Jupiter Asset Management Ltd. Invests $14.87 Million in NetApp, Inc. (NASDAQ:NTAP)

Jupiter Asset Management Ltd. purchased a new position in shares of NetApp, Inc. (NASDAQ:NTAP) in the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm purchased 204,783 shares of the data storage provider’s stock, valued at approximately $14,871,000.

Several other institutional investors and hedge funds have also modified their holdings of the company. Bell Bank grew its stake in shares of NetApp by 3.0% in the fourth quarter. Bell Bank now owns 61,118 shares of the data storage provider’s stock valued at $4,048,000 after buying an additional 1,798 shares in the last quarter. Lapides Asset Management LLC grew its stake in shares of NetApp by 8.9% in the fourth quarter. Lapides Asset Management LLC now owns 74,700 shares of the data storage provider’s stock valued at $4,948,000 after buying an additional 6,100 shares in the last quarter. Dimensional Fund Advisors LP grew its stake in shares of NetApp by 2.0% in the fourth quarter. Dimensional Fund Advisors LP now owns 1,392,522 shares of the data storage provider’s stock valued at $92,234,000 after buying an additional 27,953 shares in the last quarter. Teachers Retirement System of The State of Kentucky grew its stake in shares of NetApp by 1,691.3% in the fourth quarter. Teachers Retirement System of The State of Kentucky now owns 358,250 shares of the data storage provider’s stock valued at $23,731,000 after buying an additional 338,250 shares in the last quarter. Finally, Signet Financial Management LLC bought a new position in shares of NetApp in the fourth quarter valued at $368,000. 90.84% of the stock is owned by institutional investors.

NTAP stock opened at $83.63 on Friday. The firm has a market capitalization of $18.62 billion, a P/E ratio of 25.97, a PEG ratio of 2.38 and a beta of 1.28. The company has a 50-day moving average of $77.10. NetApp, Inc. has a 52 week low of $39.96 and a 52 week high of $84.19. The company has a debt-to-equity ratio of 3.84, a quick ratio of 1.71 and a current ratio of 1.74.

NetApp (NASDAQ:NTAP) last posted its quarterly earnings results on Tuesday, June 1st. The data storage provider reported $1.17 EPS for the quarter, beating the Zacks’ consensus estimate of $1.12 by $0.05. The business had revenue of $1.56 billion during the quarter, compared to the consensus estimate of $1.50 billion. NetApp had a return on equity of 164.35% and a net margin of 12.71%. NetApp’s revenue for the quarter was up 11.0% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $1.19 earnings per share. As a group, analysts anticipate that NetApp, Inc. will post 3.87 EPS for the current fiscal year.

The business also recently declared a quarterly dividend, which will be paid on Wednesday, July 28th. Investors of record on Friday, July 9th will be paid a $0.50 dividend. This represents a $2.00 dividend on an annualized basis and a yield of 2.39%. The ex-dividend date of this dividend is Thursday, July 8th. This is an increase from NetApp’s previous quarterly dividend of $0.48. NetApp’s payout ratio is 58.18%.

A number of equities analysts have commented on the stock. Barclays lifted their price objective on shares of NetApp from $68.00 to $74.00 and gave the stock an “equal weight” rating in a research report on Thursday, June 3rd. Zacks Investment Research raised shares of NetApp from a “hold” rating to a “buy” rating and set a $82.00 price objective for the company in a research report on Tuesday, May 18th. Wells Fargo & Company lifted their price objective on shares of NetApp from $65.00 to $75.00 and gave the stock an “equal weight” rating in a research report on Thursday, June 3rd. Loop Capital lifted their price objective on shares of NetApp from $83.00 to $90.00 and gave the stock a “buy” rating in a research report on Thursday, June 3rd. Finally, Morgan Stanley lifted their price objective on shares of NetApp from $92.00 to $94.00 and gave the stock an “overweight” rating in a research report on Thursday, June 3rd. One research analyst has rated the stock with a sell rating, ten have assigned a hold rating and thirteen have assigned a buy rating to the stock. The company has an average rating of “Buy” and an average target price of $69.37.

NetApp Company Profile

NetApp, Inc provides software, systems, and services to manage and share data on-premises, and private and public clouds worldwide. The company offers cloud data services, including NetApp Cloud Volumes Service for AWS, NetApp Cloud Sync, NetApp Cloud Tiering, NetApp Global File Cache, NetApp SaaS Backup, NetApp Cloud Manager, NetApp Fabric Orchestrator, and NetApp Cloud Insights.

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Institutional Ownership by Quarter for NetApp (NASDAQ:NTAP)

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