2,000 Shares in NetApp, Inc. (NASDAQ:NTAP) Bought by Morton Capital Management LLC CA

Morton Capital Management LLC CA bought a new position in shares of NetApp, Inc. (NASDAQ:NTAPFree Report) in the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund bought 2,000 shares of the data storage provider’s stock, valued at approximately $210,000.

A number of other institutional investors and hedge funds have also recently modified their holdings of NTAP. Envestnet Portfolio Solutions Inc. acquired a new position in NetApp in the third quarter valued at $1,171,000. Envestnet Asset Management Inc. boosted its stake in NetApp by 3.9% in the third quarter. Envestnet Asset Management Inc. now owns 287,241 shares of the data storage provider’s stock valued at $21,796,000 after acquiring an additional 10,901 shares in the last quarter. FMR LLC boosted its stake in NetApp by 49.4% in the third quarter. FMR LLC now owns 362,959 shares of the data storage provider’s stock valued at $27,541,000 after acquiring an additional 119,955 shares in the last quarter. Northern Trust Corp raised its holdings in shares of NetApp by 2.1% in the third quarter. Northern Trust Corp now owns 2,299,008 shares of the data storage provider’s stock valued at $174,449,000 after buying an additional 47,040 shares during the last quarter. Finally, Meiji Yasuda Asset Management Co Ltd. raised its holdings in shares of NetApp by 38.1% in the third quarter. Meiji Yasuda Asset Management Co Ltd. now owns 9,062 shares of the data storage provider’s stock valued at $688,000 after buying an additional 2,500 shares during the last quarter. Institutional investors and hedge funds own 92.17% of the company’s stock.

NetApp Price Performance

Shares of NTAP stock traded up $0.97 during trading hours on Tuesday, hitting $127.35. The company’s stock had a trading volume of 411,287 shares, compared to its average volume of 1,988,256. The business has a fifty day moving average of $113.11 and a 200-day moving average of $100.36. The stock has a market cap of $26.21 billion, a price-to-earnings ratio of 27.24, a P/E/G ratio of 5.15 and a beta of 1.25. NetApp, Inc. has a twelve month low of $70.82 and a twelve month high of $130.87. The company has a current ratio of 1.19, a quick ratio of 1.15 and a debt-to-equity ratio of 1.74.

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

NetApp Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Wednesday, July 24th. Investors of record on Friday, July 5th will be given a dividend of $0.52 per share. The ex-dividend date of this dividend is Friday, July 5th. This represents a $2.08 dividend on an annualized basis and a yield of 1.63%. This is a positive change from NetApp’s previous quarterly dividend of $0.50. NetApp’s dividend payout ratio (DPR) is 43.10%.

NetApp declared that its board has authorized a share buyback program on Thursday, May 30th that authorizes the company to buyback $1.00 billion in outstanding shares. This buyback authorization authorizes the data storage provider to buy up to 4% of its shares through open market purchases. Shares buyback programs are typically an indication that the company’s leadership believes its stock is undervalued.

Wall Street Analysts Forecast Growth

A number of equities research analysts have recently commented on NTAP shares. Wedbush reaffirmed a “neutral” rating and issued a $120.00 target price on shares of NetApp in a report on Wednesday, June 12th. Evercore ISI upped their target price on shares of NetApp from $95.00 to $105.00 and gave the company an “in-line” rating in a report on Friday, March 1st. Susquehanna increased their price target on shares of NetApp from $138.00 to $155.00 and gave the stock a “positive” rating in a report on Wednesday, June 12th. Stifel Nicolaus increased their price target on shares of NetApp from $130.00 to $138.00 and gave the stock a “buy” rating in a report on Wednesday, June 12th. Finally, StockNews.com cut shares of NetApp from a “strong-buy” rating to a “buy” rating in a report on Thursday, March 7th. One analyst has rated the stock with a sell rating, eleven have assigned a hold rating and six have given a buy rating to the company’s stock. According to data from MarketBeat.com, the stock has an average rating of “Hold” and a consensus target price of $117.81.

Read Our Latest Analysis on NTAP

Insider Buying and Selling

In related news, EVP Elizabeth M. O’callahan sold 871 shares of the firm’s stock in a transaction that occurred on Wednesday, April 10th. The shares were sold at an average price of $103.02, for a total transaction of $89,730.42. Following the sale, the executive vice president now owns 9,601 shares in the company, valued at $989,095.02. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. In other NetApp news, CEO George Kurian sold 8,500 shares of the stock in a transaction that occurred on Monday, April 15th. The shares were sold at an average price of $103.16, for a total transaction of $876,860.00. Following the transaction, the chief executive officer now owns 252,702 shares of the company’s stock, valued at $26,068,738.32. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, EVP Elizabeth M. O’callahan sold 871 shares of the stock in a transaction that occurred on Wednesday, April 10th. The stock was sold at an average price of $103.02, for a total transaction of $89,730.42. Following the transaction, the executive vice president now directly owns 9,601 shares in the company, valued at approximately $989,095.02. The disclosure for this sale can be found here. 0.37% of the stock is owned by company insiders.

NetApp Company Profile

(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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