Zurcher Kantonalbank Zurich Cantonalbank Has $22.41 Million Holdings in NetApp, Inc. (NASDAQ:NTAP)

Zurcher Kantonalbank Zurich Cantonalbank grew its holdings in shares of NetApp, Inc. (NASDAQ:NTAP) by 30.7% during the second quarter, HoldingsChannel.com reports. The firm owned 173,971 shares of the data storage provider’s stock after acquiring an additional 40,876 shares during the quarter. Zurcher Kantonalbank Zurich Cantonalbank’s holdings in NetApp were worth $22,407,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds also recently made changes to their positions in the business. First Horizon Advisors Inc. boosted its stake in shares of NetApp by 58.7% in the fourth quarter. First Horizon Advisors Inc. now owns 311 shares of the data storage provider’s stock valued at $27,000 after buying an additional 115 shares during the period. Rise Advisors LLC acquired a new position in NetApp in the 1st quarter valued at $27,000. J.Safra Asset Management Corp lifted its position in shares of NetApp by 706.3% during the 1st quarter. J.Safra Asset Management Corp now owns 258 shares of the data storage provider’s stock valued at $27,000 after acquiring an additional 226 shares during the period. New Covenant Trust Company N.A. acquired a new stake in shares of NetApp during the 1st quarter worth $28,000. Finally, Crewe Advisors LLC bought a new position in shares of NetApp in the first quarter worth $35,000. 92.17% of the stock is owned by institutional investors.

Insider Buying and Selling

In other news, President Cesar Cernuda sold 22,000 shares of the company’s stock in a transaction on Friday, June 28th. The shares were sold at an average price of $129.46, for a total value of $2,848,120.00. Following the sale, the president now directly owns 64,789 shares of the company’s stock, valued at approximately $8,387,583.94. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. In other NetApp news, CEO George Kurian sold 8,500 shares of the stock in a transaction that occurred on Monday, July 15th. The stock was sold at an average price of $130.36, for a total transaction of $1,108,060.00. Following the transaction, the chief executive officer now directly owns 314,274 shares in the company, valued at approximately $40,968,758.64. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, President Cesar Cernuda sold 22,000 shares of NetApp stock in a transaction on Friday, June 28th. The shares were sold at an average price of $129.46, for a total transaction of $2,848,120.00. Following the completion of the sale, the president now owns 64,789 shares of the company’s stock, valued at approximately $8,387,583.94. The disclosure for this sale can be found here. Insiders have sold a total of 41,786 shares of company stock valued at $5,395,146 over the last ninety days. 0.37% of the stock is owned by company insiders.

Analysts Set New Price Targets

Several research firms recently weighed in on NTAP. Citigroup upped their price objective on shares of NetApp from $120.00 to $130.00 and gave the stock a “neutral” rating in a research report on Thursday, August 15th. Bank of America upped their price target on shares of NetApp from $105.00 to $110.00 and gave the stock an “underperform” rating in a report on Thursday. Argus boosted their price objective on shares of NetApp from $130.00 to $140.00 and gave the company a “buy” rating in a research report on Wednesday, June 5th. Barclays raised their target price on NetApp from $116.00 to $119.00 and gave the company an “equal weight” rating in a report on Thursday. Finally, UBS Group upped their price objective on NetApp from $121.00 to $134.00 and gave the stock a “neutral” rating in a research report on Thursday. One analyst has rated the stock with a sell rating, eleven have assigned a hold rating and five have assigned a buy rating to the company. According to MarketBeat.com, NetApp currently has a consensus rating of “Hold” and a consensus price target of $127.67.

NetApp Trading Up 0.3 %

NASDAQ NTAP traded up $0.36 on Friday, hitting $119.56. The company’s stock had a trading volume of 864,597 shares, compared to its average volume of 1,904,494. The company’s 50-day moving average is $127.67 and its 200 day moving average is $113.33. The firm has a market cap of $24.61 billion, a PE ratio of 25.59, a PEG ratio of 4.96 and a beta of 1.27. NetApp, Inc. has a 1-year low of $70.82 and a 1-year high of $135.01. The company has a quick ratio of 1.15, a current ratio of 1.19 and a debt-to-equity ratio of 1.74.

NetApp (NASDAQ:NTAP) last posted its quarterly earnings data on Wednesday, August 28th. The data storage provider reported $1.56 earnings per share for the quarter, beating analysts’ consensus estimates of $1.45 by $0.11. The business had revenue of $1.54 billion during the quarter, compared to the consensus estimate of $1.53 billion. NetApp had a return on equity of 114.54% and a net margin of 15.73%. NetApp’s quarterly revenue was up 7.6% on a year-over-year basis. During the same period in the prior year, the business posted $0.84 earnings per share. As a group, analysts predict that NetApp, Inc. will post 5.47 earnings per share for the current fiscal year.

NetApp announced that its board has authorized a stock repurchase plan on Thursday, May 30th that authorizes the company to repurchase $1.00 billion in shares. This repurchase authorization authorizes the data storage provider to purchase up to 4% of its shares through open market purchases. Shares repurchase plans are typically an indication that the company’s management believes its stock is undervalued.

NetApp Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, October 23rd. Stockholders of record on Friday, October 4th will be given a dividend of $0.52 per share. The ex-dividend date is Friday, October 4th. This represents a $2.08 dividend on an annualized basis and a dividend yield of 1.74%. NetApp’s dividend payout ratio (DPR) is 44.83%.

NetApp Company Profile

NetApp, Inc provides cloud-led and data-centric services to manage and share data on-premises, and private and public clouds worldwide. It operates in two segments, Hybrid Cloud and Public Could. The company offers intelligent data management software, such as NetApp ONTAP, NetApp Snapshot, NetApp SnapCenter Backup Management, NetApp SnapMirror Data Replication, NetApp SnapLock Data Compliance, and storage infrastructure solutions, including NetApp All-Flash FAS series, NetApp Fabric Attached Storage, NetApp E/EF series, and NetApp StorageGRID.