Sumitomo Mitsui Trust Holdings Inc. Decreases Stake in NetApp Inc. (NASDAQ:NTAP)

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Sumitomo Mitsui Trust Holdings Inc. lowered its holdings in NetApp Inc. (NASDAQ:NTAP) by 1.0% in the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 995,895 shares of the data storage provider’s stock after selling 9,664 shares during the quarter. Sumitomo Mitsui Trust Holdings Inc.’s holdings in NetApp were worth $43,703,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds have also bought and sold shares of NTAP. Meeder Asset Management Inc. increased its position in NetApp by 87.5% during the first 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. increased its position in NetApp by 125.0% during the second quarter. Hoey Investments Inc. now owns 900 shares of the data storage provider’s stock valued at $40,000 after acquiring an additional 500 shares during the last quarter. Aigen Investment Management LP purchased a new stake in NetApp during the first quarter valued at $50,000. Quadrant Capital Group LLC increased its position in NetApp by 61.5% during the fourth quarter. Quadrant Capital Group LLC now owns 1,699 shares of the data storage provider’s stock valued at $102,000 after acquiring an additional 647 shares during the last quarter. Finally, Signaturefd LLC increased its position in NetApp by 58.0% during the first quarter. Signaturefd LLC now owns 1,876 shares of the data storage provider’s stock valued at $78,000 after acquiring an additional 689 shares during the last quarter. Hedge funds and other institutional investors own 90.12% of the company’s stock.

A number of research firms recently commented on NTAP. William Blair reiterated a “hold” rating on shares of NetApp in a research report on Thursday, June 4th. Deutsche Bank started coverage on NetApp in a research report on Thursday, June 18th. They set a “hold” rating and a $43.00 price objective for the company. Cfra cut their price target on NetApp from $60.00 to $50.00 and set a “hold” rating for the company in a report on Thursday, May 28th. Northland Securities reissued a “buy” rating and set a $51.00 price target on shares of NetApp in a report on Wednesday, July 1st. Finally, Lake Street Capital cut their price target on NetApp from $56.00 to $50.00 and set a “hold” rating for the company in a report on Thursday, May 28th. Five research analysts have rated the stock with a sell rating, fifteen have given a hold rating and six have issued a buy rating to the company. NetApp currently has a consensus rating of “Hold” and a consensus price target of $50.89.

Shares of NetApp stock opened at $44.30 on Friday. The stock has a 50 day moving average of $43.48 and a 200 day moving average of $46.28. NetApp Inc. has a 12 month low of $34.66 and a 12 month high of $65.38. The firm has a market cap of $9.48 billion, a PE ratio of 12.51, a PEG ratio of 1.34 and a beta of 1.30. The company has a current ratio of 1.18, a quick ratio of 1.14 and a debt-to-equity ratio of 4.74.

NetApp (NASDAQ:NTAP) last announced its quarterly earnings results on Wednesday, May 27th. The data storage provider reported $1.19 EPS for the quarter, beating analysts’ consensus estimates of $1.04 by $0.15. NetApp had a return on equity of 168.65% and a net margin of 15.13%. The company had revenue of $1.40 billion during the quarter, compared to analyst estimates of $1.37 billion. During the same period in the prior year, the company earned $1.22 earnings per share. The firm’s revenue was down 12.0% on a year-over-year basis. As a group, equities research analysts forecast that NetApp Inc. will post 2.68 earnings per share for the current fiscal year.

The company also recently declared a quarterly dividend, which was paid on Wednesday, July 29th. Investors of record on Friday, July 10th were paid a dividend of $0.48 per share. This represents a $1.92 dividend on an annualized basis and a yield of 4.33%. The ex-dividend date was Thursday, July 9th. NetApp’s payout ratio is presently 54.39%.

NetApp Company Profile

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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Institutional Ownership by Quarter for NetApp (NASDAQ:NTAP)

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