NetApp Inc. (NTAP) Stake Lessened by Cadence Capital Management LLC

Cadence Capital Management LLC lowered its stake in shares of NetApp Inc. (NASDAQ:NTAP) by 2.0% during the 1st quarter, HoldingsChannel reports. The fund owned 26,456 shares of the data storage provider’s stock after selling 533 shares during the quarter. Cadence Capital Management LLC’s holdings in NetApp were worth $1,834,000 as of its most recent SEC filing.

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

NetApp stock opened at $69.09 on Friday. The company has a debt-to-equity ratio of 0.93, a quick ratio of 1.53 and a current ratio of 1.56. NetApp Inc. has a 12 month low of $54.50 and a 12 month high of $88.08. The company has a market capitalization of $17.21 billion, a price-to-earnings ratio of 23.11, a P/E/G ratio of 1.00 and a beta of 1.40.

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

A number of equities research analysts recently commented on NTAP shares. Credit Suisse Group started coverage on NetApp in a research report on Thursday, April 11th. They issued an “outperform” rating and a $89.00 target price on the stock. BidaskClub lowered NetApp from a “strong-buy” rating to a “buy” rating in a research report on Wednesday, April 24th. Citigroup dropped their target price on NetApp from $77.00 to $75.00 and set a “neutral” rating on the stock in a research report on Thursday, February 14th. Oppenheimer reiterated a “hold” rating on shares of NetApp in a research report on Thursday, February 14th. Finally, Loop Capital dropped their target price on NetApp to $85.00 and set a “buy” rating on the stock in a research report on Thursday, February 14th. Four investment analysts have rated the stock with a sell rating, eleven have given a hold rating, sixteen have given a buy rating and one has issued a strong buy rating to the company. The stock currently has an average 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 company’s stock in a transaction that occurred on Tuesday, February 19th. The stock was sold at an average price of $64.04, for a total value of $1,280,800.00. Following the sale, the vice president now owns 744 shares in the company, valued at approximately $47,645.76. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. Corporate 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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