NetApp, Inc. (NASDAQ:NTAP) Shares Acquired by Mutual of America Capital Management LLC

Mutual of America Capital Management LLC boosted its holdings in NetApp, Inc. (NASDAQ:NTAP) by 28.8% during the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 44,418 shares of the data storage provider’s stock after acquiring an additional 9,919 shares during the quarter. Mutual of America Capital Management LLC’s holdings in NetApp were worth $5,721,000 at the end of the most recent quarter.

Several other hedge funds have also recently added to or reduced their stakes in the business. Axxcess Wealth Management LLC acquired a new position in shares of NetApp during the second quarter valued at $6,512,000. Edgestream Partners L.P. grew its position in NetApp by 184.9% in the 2nd quarter. Edgestream Partners L.P. now owns 23,617 shares of the data storage provider’s stock valued at $3,042,000 after buying an additional 15,326 shares in the last quarter. Citizens Financial Group Inc. RI acquired a new position in NetApp during the 2nd quarter valued at about $7,492,000. Dimensional Fund Advisors LP raised its position in shares of NetApp by 12.8% during the 2nd quarter. Dimensional Fund Advisors LP now owns 1,737,578 shares of the data storage provider’s stock worth $223,806,000 after buying an additional 196,952 shares in the last quarter. Finally, Redwood Wealth Management Group LLC acquired a new stake in shares of NetApp in the 2nd quarter worth approximately $32,000. Institutional investors own 92.17% of the company’s stock.

Analysts Set New Price Targets

A number of research firms recently commented on NTAP. Wells Fargo & Company raised their price objective on shares of NetApp from $120.00 to $135.00 and gave the company an “equal weight” rating in a research note on Wednesday, June 12th. JPMorgan Chase & Co. lifted their price target on NetApp from $146.00 to $147.00 and gave the company a “neutral” rating in a research report on Thursday, August 29th. Evercore ISI upped their price objective on NetApp from $120.00 to $130.00 and gave the company an “in-line” rating in a report on Monday, August 12th. Stifel Nicolaus raised their target price on NetApp from $138.00 to $140.00 and gave the company a “buy” rating in a research note on Thursday, August 29th. Finally, Citigroup boosted their price target 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. One analyst has rated the stock with a sell rating, ten have issued a hold rating and six have issued a buy rating to the company’s stock. Based on data from MarketBeat, NetApp currently has an average rating of “Hold” and an average price target of $129.06.

NetApp Stock Up 1.8 %

NTAP stock opened at $122.22 on Friday. The company has a debt-to-equity ratio of 1.34, a current ratio of 0.96 and a quick ratio of 0.91. The firm has a market capitalization of $25.15 billion, a P/E ratio of 26.34, a P/E/G ratio of 4.31 and a beta of 1.23. NetApp, Inc. has a 52-week low of $70.82 and a 52-week high of $135.01. The company’s 50 day simple moving average is $123.74 and its 200-day simple moving average is $116.56.

NetApp (NASDAQ:NTAP) last announced its earnings results on Wednesday, August 28th. The data storage provider reported $1.56 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.45 by $0.11. The company had revenue of $1.54 billion for the quarter, compared to the consensus estimate of $1.53 billion. NetApp had a net margin of 17.01% and a return on equity of 121.41%. The company’s revenue was up 7.6% on a year-over-year basis. During the same period in the previous year, the business earned $0.84 EPS. As a group, equities research analysts anticipate that NetApp, Inc. will post 5.74 EPS for the current year.

NetApp Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Wednesday, October 23rd. Investors of record on Friday, October 4th will be issued a dividend of $0.52 per share. This represents a $2.08 annualized dividend and a dividend yield of 1.70%. The ex-dividend date is Friday, October 4th. NetApp’s dividend payout ratio is currently 44.83%.

NetApp announced that its board has approved a stock buyback program on Thursday, May 30th that allows the company to repurchase $1.00 billion in shares. This repurchase authorization allows the data storage provider to purchase up to 4% of its shares through open market purchases. Shares repurchase programs are typically a sign that the company’s leadership believes its stock is undervalued.

Insider Activity at NetApp

In other NetApp news, CEO George Kurian sold 8,500 shares of the stock in a transaction that occurred on Monday, July 15th. The shares were sold at an average price of $130.36, for a total value of $1,108,060.00. Following the completion of the sale, the chief executive officer now owns 314,274 shares in the company, valued at approximately $40,968,758.64. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. In other NetApp news, CEO George Kurian sold 8,500 shares of the business’s stock in a transaction dated Monday, July 15th. The stock was sold at an average price of $130.36, for a total value of $1,108,060.00. Following the transaction, the chief executive officer now owns 314,274 shares in the company, valued at $40,968,758.64. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, EVP Elizabeth M. O’callahan sold 452 shares of the firm’s stock in a transaction dated Wednesday, July 10th. The stock was sold at an average price of $133.07, for a total value of $60,147.64. Following the sale, the executive vice president now directly owns 11,886 shares of the company’s stock, valued at $1,581,670.02. The disclosure for this sale can be found here. Over the last three months, insiders have sold 38,452 shares of company stock valued at $4,970,628. Corporate insiders own 0.37% of the company’s stock.

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.