CIBC Asset Management Inc Has $3.78 Million Position in NetApp, Inc. (NASDAQ:NTAP)

CIBC Asset Management Inc lifted its position in shares of NetApp, Inc. (NASDAQ:NTAP) by 10.1% during the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 30,627 shares of the data storage provider’s stock after purchasing an additional 2,814 shares during the period. CIBC Asset Management Inc’s holdings in NetApp were worth $3,783,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds also recently modified their holdings of the company. Acadian Asset Management LLC raised its stake in NetApp by 17.5% in the second quarter. Acadian Asset Management LLC now owns 2,791,599 shares of the data storage provider’s stock valued at $359,517,000 after buying an additional 416,233 shares during the period. Legal & General Group Plc lifted its holdings in NetApp by 3.5% during the 2nd quarter. Legal & General Group Plc now owns 2,405,363 shares of the data storage provider’s stock valued at $309,811,000 after purchasing an additional 82,378 shares during the last quarter. Epoch Investment Partners Inc. boosted its position in NetApp by 11.9% during the first quarter. Epoch Investment Partners Inc. now owns 1,982,787 shares of the data storage provider’s stock worth $208,133,000 after purchasing an additional 211,204 shares during the period. Dimensional Fund Advisors LP raised its position in shares of NetApp by 12.8% in the second quarter. Dimensional Fund Advisors LP now owns 1,737,578 shares of the data storage provider’s stock valued at $223,806,000 after purchasing an additional 196,952 shares during the period. Finally, AQR Capital Management LLC lifted its stake in shares of NetApp by 59.6% during the 2nd quarter. AQR Capital Management LLC now owns 1,643,146 shares of the data storage provider’s stock worth $211,637,000 after buying an additional 613,583 shares during the last quarter. 92.17% of the stock is owned by institutional investors.

NetApp Stock Up 1.8 %

NASDAQ NTAP opened at $119.34 on Tuesday. NetApp, Inc. has a fifty-two week low of $77.08 and a fifty-two week high of $135.01. The business has a fifty day moving average price of $121.26 and a two-hundred day moving average price of $122.23. 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 stock has a market capitalization of $24.44 billion, a PE ratio of 23.31, a PEG ratio of 3.01 and a beta of 1.24.

NetApp (NASDAQ:NTAP) last released its quarterly earnings data on Wednesday, August 28th. The data storage provider reported $1.56 earnings per share for the quarter, beating the consensus estimate of $1.45 by $0.11. The business had revenue of $1.54 billion for the quarter, compared to analyst estimates of $1.53 billion. NetApp had a return on equity of 121.41% and a net margin of 17.01%. NetApp’s revenue was up 7.6% compared to the same quarter last year. During the same period last year, the firm posted $0.84 earnings per share. Equities analysts expect that NetApp, Inc. will post 5.71 earnings per share for the current fiscal year.

NetApp Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Wednesday, October 23rd. Investors of record on Friday, October 4th were given a dividend of $0.52 per share. This represents a $2.08 dividend on an annualized basis and a yield of 1.74%. The ex-dividend date of this dividend was Friday, October 4th. NetApp’s dividend payout ratio is 40.62%.

Insider Activity at NetApp

In other NetApp news, CEO George Kurian sold 8,500 shares of the company’s stock in a transaction dated Monday, October 21st. The stock was sold at an average price of $126.11, for a total value of $1,071,935.00. Following the completion of the transaction, the chief executive officer now owns 292,778 shares of the company’s stock, valued at $36,922,233.58. This represents a 2.82 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, CAO Lorenzo Daniel De sold 1,685 shares of the business’s stock in a transaction dated Tuesday, September 24th. The stock was sold at an average price of $123.60, for a total value of $208,266.00. The disclosure for this sale can be found here. Insiders sold a total of 10,890 shares of company stock valued at $1,369,172 in the last quarter. Insiders own 0.47% of the company’s stock.

Analyst Ratings Changes

A number of research analysts recently commented on the stock. Stifel Nicolaus upped their price target on shares of NetApp from $138.00 to $140.00 and gave the company a “buy” rating in a research note on Thursday, August 29th. Susquehanna reissued a “positive” rating and set a $155.00 price target on shares of NetApp in a report on Monday, August 26th. Citigroup upped their price objective on NetApp from $120.00 to $130.00 and gave the company a “neutral” rating in a report on Thursday, August 15th. Evercore ISI lifted their target price on NetApp from $120.00 to $130.00 and gave the stock an “in-line” rating in a report on Monday, August 12th. Finally, Oppenheimer started coverage on shares of NetApp in a research report on Wednesday, November 13th. They set a “market perform” rating on the stock. One investment analyst has rated the stock with a sell rating, eleven have assigned a hold rating and six have issued a buy rating to the company’s stock. According to MarketBeat.com, the company has an average rating of “Hold” and an average target price of $129.06.

About NetApp

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.