Cadence Capital Management LLC cut its holdings in NetApp Inc. (NASDAQ:NTAP) by 70.6% during the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 7,206 shares of the data storage provider’s stock after selling 17,319 shares during the period. Cadence Capital Management LLC’s holdings in NetApp were worth $316,000 as of its most recent SEC filing.
Other hedge funds have also bought and sold shares of the company. Meeder Asset Management Inc. increased its holdings in NetApp by 87.5% in the 1st quarter. Meeder Asset Management Inc. now owns 662 shares of the data storage provider’s stock valued at $28,000 after acquiring an additional 309 shares during the last quarter. Hoey Investments Inc. raised its holdings in shares of NetApp by 125.0% during the 2nd quarter. Hoey Investments Inc. now owns 900 shares of the data storage provider’s stock worth $40,000 after acquiring an additional 500 shares in the last quarter. SG3 Management LLC bought a new position in shares of NetApp during the 2nd quarter valued at approximately $44,000. Citizens Financial Group Inc RI grew its holdings in shares of NetApp by 539.3% in the second quarter. Citizens Financial Group Inc RI now owns 1,042 shares of the data storage provider’s stock valued at $46,000 after purchasing an additional 879 shares in the last quarter. Finally, Private Advisor Group LLC bought a new stake in NetApp in the second quarter worth $56,000. Institutional investors and hedge funds own 92.70% of the company’s stock.
In other news, Director Thomas Michael Nevens sold 22,831 shares of NetApp stock in a transaction that occurred on Friday, September 11th. The shares were sold at an average price of $44.62, for a total value of $1,018,719.22. Following the transaction, the director now owns 22,831 shares of the company’s stock, valued at approximately $1,018,719.22. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Corporate insiders own 0.36% of the company’s stock.
NetApp (NASDAQ:NTAP) last announced its earnings results on Wednesday, August 26th. The data storage provider reported $0.73 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.41 by $0.32. The business had revenue of $1.30 billion for the quarter, compared to analysts’ expectations of $1.15 billion. NetApp had a return on equity of 240.01% and a net margin of 14.47%. The business’s revenue for the quarter was up 5.4% on a year-over-year basis. During the same quarter last year, the firm earned $0.65 EPS. Research analysts expect that NetApp Inc. will post 2.65 earnings per share for the current fiscal year.
The company also recently announced a quarterly dividend, which will be paid on Wednesday, October 28th. Shareholders of record on Friday, October 9th will be issued a $0.48 dividend. The ex-dividend date is Thursday, October 8th. This represents a $1.92 dividend on an annualized basis and a yield of 4.07%. NetApp’s dividend payout ratio is presently 54.39%.
A number of brokerages have commented on NTAP. JPMorgan Chase & Co. lifted their price objective on shares of NetApp from $45.00 to $52.00 and gave the stock a “neutral” rating in a research note on Thursday, August 27th. Bank of America raised NetApp from a “neutral” rating to a “buy” rating and boosted their price objective for the stock from $50.00 to $55.00 in a research note on Friday, June 26th. Credit Suisse Group raised their price objective on NetApp from $53.00 to $54.00 and gave the company an “outperform” rating in a research note on Thursday, August 27th. 140166 reiterated a “buy” rating and issued a $60.00 target price on shares of NetApp in a report on Friday, July 10th. Finally, Northland Securities increased their price target on NetApp from $51.00 to $57.00 and gave the company an “outperform” rating in a report on Thursday, August 27th. Three investment analysts have rated the stock with a sell rating, fifteen have issued a hold rating and six have assigned a buy rating to the stock. The company presently has a consensus rating of “Hold” and an average price target of $52.56.
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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