CIBC Asset Management Inc Has $3.78 Million Position in NetApp, Inc. (NASDAQ:NTAP)

CIBC Asset Management Inc grew its stake in NetApp, Inc. (NASDAQ:NTAP) by 10.1% in the 3rd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 30,627 shares of the data storage provider’s stock after buying an additional 2,814 shares during the period. CIBC Asset Management Inc’s holdings in NetApp were worth $3,783,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds also recently made changes to their positions in NTAP. Hollencrest Capital Management acquired a new stake in NetApp during the 2nd quarter valued at approximately $26,000. Northwest Investment Counselors LLC acquired a new stake in shares of NetApp during the third quarter worth $27,000. New Covenant Trust Company N.A. bought a new position in NetApp during the first quarter worth $28,000. Redwood Wealth Management Group LLC acquired a new position in NetApp in the second quarter valued at $32,000. Finally, Crewe Advisors LLC bought a new stake in NetApp during the first quarter valued at $35,000. 92.17% of the stock is currently owned by institutional investors.

NetApp Stock Up 1.8 %

Shares of NASDAQ:NTAP opened at $119.34 on Tuesday. The stock has a market cap of $24.44 billion, a price-to-earnings ratio of 23.31, a PEG ratio of 3.01 and a beta of 1.24. The business’s 50 day moving average is $121.26 and its 200 day moving average is $122.23. NetApp, Inc. has a 12-month low of $77.08 and a 12-month high of $135.01. 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 earnings results on Wednesday, August 28th. The data storage provider reported $1.56 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.45 by $0.11. The firm had revenue of $1.54 billion during the quarter, compared to analyst estimates of $1.53 billion. NetApp had a net margin of 17.01% and a return on equity of 121.41%. The business’s revenue was up 7.6% compared to the same quarter last year. During the same quarter in the prior year, the business posted $0.84 EPS. On average, sell-side analysts forecast that NetApp, Inc. will post 5.71 earnings per share for the current fiscal year.

NetApp Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Wednesday, October 23rd. Shareholders of record on Friday, October 4th were paid a $0.52 dividend. The ex-dividend date of this dividend was Friday, October 4th. This represents a $2.08 annualized dividend and a yield of 1.74%. NetApp’s dividend payout ratio (DPR) is 40.62%.

Insiders Place Their Bets

In other news, EVP Elizabeth M. O’callahan sold 705 shares of the firm’s stock in a transaction on Thursday, October 10th. The stock was sold at an average price of $126.20, for a total transaction of $88,971.00. Following the completion of the sale, the executive vice president now directly owns 11,694 shares of the company’s stock, valued at $1,475,782.80. This trade represents a 5.69 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, 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 disclosure for this sale can be found here. Insiders have sold a total of 10,890 shares of company stock valued at $1,369,172 in the last 90 days. 0.47% of the stock is currently owned by corporate insiders.

Wall Street Analysts Forecast Growth

NTAP has been the topic of a number of recent analyst reports. Wedbush reissued a “neutral” rating and issued a $120.00 price objective on shares of NetApp in a research note on Monday, August 26th. Loop Capital upgraded NetApp from a “hold” rating to a “buy” rating and increased their price target for the stock from $121.00 to $150.00 in a report on Tuesday, September 3rd. Barclays lifted their price objective on shares of NetApp from $116.00 to $119.00 and gave the company an “equal weight” rating in a research note on Thursday, August 29th. Susquehanna reissued a “positive” rating and set a $155.00 target price on shares of NetApp in a research note on Monday, August 26th. Finally, Stifel Nicolaus lifted their price target on shares of NetApp from $138.00 to $140.00 and gave the company a “buy” rating in a research note on Thursday, August 29th. One analyst has rated the stock with a sell rating, eleven have issued a hold rating and six have assigned a buy rating to the stock. Based on data from MarketBeat, the company presently has a consensus rating of “Hold” and an average target price of $129.06.

About NetApp

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.