Pitcairn Co. Cuts Stock Holdings in NetApp, Inc. (NASDAQ:NTAP)

Pitcairn Co. trimmed its position in shares of NetApp, Inc. (NASDAQ:NTAP) by 1.7% during the third quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 12,888 shares of the data storage provider’s stock after selling 229 shares during the quarter. Pitcairn Co.’s holdings in NetApp were worth $1,592,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds have also recently bought and sold shares of the company. UMB Bank n.a. boosted its holdings in shares of 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 buying an additional 83 shares during the last quarter. Aviso Wealth Management boosted its holdings in shares of 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 buying an additional 83 shares during the last quarter. Waldron Private Wealth LLC boosted its holdings in shares of 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 buying an additional 92 shares during the last quarter. Quarry LP boosted its holdings in shares of 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 buying an additional 92 shares during the last quarter. Finally, Elo Mutual Pension Insurance Co boosted its holdings in shares of 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 buying an additional 95 shares during the last quarter. 92.17% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

A number of equities analysts recently weighed in on NTAP shares. Northland Securities boosted their price target on shares of NetApp from $108.00 to $120.00 and gave the stock a “market perform” rating in a report on Friday. Stifel Nicolaus boosted their price target on shares of NetApp from $140.00 to $145.00 and gave the company a “buy” rating in a research report on Friday. TD Cowen raised their price objective on shares of NetApp from $145.00 to $160.00 and gave the stock a “buy” rating in a report on Friday. Morgan Stanley boosted their target price on shares of NetApp from $127.00 to $132.00 and gave the company an “equal weight” rating in a report on Friday. Finally, Wedbush reaffirmed a “neutral” rating and issued a $120.00 price target on shares of NetApp in a report on Friday. One research analyst has rated the stock with a sell rating, eleven have assigned a hold rating and six have given a buy rating to the stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Hold” and an average target price of $134.00.

NetApp Stock Performance

NASDAQ NTAP opened at $122.34 on Friday. The company has a market capitalization of $25.05 billion, a P/E ratio of 22.49, a P/E/G ratio of 3.26 and a beta of 1.24. The company has a debt-to-equity ratio of 1.34, a quick ratio of 0.91 and a current ratio of 0.96. NetApp, Inc. has a 52-week low of $77.56 and a 52-week high of $135.45. The company has a fifty day moving average of $121.87 and a 200-day moving average of $122.59.

NetApp (NASDAQ:NTAP) last announced its quarterly earnings data on Thursday, November 21st. The data storage provider reported $1.87 EPS for the quarter, beating the consensus estimate of $1.78 by $0.09. The firm had revenue of $1.66 billion for the quarter, compared to analyst estimates of $1.65 billion. NetApp had a return on equity of 119.68% and a net margin of 17.78%. The company’s revenue was up 6.1% on a year-over-year basis. During the same period in the prior year, the company earned $1.23 EPS. As a group, equities research analysts predict that NetApp, Inc. will post 5.71 EPS for the current fiscal year.

NetApp Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, January 22nd. Stockholders of record on Friday, January 3rd will be paid a $0.52 dividend. The ex-dividend date is Friday, January 3rd. This represents a $2.08 dividend on an annualized basis and a dividend yield of 1.70%. NetApp’s dividend payout ratio (DPR) is 38.24%.

Insider Activity at NetApp

In other news, EVP Elizabeth M. O’callahan sold 705 shares of the stock in a transaction that occurred 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 of the company’s stock, valued at approximately $1,475,782.80. This represents a 5.69 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, CAO Lorenzo Daniel De sold 1,685 shares of the firm’s stock in a transaction that occurred on Tuesday, September 24th. The stock was sold at an average price of $123.60, for a total transaction of $208,266.00. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 23,049 shares of company stock valued at $2,807,851. Insiders own 0.47% of the company’s stock.

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.