CIBC Asset Management Inc lifted its stake in shares of NetApp Inc. (NASDAQ:NTAP) by 2.0% in the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 34,437 shares of the data storage provider’s stock after acquiring an additional 679 shares during the quarter. CIBC Asset Management Inc’s holdings in NetApp were worth $1,528,000 as of its most recent filing with the Securities and Exchange Commission (SEC).
Several other institutional investors and hedge funds also recently modified their holdings of NTAP. Raymond James & Associates increased its holdings in NetApp by 133.2% in the second quarter. Raymond James & Associates now owns 86,671 shares of the data storage provider’s stock worth $3,846,000 after purchasing an additional 49,502 shares in the last quarter. Zurcher Kantonalbank Zurich Cantonalbank increased its holdings in NetApp by 38.1% in the second quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 76,507 shares of the data storage provider’s stock worth $3,395,000 after purchasing an additional 21,125 shares in the last quarter. Vident Investment Advisory LLC increased its holdings in NetApp by 11.5% in the second quarter. Vident Investment Advisory LLC now owns 62,686 shares of the data storage provider’s stock worth $2,781,000 after purchasing an additional 6,452 shares in the last quarter. Nissay Asset Management Corp Japan ADV increased its holdings in NetApp by 1.9% in the second quarter. Nissay Asset Management Corp Japan ADV now owns 37,211 shares of the data storage provider’s stock worth $1,651,000 after purchasing an additional 698 shares in the last quarter. Finally, OLD National Bancorp IN bought a new stake in NetApp in the second quarter worth approximately $804,000. Institutional investors own 90.12% of the company’s stock.
Shares of NASDAQ:NTAP opened at $44.30 on Friday. The stock has a market cap of $9.80 billion, a price-to-earnings ratio of 12.62, a PEG ratio of 1.39 and a beta of 1.30. The company has a quick ratio of 1.14, a current ratio of 1.18 and a debt-to-equity ratio of 4.74. NetApp Inc. has a 12-month low of $34.66 and a 12-month high of $65.38. The business’s 50 day moving average is $43.48 and its 200 day moving average is $46.28.
NetApp (NASDAQ:NTAP) last posted its quarterly earnings data on Wednesday, May 27th. The data storage provider reported $1.19 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $1.04 by $0.15. NetApp had a return on equity of 168.65% and a net margin of 15.13%. The business had revenue of $1.40 billion for the quarter, compared to analysts’ expectations of $1.37 billion. During the same quarter in the previous year, the firm earned $1.22 earnings per share. The business’s revenue was down 12.0% on a year-over-year basis. As a group, equities research analysts expect that NetApp Inc. will post 2.68 earnings per share for the current year.
The firm also recently disclosed a quarterly dividend, which was paid on Wednesday, July 29th. Shareholders of record on Friday, July 10th were given a $0.48 dividend. The ex-dividend date of this dividend was Thursday, July 9th. This represents a $1.92 annualized dividend and a yield of 4.33%. NetApp’s dividend payout ratio is currently 54.39%.
A number of equities research analysts have weighed in on NTAP shares. Stifel Nicolaus downgraded NetApp from a “buy” rating to a “hold” rating and lowered their target price for the stock from $55.00 to $50.00 in a report on Monday, May 11th. Cowen reduced their price objective on NetApp from $58.00 to $45.00 and set a “market perform” rating for the company in a research note on Thursday, May 28th. Morgan Stanley raised their price objective on NetApp from $32.00 to $34.00 and gave the company an “underweight” rating in a research note on Thursday, May 28th. Bank of America raised NetApp from a “neutral” rating to a “buy” rating and raised their price objective for the company from $50.00 to $55.00 in a research note on Friday, June 26th. Finally, Lake Street Capital reduced their price objective on NetApp from $56.00 to $50.00 and set a “hold” rating for the company in a research note 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 stock. NetApp presently has an average rating of “Hold” and an average price target of $50.89.
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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