Nissay Asset Management Corp Japan ADV Cuts Stake in NetApp Inc. (NTAP)

Nissay Asset Management Corp Japan ADV lowered its holdings in NetApp Inc. (NASDAQ:NTAP) by 52.7% during the first quarter, HoldingsChannel.com reports. The fund owned 25,059 shares of the data storage provider’s stock after selling 27,875 shares during the quarter. Nissay Asset Management Corp Japan ADV’s holdings in NetApp were worth $1,738,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other large investors have also added to or reduced their stakes in the company. First Interstate Bank increased its stake in shares of NetApp by 15.0% in the first quarter. First Interstate Bank now owns 1,130 shares of the data storage provider’s stock worth $78,000 after acquiring an additional 147 shares during the period. Destination Wealth Management increased its stake in shares of NetApp by 53.3% in the first quarter. Destination Wealth Management now owns 460 shares of the data storage provider’s stock worth $32,000 after acquiring an additional 160 shares during the period. FTB Advisors Inc. increased its stake in shares of NetApp by 14.6% in the fourth quarter. FTB Advisors Inc. now owns 1,318 shares of the data storage provider’s stock worth $78,000 after acquiring an additional 168 shares during the period. LS Investment Advisors LLC increased its stake in shares of NetApp by 2.3% in the fourth quarter. LS Investment Advisors LLC now owns 7,681 shares of the data storage provider’s stock worth $458,000 after acquiring an additional 173 shares during the period. Finally, BTIM Corp. increased its stake in shares of NetApp by 1.3% in the first quarter. BTIM Corp. now owns 17,235 shares of the data storage provider’s stock worth $1,195,000 after acquiring an additional 225 shares during the period. Hedge funds and other institutional investors own 93.97% of the company’s stock.

NTAP opened at $69.69 on Friday. The company has a current ratio of 1.56, a quick ratio of 1.53 and a debt-to-equity ratio of 0.93. The firm has a market cap of $16.74 billion, a price-to-earnings ratio of 23.31, a P/E/G ratio of 0.98 and a beta of 1.40. NetApp Inc. has a 52-week low of $54.50 and a 52-week high of $88.08.

NetApp (NASDAQ:NTAP) last posted its quarterly earnings data on Wednesday, February 13th. The data storage provider reported $1.20 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $1.15 by $0.05. The business had revenue of $1.56 billion for the quarter, compared to the consensus estimate of $1.60 billion. NetApp had a net margin of 16.85% and a return on equity of 60.32%. The company’s revenue was up 1.6% compared to the same quarter last year. During the same period last year, the firm posted $0.99 earnings per share. On average, research analysts anticipate that NetApp Inc. will post 4.04 earnings per share for the current fiscal year.

A number of analysts have recently weighed in on NTAP shares. Credit Suisse Group started coverage on shares of NetApp in a research note on Thursday, April 11th. They issued an “outperform” rating and a $89.00 price objective on the stock. BidaskClub lowered shares of NetApp from a “strong-buy” rating to a “buy” rating in a research note on Wednesday, April 24th. Citigroup cut their price objective on shares of NetApp from $77.00 to $75.00 and set a “neutral” rating on the stock in a research note on Thursday, February 14th. Oppenheimer restated a “hold” rating on shares of NetApp in a research report on Thursday, February 14th. Finally, Loop Capital dropped their price target on shares of NetApp to $85.00 and set a “buy” rating on the stock in a research report on Thursday, February 14th. Four research analysts have rated the stock with a sell rating, eleven have assigned a hold rating, sixteen have issued a buy rating and one has issued a strong buy rating to the company. NetApp presently has a consensus rating of “Hold” and a consensus price target of $77.04.

In other NetApp news, VP Joel D. Reich sold 20,000 shares of the stock in a transaction on Tuesday, February 19th. The shares were sold at an average price of $64.04, for a total transaction of $1,280,800.00. Following the transaction, the vice president now directly owns 744 shares of the company’s stock, valued at $47,645.76. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Company insiders own 0.19% of the company’s stock.

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About NetApp

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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Institutional Ownership by Quarter for NetApp (NASDAQ:NTAP)

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