50,254 Shares in NetApp, Inc. $NTAP Purchased by Corient Private Wealth LP

Corient Private Wealth LP bought a new position in shares of NetApp, Inc. (NASDAQ:NTAP) during the second quarter, Holdings Channel reports. The fund bought 50,254 shares of the data storage provider’s stock, valued at approximately $7,777,000.

Several other institutional investors and hedge funds also recently bought and sold shares of the company. BlackRock Inc. purchased a new stake in shares of NetApp in the 2nd quarter valued at approximately $2,925,168,000. State Street Corp increased its holdings in shares of NetApp by 1.1% during the 4th quarter. State Street Corp now owns 10,192,354 shares of the data storage provider’s stock worth $1,091,499,000 after buying an additional 115,451 shares during the last quarter. Primecap Management Co. CA purchased a new stake in shares of NetApp during the 2nd quarter valued at approximately $1,395,423,000. Wellington Management Group LLP raised its position in shares of NetApp by 17.1% during the 3rd quarter. Wellington Management Group LLP now owns 4,915,553 shares of the data storage provider’s stock valued at $582,296,000 after buying an additional 718,409 shares during the period. Finally, Norges Bank acquired a new position in NetApp in the fourth quarter valued at approximately $458,060,000. 92.17% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

NTAP has been the subject of several analyst reports. JPMorgan Chase & Co. increased their price objective on NetApp from $110.00 to $150.00 and gave the stock a “neutral” rating in a research report on Friday, May 29th. The Goldman Sachs Group restated a “buy” rating and issued a $200.00 target price on shares of NetApp in a research report on Tuesday, June 2nd. Wells Fargo & Company upped their price target on NetApp from $115.00 to $180.00 and gave the company an “equal weight” rating in a research note on Friday, May 29th. Wall Street Zen cut NetApp from a “strong-buy” rating to a “buy” rating in a report on Wednesday, July 29th. Finally, Citigroup raised their price objective on NetApp from $150.00 to $209.00 and gave the stock a “neutral” rating in a research report on Tuesday, August 18th. Five investment analysts have rated the stock with a Buy rating and ten have assigned a Hold rating to the company’s stock. According to data from MarketBeat.com, NetApp has an average rating of “Hold” and an average target price of $179.77.

NetApp Stock Performance

Shares of NTAP stock opened at $187.02 on Monday. The company has a debt-to-equity ratio of 1.84, a quick ratio of 1.39 and a current ratio of 1.44. The firm has a market cap of $36.70 billion, a P/E ratio of 29.41, a P/E/G ratio of 3.33 and a beta of 1.45. The firm’s 50 day moving average price is $175.90 and its 200-day moving average price is $138.27. NetApp, Inc. has a one year low of $93.69 and a one year high of $209.06.

NetApp (NASDAQ:NTAP) last posted its earnings results on Thursday, May 28th. The data storage provider reported $2.03 earnings per share for the quarter, missing the consensus estimate of $2.27 by ($0.24). The company had revenue of $1.95 billion during the quarter, compared to analyst estimates of $1.87 billion. NetApp had a net margin of 18.43% and a return on equity of 117.23%. The firm’s revenue for the quarter was up 12.5% on a year-over-year basis. During the same quarter last year, the business posted $1.93 EPS. As a group, equities research analysts predict that NetApp, Inc. will post 7.34 EPS for the current year.

Insiders Place Their Bets

In other NetApp news, EVP Elizabeth M. O’callahan sold 1,000 shares of the company’s stock in a transaction on Monday, August 10th. The stock was sold at an average price of $193.82, for a total transaction of $193,820.00. Following the transaction, the executive vice president directly owned 30,297 shares in the company, valued at $5,872,164.54. This represents a 3.20% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, President Cesar Cernuda sold 49,464 shares of the firm’s stock in a transaction on Tuesday, June 23rd. The stock was sold at an average price of $154.82, for a total value of $7,658,016.48. Following the transaction, the president owned 46,806 shares of the company’s stock, valued at approximately $7,246,504.92. This represents a 51.38% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders have sold 55,072 shares of company stock worth $8,719,520 over the last 90 days. 0.36% of the stock is owned by insiders.

NetApp Company Profile

NetApp, Inc (NASDAQ: NTAP) is a data management and storage company that delivers hybrid cloud data services for applications and data. Founded in 1992 as Network Appliance and rebranded as NetApp in 2008, the company is headquartered in Sunnyvale, California. NetApp’s offering focuses on enabling organizations to store, manage, protect and move data across on-premises environments and major public clouds.

The company’s product portfolio centers on the ONTAP data management software and a range of storage systems and services built around it.