Gyroscope Capital Management Group LLC bought a new stake in NetApp Inc. (NASDAQ:NTAP) in the 3rd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm bought 121,350 shares of the data storage provider’s stock, valued at approximately $5,320,000. NetApp accounts for approximately 2.4% of Gyroscope Capital Management Group LLC’s holdings, making the stock its 14th largest position.
Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. State Street Corp raised its stake in shares of NetApp by 1.0% in the first quarter. State Street Corp now owns 9,958,075 shares of the data storage provider’s stock valued at $415,152,000 after acquiring an additional 95,027 shares during the last quarter. Bank of New York Mellon Corp grew its holdings in NetApp by 0.5% during the 2nd quarter. Bank of New York Mellon Corp now owns 5,575,031 shares of the data storage provider’s stock worth $247,365,000 after acquiring an additional 26,099 shares during the period. First Trust Advisors LP grew its holdings in NetApp by 109.6% during the 2nd quarter. First Trust Advisors LP now owns 4,579,451 shares of the data storage provider’s stock worth $203,190,000 after acquiring an additional 2,394,176 shares during the period. Bank of America Corp DE grew its holdings in NetApp by 32.0% during the 2nd quarter. Bank of America Corp DE now owns 1,164,887 shares of the data storage provider’s stock worth $51,686,000 after acquiring an additional 282,425 shares during the period. Finally, Jacobs Levy Equity Management Inc. grew its holdings in shares of NetApp by 10.9% in the 2nd quarter. Jacobs Levy Equity Management Inc. now owns 1,140,663 shares of the data storage provider’s stock valued at $50,611,000 after buying an additional 111,901 shares during the period. Institutional investors and hedge funds own 92.70% of the company’s stock.
NTAP has been the subject of several research analyst reports. Citigroup boosted their price target on shares of NetApp from $37.00 to $39.00 and gave the company a “sell” rating in a report on Thursday, August 27th. Loop Capital boosted their price target on shares of NetApp from $43.00 to $47.00 and gave the company a “hold” rating in a report on Thursday, August 27th. Deutsche Bank Aktiengesellschaft boosted their price objective on shares of NetApp from $43.00 to $45.00 and gave the company a “hold” rating in a research report on Thursday, August 27th. Zacks Investment Research raised shares of NetApp from a “sell” rating to a “hold” rating and set a $50.00 price objective on the stock in a research report on Tuesday, September 1st. Finally, Morgan Stanley boosted their price objective on shares of NetApp from $34.00 to $38.00 and gave the company an “underweight” rating in a research report on Thursday, August 27th. Three analysts have rated the stock with a sell rating, fifteen have assigned a hold rating and six have assigned a buy rating to the stock. The stock currently has a consensus rating of “Hold” and an average price target of $52.56.
Shares of NASDAQ:NTAP opened at $47.15 on Friday. The company’s 50-day moving average price is $44.55 and its two-hundred day moving average price is $43.43. The company has a debt-to-equity ratio of 9.26, a current ratio of 1.62 and a quick ratio of 1.57. NetApp Inc. has a one year low of $34.66 and a one year high of $65.38. The stock has a market capitalization of $10.47 billion, a PE ratio of 13.59, a price-to-earnings-growth ratio of 1.48 and a beta of 1.33.
NetApp (NASDAQ:NTAP) last issued its quarterly earnings results on Wednesday, August 26th. The data storage provider reported $0.73 EPS for the quarter, topping the consensus estimate of $0.41 by $0.32. The firm had revenue of $1.30 billion for the quarter, compared to analysts’ expectations of $1.15 billion. NetApp had a net margin of 14.47% and a return on equity of 240.01%. The company’s revenue for the quarter was up 5.4% on a year-over-year basis. During the same period in the previous year, the firm posted $0.65 EPS. On average, analysts anticipate that NetApp Inc. will post 2.65 earnings per share for the current fiscal year.
The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, October 28th. Stockholders of record on Friday, October 9th will be paid a dividend of $0.48 per share. The ex-dividend date of this dividend is Thursday, October 8th. This represents a $1.92 annualized dividend and a dividend yield of 4.07%. NetApp’s dividend payout ratio is presently 54.39%.
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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