Victory Capital Management Inc. Increases Stake in NetApp, Inc. (NASDAQ:NTAP)

Victory Capital Management Inc. increased its position in NetApp, Inc. (NASDAQ:NTAP) by 49.4% in the 3rd quarter, according to the company in its most recent filing with the SEC. The fund owned 605,004 shares of the data storage provider’s stock after acquiring an additional 200,081 shares during the quarter. Victory Capital Management Inc.’s holdings in NetApp were worth $74,724,000 as of its most recent SEC filing.

Several other large investors also recently added to or reduced their stakes in the company. UMB Bank n.a. increased its holdings in NetApp by 11.8% in the 2nd quarter. UMB Bank n.a. now owns 784 shares of the data storage provider’s stock worth $101,000 after acquiring an additional 83 shares during the last quarter. Aviso Wealth Management increased its holdings in NetApp by 1.4% in the 2nd quarter. Aviso Wealth Management now owns 6,149 shares of the data storage provider’s stock worth $792,000 after acquiring an additional 83 shares during the last quarter. Waldron Private Wealth LLC increased its holdings in NetApp by 4.3% in the 2nd quarter. Waldron Private Wealth LLC now owns 2,255 shares of the data storage provider’s stock worth $290,000 after acquiring an additional 92 shares during the last quarter. Quarry LP increased its holdings in NetApp by 11.7% in the 2nd quarter. Quarry LP now owns 876 shares of the data storage provider’s stock worth $113,000 after acquiring an additional 92 shares during the last quarter. Finally, Elo Mutual Pension Insurance Co increased its holdings in NetApp by 0.5% in the 2nd quarter. Elo Mutual Pension Insurance Co now owns 18,920 shares of the data storage provider’s stock worth $2,437,000 after acquiring an additional 95 shares during the last quarter. Hedge funds and other institutional investors own 92.17% of the company’s stock.

NetApp Stock Down 1.0 %

Shares of NASDAQ NTAP opened at $119.68 on Thursday. NetApp, Inc. has a 12 month low of $76.41 and a 12 month high of $135.01. The company has a current ratio of 0.96, a quick ratio of 0.91 and a debt-to-equity ratio of 1.34. The firm has a market capitalization of $24.51 billion, a price-to-earnings ratio of 23.38, a PEG ratio of 4.54 and a beta of 1.24. The business has a 50-day moving average of $121.07 and a 200-day moving average of $121.76.

NetApp (NASDAQ:NTAP) last issued its quarterly earnings data on Wednesday, August 28th. The data storage provider reported $1.56 EPS for the quarter, topping the consensus estimate of $1.45 by $0.11. The company had revenue of $1.54 billion during 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% on a year-over-year basis. During the same quarter in the previous year, the firm earned $0.84 earnings per share. Sell-side analysts expect that NetApp, Inc. will post 5.71 earnings per share for the current fiscal year.

NetApp Dividend Announcement

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

Insider Buying and Selling

In related news, CEO George Kurian sold 8,500 shares of the business’s stock in a transaction that occurred on 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 sale, the chief executive officer now owns 292,778 shares in the company, valued at $36,922,233.58. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. In related news, CEO George Kurian sold 8,500 shares of the business’s stock in a transaction that occurred on 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 sale, the chief executive officer now owns 292,778 shares in the company, valued at $36,922,233.58. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Also, EVP Elizabeth M. O’callahan sold 705 shares of the business’s stock in a transaction that occurred on Thursday, October 10th. The stock was sold at an average price of $126.20, for a total value of $88,971.00. Following the completion of the sale, the executive vice president now owns 11,694 shares of the company’s stock, valued at $1,475,782.80. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 10,890 shares of company stock worth $1,369,172 in the last quarter. 0.47% of the stock is owned by insiders.

Analysts Set New Price Targets

Several equities research analysts recently weighed in on NTAP shares. JPMorgan Chase & Co. lifted their price objective on NetApp from $146.00 to $147.00 and gave the stock a “neutral” rating in a report on Thursday, August 29th. Citigroup lifted their target price on NetApp from $120.00 to $130.00 and gave the company a “neutral” rating in a report on Thursday, August 15th. Wedbush reaffirmed a “neutral” rating and set a $120.00 target price on shares of NetApp in a report on Monday, August 26th. Evercore ISI lifted their target price on NetApp from $120.00 to $130.00 and gave the company an “in-line” rating in a report on Monday, August 12th. Finally, Stifel Nicolaus lifted their target price on NetApp from $138.00 to $140.00 and gave the company a “buy” rating in a report on Thursday, August 29th. One investment analyst has rated the stock with a sell rating, eleven have assigned a hold rating and six have assigned a buy rating to the company. According to MarketBeat.com, NetApp currently has a consensus rating of “Hold” and a consensus target price of $129.06.

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.