Metis Global Partners LLC Sells 464 Shares of NetApp, Inc. (NASDAQ:NTAP)

Metis Global Partners LLC reduced its position in shares of NetApp, Inc. (NASDAQ:NTAP) by 3.5% during the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 12,664 shares of the data storage provider’s stock after selling 464 shares during the period. Metis Global Partners LLC’s holdings in NetApp were worth $1,564,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors and hedge funds also recently made changes to their positions in the company. Huntington National Bank boosted its position in NetApp by 22.2% during the 3rd quarter. Huntington National Bank now owns 1,474 shares of the data storage provider’s stock worth $182,000 after buying an additional 268 shares during the period. KBC Group NV lifted its holdings in shares of NetApp by 2.7% during the third quarter. KBC Group NV now owns 236,407 shares of the data storage provider’s stock worth $29,198,000 after purchasing an additional 6,170 shares during the period. MQS Management LLC bought a new stake in shares of NetApp in the third quarter worth $295,000. Victory Capital Management Inc. increased its holdings in NetApp by 49.4% in the third quarter. Victory Capital Management Inc. now owns 605,004 shares of the data storage provider’s stock valued at $74,724,000 after purchasing an additional 200,081 shares during the period. Finally, Savvy Advisors Inc. bought a new position in NetApp during the 3rd quarter worth $214,000. Institutional investors and hedge funds own 92.17% of the company’s stock.

NetApp Price Performance

Shares of NTAP opened at $117.21 on Friday. The business’s fifty day moving average is $121.17 and its 200 day moving average is $121.82. NetApp, Inc. has a 12-month low of $76.41 and a 12-month high of $135.01. The company has a quick ratio of 0.91, a current ratio of 0.96 and a debt-to-equity ratio of 1.34. The stock has a market cap of $24.00 billion, a P/E ratio of 22.89, a P/E/G ratio of 4.49 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 analysts’ consensus estimates of $1.45 by $0.11. The firm had revenue of $1.54 billion for the quarter, compared to analyst estimates of $1.53 billion. NetApp had a net margin of 17.01% and a return on equity of 121.41%. The business’s quarterly revenue was up 7.6% compared to the same quarter last year. During the same period last year, the firm earned $0.84 earnings per share. Sell-side analysts anticipate that NetApp, Inc. will post 5.71 earnings per share for the current fiscal year.

NetApp Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Wednesday, October 23rd. Shareholders of record on Friday, October 4th were issued a dividend of $0.52 per share. This represents a $2.08 dividend on an annualized basis and a yield of 1.77%. The ex-dividend date of this dividend was Friday, October 4th. NetApp’s dividend payout ratio is currently 40.63%.

Wall Street Analyst Weigh In

A number of research firms have commented on NTAP. Loop Capital upgraded NetApp from a “hold” rating to a “buy” rating and upped their price target for the company from $121.00 to $150.00 in a research report on Tuesday, September 3rd. Stifel Nicolaus increased their target price on shares of NetApp from $138.00 to $140.00 and gave the company a “buy” rating in a research report on Thursday, August 29th. Bank of America raised their price target on shares of NetApp from $105.00 to $110.00 and gave the stock an “underperform” rating in a report on Thursday, August 29th. Oppenheimer began coverage on shares of NetApp in a research report on Wednesday. They set a “market perform” rating for the company. Finally, Evercore ISI boosted their target price on shares of NetApp from $120.00 to $130.00 and gave the company an “in-line” rating in a report on Monday, August 12th. One research analyst has rated the stock with a sell rating, eleven have given a hold rating and six have issued a buy rating to the stock. According to data from MarketBeat, the company has an average rating of “Hold” and a consensus target price of $129.06.

Insider Transactions at NetApp

In related news, EVP Elizabeth M. O’callahan sold 705 shares of the company’s stock in a transaction on Thursday, October 10th. The stock was sold at an average price of $126.20, for a total transaction of $88,971.00. Following the completion of the sale, the executive vice president now owns 11,694 shares in the company, valued at approximately $1,475,782.80. This represents a 5.69 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, CAO Lorenzo Daniel De sold 1,685 shares of the firm’s stock in a transaction on Tuesday, September 24th. The shares were 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 over the last ninety days. 0.47% of the stock is currently owned by insiders.

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.