Allspring Global Investments Holdings LLC Raises Stock Holdings in NetApp, Inc. (NASDAQ:NTAP)

Allspring Global Investments Holdings LLC increased its stake in shares of NetApp, Inc. (NASDAQ:NTAP) by 279.1% in the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 57,470 shares of the data storage provider’s stock after purchasing an additional 42,312 shares during the quarter. Allspring Global Investments Holdings LLC’s holdings in NetApp were worth $7,098,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Hollencrest Capital Management purchased a new position in shares of NetApp in the 2nd quarter worth about $26,000. J.Safra Asset Management Corp raised its stake in shares of NetApp by 706.3% during the first quarter. J.Safra Asset Management Corp now owns 258 shares of the data storage provider’s stock valued at $27,000 after purchasing an additional 226 shares during the period. New Covenant Trust Company N.A. acquired a new position in shares of NetApp during the first quarter worth $28,000. Redwood Wealth Management Group LLC purchased a new position in shares of NetApp in the second quarter valued at $32,000. Finally, Crewe Advisors LLC purchased a new position in shares of NetApp in the first quarter valued at $35,000. 92.17% of the stock is currently owned by hedge funds and other institutional investors.

NetApp Price Performance

NTAP stock opened at $119.41 on Monday. The firm has a 50-day moving average of $123.15 and a two-hundred day moving average of $120.18. The firm has a market capitalization of $24.45 billion, a PE ratio of 23.32, a P/E/G ratio of 4.49 and a beta of 1.23. The company has a current ratio of 0.96, a quick ratio of 0.91 and a debt-to-equity ratio of 1.34. NetApp, Inc. has a one year low of $70.82 and a one year high of $135.01.

NetApp (NASDAQ:NTAP) last issued its earnings results on Wednesday, August 28th. The data storage provider reported $1.56 EPS for the quarter, topping the consensus estimate of $1.45 by $0.11. The business had revenue of $1.54 billion during the quarter, compared to analysts’ expectations of $1.53 billion. NetApp had a return on equity of 121.41% and a net margin of 17.01%. NetApp’s revenue was up 7.6% compared to the same quarter last year. During the same quarter last year, the firm posted $0.84 earnings per share. On average, analysts forecast that NetApp, Inc. will post 5.71 earnings per share for the current year.

NetApp Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Wednesday, October 23rd. Shareholders of record on Friday, October 4th were given a $0.52 dividend. The ex-dividend date was Friday, October 4th. This represents a $2.08 dividend on an annualized basis and a yield of 1.74%. NetApp’s payout ratio is 40.63%.

Analysts Set New Price Targets

A number of equities analysts have weighed in on the stock. JPMorgan Chase & Co. upped their price objective on shares of NetApp from $146.00 to $147.00 and gave the company a “neutral” rating in a research report on Thursday, August 29th. Susquehanna restated a “positive” rating and set a $155.00 price objective on shares of NetApp in a report on Monday, August 26th. Bank of America increased their target price on NetApp from $105.00 to $110.00 and gave the company an “underperform” rating in a research note on Thursday, August 29th. Wedbush reaffirmed a “neutral” rating and issued a $120.00 price target on shares of NetApp in a report on Monday, August 26th. Finally, Barclays raised their price objective on shares of NetApp from $116.00 to $119.00 and gave the stock an “equal weight” rating in a report on Thursday, August 29th. One equities research analyst has rated the stock with a sell rating, ten have assigned a hold rating and six have given a buy rating to the company. Based on data from MarketBeat, NetApp presently has an average rating of “Hold” and an average target price of $129.06.

Insider Buying and Selling

In other news, EVP Elizabeth M. O’callahan sold 705 shares of the firm’s stock in a transaction on Thursday, October 10th. The shares were sold at an average price of $126.20, for a total transaction of $88,971.00. Following the transaction, the executive vice president now owns 11,694 shares in the company, valued at approximately $1,475,782.80. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. In other news, EVP Elizabeth M. O’callahan sold 705 shares of the business’s stock in a transaction on Thursday, October 10th. The shares were sold at an average price of $126.20, for a total value of $88,971.00. Following the completion of the sale, the executive vice president now directly owns 11,694 shares in the company, valued at approximately $1,475,782.80. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CEO George Kurian sold 8,500 shares of NetApp stock in a transaction on Monday, October 21st. The stock was sold at an average price of $126.11, for a total transaction of $1,071,935.00. Following the completion of the transaction, the chief executive officer now owns 292,778 shares in the company, valued at $36,922,233.58. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 10,890 shares of company stock worth $1,369,172. Corporate insiders own 0.47% of the company’s stock.

NetApp Company Profile

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.