Tidal Investments LLC Grows Stock Holdings in NetApp, Inc. (NASDAQ:NTAP)

Tidal Investments LLC grew its holdings in NetApp, Inc. (NASDAQ:NTAP) by 343.1% during the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 227,933 shares of the data storage provider’s stock after acquiring an additional 176,495 shares during the period. Tidal Investments LLC owned about 0.11% of NetApp worth $28,152,000 at the end of the most recent quarter.

Other large investors have also made changes to their positions in the company. Intech Investment Management LLC boosted its holdings in NetApp by 8.9% during the third quarter. Intech Investment Management LLC now owns 302,010 shares of the data storage provider’s stock worth $37,301,000 after buying an additional 24,651 shares in the last quarter. Daiwa Securities Group Inc. boosted its holdings in NetApp by 20.9% during the third quarter. Daiwa Securities Group Inc. now owns 42,302 shares of the data storage provider’s stock worth $5,225,000 after buying an additional 7,318 shares in the last quarter. The Manufacturers Life Insurance Company boosted its holdings in NetApp by 4.7% during the second quarter. The Manufacturers Life Insurance Company now owns 186,777 shares of the data storage provider’s stock worth $24,057,000 after buying an additional 8,305 shares in the last quarter. Hilton Capital Management LLC purchased a new stake in NetApp during the third quarter worth $4,059,000. Finally, Legal & General Group Plc raised its position in shares of NetApp by 3.5% in the second quarter. Legal & General Group Plc now owns 2,405,363 shares of the data storage provider’s stock valued at $309,811,000 after buying an additional 82,378 shares during the last quarter. 92.17% of the stock is owned by hedge funds and other institutional investors.

Insider Activity

In related news, Director Thomas Michael Nevens sold 3,333 shares of NetApp stock in a transaction dated Monday, November 18th. The shares were sold at an average price of $119.23, for a total transaction of $397,393.59. Following the sale, the director now directly owns 9,277 shares in the company, valued at $1,106,096.71. The trade was a 26.43 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, CEO George Kurian sold 8,500 shares of NetApp stock in a transaction dated Monday, October 21st. The shares were sold at an average price of $126.11, for a total transaction of $1,071,935.00. Following the sale, the chief executive officer now owns 292,778 shares in the company, valued at approximately $36,922,233.58. This represents a 2.82 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 23,049 shares of company stock worth $2,807,851 over the last 90 days. Company insiders own 0.47% of the company’s stock.

NetApp Price Performance

Shares of NASDAQ:NTAP traded down $0.02 on Thursday, reaching $122.64. 64,655 shares of the company were exchanged, compared to its average volume of 1,850,781. The firm has a market cap of $24.93 billion, a price-to-earnings ratio of 22.55, a price-to-earnings-growth ratio of 3.14 and a beta of 1.23. NetApp, Inc. has a 1-year low of $83.62 and a 1-year high of $135.45. The company has a 50-day moving average of $122.92 and a 200-day moving average of $123.92. The company has a current ratio of 0.91, a quick ratio of 0.84 and a debt-to-equity ratio of 1.39.

NetApp (NASDAQ:NTAP) last announced its quarterly earnings data on Thursday, November 21st. The data storage provider reported $1.87 earnings per share for the quarter, topping the consensus estimate of $1.78 by $0.09. The business had revenue of $1.66 billion for the quarter, compared to analyst estimates of $1.65 billion. NetApp had a net margin of 17.78% and a return on equity of 123.63%. The company’s revenue was up 6.1% on a year-over-year basis. During the same period in the prior year, the firm posted $1.23 EPS. Equities analysts forecast that NetApp, Inc. will post 5.83 earnings per share for the current fiscal year.

NetApp Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Wednesday, January 22nd. Investors of record on Friday, January 3rd will be issued a $0.52 dividend. The ex-dividend date of this dividend is Friday, January 3rd. This represents a $2.08 annualized dividend and a yield of 1.70%. NetApp’s payout ratio is 38.24%.

Analyst Ratings Changes

A number of brokerages have recently commented on NTAP. TD Cowen increased their target price on shares of NetApp from $145.00 to $160.00 and gave the company a “buy” rating in a research report on Friday, November 22nd. Oppenheimer began coverage on shares of NetApp in a research report on Wednesday, November 13th. They issued a “market perform” rating for the company. Stifel Nicolaus raised their price objective on shares of NetApp from $140.00 to $145.00 and gave the stock a “buy” rating in a research report on Friday, November 22nd. Barclays raised their price objective on shares of NetApp from $119.00 to $132.00 and gave the stock an “equal weight” rating in a research report on Friday, November 22nd. Finally, Northland Securities raised their price objective on shares of NetApp from $108.00 to $120.00 and gave the stock a “market perform” rating in a research report on Friday, November 22nd. One 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 MarketBeat, the stock has an average rating of “Hold” and a consensus price target of $137.40.

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.