Swiss National Bank trimmed its holdings in NetApp Inc. (NASDAQ:NTAP) by 4.2% in the 2nd quarter, according to its most recent filing with the SEC. The institutional investor owned 807,038 shares of the data storage provider’s stock after selling 35,600 shares during the quarter. Swiss National Bank owned about 0.34% of NetApp worth $49,794,000 at the end of the most recent reporting period.
A number of other hedge funds and other institutional investors have also added to or reduced their stakes in the stock. Shelton Capital Management bought a new stake in shares of NetApp during the 1st quarter valued at about $25,000. Hexavest Inc. bought a new stake in shares of NetApp during the 2nd quarter valued at about $26,000. Group One Trading L.P. grew its stake in shares of NetApp by 196.9% during the 1st quarter. Group One Trading L.P. now owns 443 shares of the data storage provider’s stock valued at $31,000 after purchasing an additional 900 shares during the period. Destination Wealth Management grew its stake in shares of NetApp by 53.3% during the 1st quarter. Destination Wealth Management now owns 460 shares of the data storage provider’s stock valued at $32,000 after purchasing an additional 160 shares during the period. Finally, Kistler Tiffany Companies LLC grew its stake in shares of NetApp by 315.4% during the 2nd quarter. Kistler Tiffany Companies LLC now owns 511 shares of the data storage provider’s stock valued at $32,000 after purchasing an additional 388 shares during the period. Institutional investors own 93.62% of the company’s stock.
A number of equities research analysts have issued reports on NTAP shares. DA Davidson cut their price target on NetApp to $93.00 and set a “buy” rating for the company in a research note on Thursday, May 23rd. Cross Research downgraded NetApp from a “buy” rating to a “hold” rating in a research note on Friday, August 2nd. Wells Fargo & Co restated a “market perform” rating and set a $50.00 price target (down from $53.00) on shares of NetApp in a research note on Thursday, August 15th. Piper Jaffray Companies downgraded NetApp from an “overweight” rating to a “neutral” rating and cut their price target for the company from $75.00 to $48.00 in a research note on Friday, August 2nd. Finally, BidaskClub upgraded NetApp from a “strong sell” rating to a “sell” rating in a research note on Friday. Five research analysts have rated the stock with a sell rating, fifteen have issued a hold rating and nine have issued a buy rating to the stock. The company currently has an average rating of “Hold” and an average price target of $59.52.
NASDAQ NTAP opened at $46.35 on Tuesday. The stock’s 50 day moving average is $55.21 and its 200 day moving average is $63.98. The company has a current ratio of 1.42, a quick ratio of 1.39 and a debt-to-equity ratio of 1.33. NetApp Inc. has a 12 month low of $44.55 and a 12 month high of $88.08. The stock has a market cap of $11.17 billion, a PE ratio of 11.53, a P/E/G ratio of 1.08 and a beta of 1.48.
NetApp (NASDAQ:NTAP) last posted its quarterly earnings results on Wednesday, August 14th. The data storage provider reported $0.65 EPS for the quarter, topping the Zacks’ consensus estimate of $0.46 by $0.19. NetApp had a return on equity of 77.11% and a net margin of 16.74%. The company had revenue of $1.24 billion for the quarter, compared to analysts’ expectations of $1.23 billion. During the same period in the previous year, the firm earned $1.04 EPS. The firm’s revenue was down 16.1% compared to the same quarter last year. On average, analysts forecast that NetApp Inc. will post 3.35 EPS for the current fiscal year.
The firm also recently declared a quarterly dividend, which will be paid on Wednesday, October 23rd. Investors of record on Friday, October 4th will be issued a $0.48 dividend. The ex-dividend date is Thursday, October 3rd. This represents a $1.92 dividend on an annualized basis and a yield of 4.14%. NetApp’s dividend payout ratio is presently 47.76%.
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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