiscal year.

NetApp announced that its Board of Directors has approved a share repurchase plan on Thursday, May 30th that allows the company to repurchase $1.00 billion in shares. This repurchase authorization allows the data storage provider to repurchase up to 4% of its shares through open market purchases. Shares repurchase plans are typically a sign that the company’s board believes its shares are undervalued.

NetApp Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Wednesday, July 24th. Investors of record on Friday, July 5th will be given a $0.52 dividend. The ex-dividend date of this dividend is Friday, July 5th. This is a boost from NetApp’s previous quarterly dividend of $0.50. This represents a $2.08 dividend on an annualized basis and a yield of 1.72%. NetApp’s payout ratio is 44.83%.

Wall Street Analysts Forecast Growth

Several analysts recently weighed in on NTAP shares. JPMorgan Chase & Co. upgraded shares of NetApp from an “underweight” rating to a “neutral” rating and lifted their target price for the company from $95.00 to $125.00 in a report on Friday, May 31st. Argus lifted their target price on shares of NetApp from $130.00 to $140.00 and gave the company a “buy” rating in a report on Wednesday. Susquehanna lifted their target price on shares of NetApp from $130.00 to $138.00 and gave the company a “positive” rating in a report on Friday, May 31st. Wells Fargo & Company lifted their target price on shares of NetApp from $100.00 to $120.00 and gave the company an “equal weight” rating in a report on Friday, May 31st. Finally, TD Cowen lifted their target price on shares of NetApp from $120.00 to $135.00 and gave the company a “buy” rating in a report on Friday, May 31st. One equities research analyst has rated the stock with a sell rating, eleven have assigned a hold rating and six have assigned a buy rating to the stock. Based on data from MarketBeat, NetApp has an average rating of “Hold” and a consensus price target of $113.38.

View Our Latest Stock Report on NTAP

About NetApp

(Free Report)

NetApp, Inc provides cloud-led and data-centric services to manage and share data on-premises, and private and public clouds worldwide. It operates in two segments, Hybrid Cloud and Public Could. The company offers intelligent data management software, such as NetApp ONTAP, NetApp Snapshot, NetApp SnapCenter Backup Management, NetApp SnapMirror Data Replication, NetApp SnapLock Data Compliance, and storage infrastructure solutions, including NetApp All-Flash FAS series, NetApp Fabric Attached Storage, NetApp E/EF series, and NetApp StorageGRID.

See Also

Institutional Ownership by Quarter for NetApp (NASDAQ:NTAP)

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