CX Institutional Cuts Stock Holdings in NetApp, Inc. (NASDAQ:NTAP)

CX Institutional lessened its holdings in NetApp, Inc. (NASDAQ:NTAP) by 3.5% during the third quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 2,717 shares of the data storage provider’s stock after selling 100 shares during the quarter. CX Institutional’s holdings in NetApp were worth $336,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in NTAP. Empirical Asset Management LLC boosted its stake in shares of NetApp by 8.6% in the third quarter. Empirical Asset Management LLC now owns 2,913 shares of the data storage provider’s stock valued at $360,000 after buying an additional 230 shares in the last quarter. ORG Wealth Partners LLC purchased a new stake in shares of NetApp during the 3rd quarter worth $109,000. Thurston Springer Miller Herd & Titak Inc. acquired a new position in shares of NetApp during the 3rd quarter worth $75,000. MEAG MUNICH ERGO Kapitalanlagegesellschaft mbH increased its holdings in shares of NetApp by 204.4% in the 3rd quarter. MEAG MUNICH ERGO Kapitalanlagegesellschaft mbH now owns 36,744 shares of the data storage provider’s stock valued at $4,538,000 after purchasing an additional 24,675 shares in the last quarter. Finally, Exchange Traded Concepts LLC lifted its stake in shares of NetApp by 4,225.0% in the third quarter. Exchange Traded Concepts LLC now owns 2,249 shares of the data storage provider’s stock valued at $278,000 after purchasing an additional 2,197 shares during the period. Institutional investors and hedge funds own 92.17% of the company’s stock.

Insider Buying and Selling

In other NetApp news, CAO Lorenzo Daniel De sold 1,685 shares of the business’s stock in a transaction dated Tuesday, September 24th. The stock was sold at an average price of $123.60, for a total transaction of $208,266.00. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. In other news, CAO Lorenzo Daniel De sold 1,685 shares of NetApp stock in a transaction dated Tuesday, September 24th. The stock was sold at an average price of $123.60, for a total value of $208,266.00. The transaction was disclosed in a document filed with the SEC, which is available through this link. Also, EVP Elizabeth M. O’callahan sold 705 shares of the business’s stock in a transaction dated Thursday, October 10th. The stock was sold at an average price of $126.20, for a total value of $88,971.00. Following the sale, the executive vice president now owns 11,694 shares of the company’s stock, valued at $1,475,782.80. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. Corporate insiders own 0.37% of the company’s stock.

NetApp Price Performance

Shares of NASDAQ:NTAP opened at $126.69 on Friday. The business has a fifty day simple moving average of $123.76 and a 200-day simple moving average of $119.27. NetApp, Inc. has a 52 week low of $70.82 and a 52 week high of $135.01. The company has a market cap of $26.07 billion, a P/E ratio of 27.30, a P/E/G ratio of 4.77 and a beta of 1.23. The company has a quick ratio of 0.91, a current ratio of 0.96 and a debt-to-equity ratio of 1.34.

NetApp (NASDAQ:NTAP) last posted its quarterly earnings data on Wednesday, August 28th. The data storage provider reported $1.56 EPS for the quarter, beating analysts’ consensus estimates of $1.45 by $0.11. NetApp had a net margin of 17.01% and a return on equity of 121.41%. The company had revenue of $1.54 billion during the quarter, compared to the consensus estimate of $1.53 billion. During the same quarter in the prior year, the company posted $0.84 EPS. The company’s quarterly revenue was up 7.6% compared to the same quarter last year. Equities research analysts forecast that NetApp, Inc. will post 5.71 EPS for the current year.

NetApp Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, October 23rd. Stockholders of record on Friday, October 4th will be issued a dividend of $0.52 per share. The ex-dividend date is Friday, October 4th. This represents a $2.08 dividend on an annualized basis and a dividend yield of 1.64%. NetApp’s payout ratio is 44.83%.

Analyst Upgrades and Downgrades

Several equities research analysts have recently commented on the company. UBS Group boosted their price target on NetApp from $121.00 to $134.00 and gave the stock a “neutral” rating in a research note on Thursday, August 29th. Loop Capital raised NetApp from a “hold” rating to a “buy” rating and upped their target price for the company from $121.00 to $150.00 in a report on Tuesday, September 3rd. Susquehanna reaffirmed a “positive” rating and set a $155.00 price target on shares of NetApp in a research note on Monday, August 26th. JPMorgan Chase & Co. raised their target price on shares of NetApp from $146.00 to $147.00 and gave the company a “neutral” rating in a report on Thursday, August 29th. Finally, Bank of America lifted their target price on shares of NetApp from $105.00 to $110.00 and gave the stock an “underperform” rating in a research report on Thursday, August 29th. One research analyst has rated the stock with a sell rating, ten have assigned a hold rating and six have issued a buy rating to the company. According to data from MarketBeat, the company currently has a consensus rating of “Hold” and an average price target of $129.06.

NetApp 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.