Convergence Investment Partners LLC Purchases New Holdings in NetApp Inc. (NASDAQ:NTAP)

Convergence Investment Partners LLC acquired a new stake in NetApp Inc. (NASDAQ:NTAP) during the 2nd quarter, according to the company in its most recent filing with the SEC. The institutional investor acquired 21,329 shares of the data storage provider’s stock, valued at approximately $946,000.

A number of other institutional investors also recently added to or reduced their stakes in the business. American National Bank increased its position in shares of NetApp by 1.9% during the 2nd quarter. American National Bank now owns 12,655 shares of the data storage provider’s stock worth $562,000 after purchasing an additional 240 shares in the last quarter. Cim Investment Mangement Inc. increased its position in shares of NetApp by 3.6% during the 1st quarter. Cim Investment Mangement Inc. now owns 7,662 shares of the data storage provider’s stock worth $319,000 after purchasing an additional 267 shares in the last quarter. Malaga Cove Capital LLC increased its position in shares of NetApp by 2.8% during the 2nd quarter. Malaga Cove Capital LLC now owns 10,964 shares of the data storage provider’s stock worth $486,000 after purchasing an additional 300 shares in the last quarter. Meeder Asset Management Inc. increased its position in shares of NetApp by 87.5% during the 1st quarter. Meeder Asset Management Inc. now owns 662 shares of the data storage provider’s stock worth $28,000 after purchasing an additional 309 shares in the last quarter. Finally, Cigna Investments Inc. New increased its position in shares of NetApp by 5.7% during the 1st quarter. Cigna Investments Inc. New now owns 6,514 shares of the data storage provider’s stock worth $272,000 after purchasing an additional 350 shares in the last quarter. Hedge funds and other institutional investors own 90.12% of the company’s stock.

A number of equities research analysts recently issued reports on the stock. Northland Securities reiterated a “buy” rating and set a $51.00 target price on shares of NetApp in a research report on Wednesday, July 1st. Lake Street Capital dropped their target price on shares of NetApp from $56.00 to $50.00 and set a “hold” rating for the company in a research report on Thursday, May 28th. Barclays increased their target price on shares of NetApp from $43.00 to $46.00 and gave the stock an “equal weight” rating in a research report on Thursday, May 28th. Cowen lowered their price objective on shares of NetApp from $58.00 to $45.00 and set a “market perform” rating for the company in a research report on Thursday, May 28th. Finally, BidaskClub cut shares of NetApp from a “sell” rating to a “strong sell” rating in a research report on Friday, May 29th. Five investment analysts have rated the stock with a sell rating, fifteen have issued a hold rating and six have assigned a buy rating to the company’s stock. The company has an average rating of “Hold” and an average price target of $50.89.

NetApp stock traded up $1.45 during midday trading on Friday, hitting $44.30. 6,108,956 shares of the stock were exchanged, compared to its average volume of 2,066,179. The company has a fifty day simple moving average of $43.48 and a two-hundred day simple moving average of $46.28. NetApp Inc. has a 52 week low of $34.66 and a 52 week high of $65.38. The stock has a market capitalization of $9.80 billion, a PE ratio of 12.51, a P/E/G 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 (NASDAQ:NTAP) last released its quarterly earnings data on Wednesday, May 27th. The data storage provider reported $1.19 earnings per share for the quarter, topping the consensus estimate of $1.04 by $0.15. NetApp had a net margin of 15.13% and a return on equity of 168.65%. The business had revenue of $1.40 billion for the quarter, compared to analyst estimates of $1.37 billion. During the same quarter last year, the firm earned $1.22 EPS. NetApp’s quarterly revenue was down 12.0% compared to the same quarter last year. As a group, equities research analysts anticipate that NetApp Inc. will post 2.68 EPS for the current fiscal year.

The company also recently disclosed a quarterly dividend, which was paid on Wednesday, July 29th. Investors of record on Friday, July 10th were paid a dividend of $0.48 per share. This represents a $1.92 annualized dividend and a yield of 4.33%. The ex-dividend date of this dividend was Thursday, July 9th. NetApp’s payout ratio is 54.39%.

NetApp 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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Institutional Ownership by Quarter for NetApp (NASDAQ:NTAP)

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