Ameriprise Financial Inc. Increases Stake in NetApp Inc. (NTAP)

Ameriprise Financial Inc. increased its position in NetApp Inc. (NASDAQ:NTAP) by 4.2% during the second quarter, according to its most recent Form 13F filing with the SEC. The fund owned 178,639 shares of the data storage provider’s stock after buying an additional 7,133 shares during the period. Ameriprise Financial Inc. owned about 0.06% of NetApp worth $4,394,000 as of its most recent filing with the SEC.

A number of other institutional investors also recently added to or reduced their stakes in NTAP. FTB Advisors Inc. boosted its position in NetApp by 14.3% in the second quarter. FTB Advisors Inc. now owns 5,154 shares of the data storage provider’s stock worth $126,000 after buying an additional 646 shares in the last quarter. Creative Planning boosted its position in NetApp by 248.6% in the second quarter. Creative Planning now owns 10,495 shares of the data storage provider’s stock worth $258,000 after buying an additional 7,484 shares in the last quarter. Candriam Luxembourg S.C.A. bought a new position in NetApp during the second quarter worth approximately $260,000. Simmons Bank bought a new position in NetApp during the first quarter worth approximately $328,000. Finally, Jones Financial Companies Lllp boosted its position in NetApp by 59.8% in the first quarter. Jones Financial Companies Lllp now owns 12,436 shares of the data storage provider’s stock worth $339,000 after buying an additional 4,655 shares in the last quarter. 89.61% of the stock is owned by institutional investors and hedge funds.

Institutional Ownership by Quarter for NetApp (NASDAQ:NTAP)

NetApp Inc. (NASDAQ:NTAP) traded up 0.45% on Tuesday, reaching $33.57. 159,412 shares of the company’s stock traded hands. The stock has a market capitalization of $9.35 billion, a price-to-earnings ratio of 30.22 and a beta of 1.58. NetApp Inc. has a 52 week low of $20.66 and a 52 week high of $36.10. The firm has a 50-day moving average price of $34.88 and a 200-day moving average price of $28.09.

NetApp (NASDAQ:NTAP) last announced its quarterly earnings results on Wednesday, August 17th. The data storage provider reported $0.46 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $0.36 by $0.10. NetApp had a return on equity of 15.82% and a net margin of 5.87%. The company earned $1.29 billion during the quarter, compared to the consensus estimate of $1.26 billion. During the same period in the previous year, the company posted $0.29 earnings per share. NetApp’s revenue for the quarter was down 3.1% on a year-over-year basis. On average, analysts predict that NetApp Inc. will post $2.36 earnings per share for the current year.

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, October 26th. Stockholders of record on Friday, October 7th will be paid a dividend of $0.19 per share. This represents a $0.76 annualized dividend and a dividend yield of 2.27%. The ex-dividend date of this dividend is Wednesday, October 5th. NetApp’s payout ratio is 68.47%.

A number of brokerages have recently weighed in on NTAP. Summit Redstone restated a “sell” rating on shares of NetApp in a report on Tuesday, June 21st. Jefferies Group restated a “hold” rating and issued a $29.00 price objective (up from $24.00) on shares of NetApp in a report on Thursday, August 18th. Citigroup Inc. boosted their price objective on shares of NetApp from $26.00 to $31.00 and gave the stock a “neutral” rating in a report on Thursday, August 18th. BTIG Research restated a “neutral” rating on shares of NetApp in a report on Thursday, August 18th. Finally, Robert W. Baird restated a “neutral” rating and issued a $37.00 price objective (up from $32.00) on shares of NetApp in a report on Wednesday, September 28th. Ten investment analysts have rated the stock with a sell rating, twenty-four have issued a hold rating and six have given a buy rating to the company. NetApp has a consensus rating of “Hold” and a consensus target price of $30.16.

In other news, CEO George Kurian sold 4,000 shares of the company’s stock in a transaction that occurred on Friday, September 30th. The stock was sold at an average price of $35.16, for a total transaction of $140,640.00. Following the completion of the transaction, the chief executive officer now directly owns 40,570 shares of the company’s stock, valued at approximately $1,426,441.20. The sale was disclosed in a filing with the SEC, which is available at this link. Also, Director Jeffry R. Allen sold 15,000 shares of the company’s stock in a transaction that occurred on Monday, August 22nd. The stock was sold at an average price of $34.82, for a total value of $522,300.00. Following the transaction, the director now directly owns 15,000 shares of the company’s stock, valued at $522,300. The disclosure for this sale can be found here. Insiders own 0.49% of the company’s stock.

NetApp Company Profile

NetApp, Inc (NetApp) provides software, systems and services to manage and store customer data. The Company enables enterprises, service providers, governmental organizations, and partners to envision, deploy and evolve their information technology (IT) environments. The Company offers a portfolio of products and services that satisfy a range of customer workloads across different data types and deployment models.

5 Day Chart for NASDAQ:NTAP

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