Today: Today, Algert Global LLC Buys Shares of 6,242 NetApp Inc. (NTAP)

Today, Algert Global LLC Buys Shares of 6,242 NetApp Inc. (NTAP)

Algert Global LLC acquired a new stake in NetApp Inc. (NASDAQ:NTAP) during the third quarter, according to its most recent filing with the Securities and Exchange Commission. The firm acquired 6,242 shares of the data storage provider’s stock, valued at approximately $224,000.

Several other hedge funds also recently modified their holdings of the stock. Legal & General Group Plc raised its stake in shares of NetApp by 0.6% in the first quarter. Legal & General Group Plc now owns 1,320,761 shares of the data storage provider’s stock worth $36,042,000 after buying an additional 8,301 shares in the last quarter. Fort Pitt Capital Group LLC raised its stake in shares of NetApp by 525.0% in the second quarter. Fort Pitt Capital Group LLC now owns 472,421 shares of the data storage provider’s stock worth $11,617,000 after buying an additional 396,837 shares in the last quarter. Creative Planning raised its stake in shares of NetApp by 248.6% in the second quarter. Creative Planning now owns 10,495 shares of the data storage provider’s stock worth $258,000 after buying an additional 7,484 shares in the last quarter. DNB Asset Management AS raised its stake in shares of NetApp by 4.1% in the second quarter. DNB Asset Management AS now owns 17,797 shares of the data storage provider’s stock worth $438,000 after buying an additional 700 shares in the last quarter. Finally, Ameriprise Financial Inc. raised its stake in shares of NetApp by 4.2% in the second quarter. Ameriprise Financial Inc. now owns 178,639 shares of the data storage provider’s stock worth $4,394,000 after buying an additional 7,133 shares in the last quarter. 90.41% of the stock is owned by institutional investors and hedge funds.

Shares of NetApp Inc. (NASDAQ:NTAP) traded up 0.72% during trading on Friday, reaching $36.61. 1,533,737 shares of the company’s stock traded hands. NetApp Inc. has a 52-week low of $20.66 and a 52-week high of $39.00. The company has a market cap of $10.18 billion, a price-to-earnings ratio of 33.22 and a beta of 1.49. The company’s 50-day moving average is $34.16 and its 200 day moving average is $29.95.

NetApp (NASDAQ:NTAP) last released its quarterly earnings data on Wednesday, November 16th. The data storage provider reported $0.60 EPS for the quarter, beating analysts’ consensus estimates of $0.54 by $0.06. NetApp had a net margin of 5.89% and a return on equity of 15.66%. The company earned $1.34 billion during the quarter, compared to analyst estimates of $1.36 billion. During the same period last year, the business earned $0.61 earnings per share. NetApp’s revenue was down 7.3% compared to the same quarter last year. Equities analysts forecast that NetApp Inc. will post $2.56 EPS for the current year.

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, January 25th. Stockholders of record on Friday, January 6th will be given a $0.19 dividend. The ex-dividend date of this dividend is Wednesday, January 4th. This represents a $0.76 dividend on an annualized basis and a dividend yield of 2.08%. NetApp’s dividend payout ratio (DPR) is currently 69.09%.

NTAP has been the subject of a number of research reports. Wells Fargo & Co. reissued a “market perform” rating on shares of NetApp in a report on Friday, August 19th. Deutsche Bank AG lowered shares of NetApp from a “hold” rating to a “sell” rating and lowered their price target for the company from $35.66 to $25.00 in a report on Monday, September 26th. They noted that the move was a valuation call. Goldman Sachs Group Inc. raised shares of NetApp from a “sell” rating to a “neutral” rating and raised their price target for the company from $26.00 to $32.00 in a report on Wednesday, August 24th. They noted that the move was a valuation call. Robert W. Baird reissued a “hold” rating on shares of NetApp in a report on Friday, September 9th. Finally, Credit Suisse Group AG reaffirmed a “hold” rating and issued a $28.00 price objective on shares of NetApp in a research note on Tuesday, August 30th. Eleven analysts have rated the stock with a sell rating, twenty-four have assigned a hold rating and six have assigned a buy rating to the company’s stock. The stock presently has a consensus rating of “Hold” and a consensus target price of $32.54.

In other NetApp news, CEO George Kurian sold 4,000 shares of NetApp stock in a transaction that occurred on Friday, September 30th. The shares were sold at an average price of $35.16, for a total transaction of $140,640.00. Following the completion of the sale, the chief executive officer now directly owns 40,570 shares in the company, valued at $1,426,441.20. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Also, Director Robert T. Wall sold 22,944 shares of NetApp stock in a transaction that occurred on Tuesday, September 27th. The shares were sold at an average price of $35.45, for a total transaction of $813,364.80. Following the sale, the director now owns 36,048 shares of the company’s stock, valued at $1,277,901.60. The disclosure for this sale can be found here. 0.49% of the stock is currently owned by insiders.

NetApp Company Profile

NetApp, Inc (NetApp) provides software, systems and services to manage and store customer data. The Company enables enterprises, service providers, governmental organizations, and partners to envision, deploy and evolve their information technology (IT) environments. The Company offers a portfolio of products and services that satisfy a range of customer workloads across different data types and deployment models.

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