NetApp Inc. (NASDAQ:NTAP) saw a large increase in short interest in the month of March. As of March 15th, there was short interest totalling 10,008,159 shares, an increase of 15.2% from the February 28th total of 8,684,755 shares. Based on an average daily volume of 3,022,887 shares, the short-interest ratio is presently 3.3 days.
Shares of NetApp (NASDAQ:NTAP) traded down 0.40% during mid-day trading on Thursday, reaching $39.49. 2,665,271 shares of the company’s stock traded hands. The stock has a market capitalization of $10.70 billion, a PE ratio of 36.06 and a beta of 1.50. NetApp has a 12-month low of $22.50 and a 12-month high of $43.14. The company’s 50-day moving average price is $41.53 and its 200-day moving average price is $37.33.
NetApp (NASDAQ:NTAP) last posted its earnings results on Wednesday, February 15th. The data storage provider reported $0.82 earnings per share for the quarter, beating the consensus estimate of $0.74 by $0.08. The company had revenue of $1.40 billion for the quarter, compared to analyst estimates of $1.39 billion. NetApp had a net margin of 5.89% and a return on equity of 15.66%. During the same period in the previous year, the business posted $0.70 EPS. Analysts anticipate that NetApp will post $2.70 earnings per share for the current year.
The company also recently announced a quarterly dividend, which will be paid on Wednesday, April 26th. Shareholders of record on Friday, April 7th will be issued a $0.19 dividend. The ex-dividend date is Wednesday, April 5th. This represents a $0.76 annualized dividend and a yield of 1.92%. NetApp’s payout ratio is 69.09%.
A number of research firms have weighed in on NTAP. Susquehanna Bancshares Inc reiterated a “positive” rating and set a $48.00 target price on shares of NetApp in a report on Friday, March 31st. Drexel Hamilton reiterated a “buy” rating on shares of NetApp in a report on Monday, April 3rd. Piper Jaffray Companies set a $50.00 target price on NetApp and gave the stock a “buy” rating in a report on Thursday, April 6th. JMP Securities upgraded NetApp from an “underperform” rating to a “market perform” rating in a report on Thursday, April 6th. Finally, Robert W. Baird upped their target price on NetApp from $40.00 to $43.00 and gave the stock a “hold” rating in a report on Thursday, February 16th. Eight analysts have rated the stock with a sell rating, twenty have given a hold rating and nine have assigned a buy rating to the company. NetApp currently has an average rating of “Hold” and a consensus target price of $39.46.
In other NetApp news, Director Alan L. Earhart sold 27,422 shares of the company’s stock in a transaction that occurred on Wednesday, March 8th. The stock was sold at an average price of $42.46, for a total transaction of $1,164,338.12. Following the transaction, the director now owns 21,611 shares in the company, valued at approximately $917,603.06. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CEO George Kurian sold 4,000 shares of the company’s stock in a transaction that occurred on Monday, January 30th. The stock was sold at an average price of $38.50, for a total value of $154,000.00. Following the transaction, the chief executive officer now owns 32,396 shares in the company, valued at approximately $1,247,246. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 35,422 shares of company stock worth $1,484,458. 0.49% of the stock is owned by company insiders.
A number of institutional investors have recently bought and sold shares of the stock. Skandinaviska Enskilda Banken AB publ raised its position in shares of NetApp by 168.2% in the third quarter. Skandinaviska Enskilda Banken AB publ now owns 461,785 shares of the data storage provider’s stock valued at $16,541,000 after buying an additional 289,600 shares in the last quarter. Artemis Investment Management LLP bought a new position in shares of NetApp during the fourth quarter valued at approximately $4,148,000. Dodge & Cox bought a new position in shares of NetApp during the fourth quarter valued at approximately $812,244,000. BlackRock Fund Advisors raised its position in shares of NetApp by 2.9% in the third quarter. BlackRock Fund Advisors now owns 5,001,396 shares of the data storage provider’s stock valued at $179,150,000 after buying an additional 142,765 shares in the last quarter. Finally, UBS Asset Management Americas Inc. raised its position in shares of NetApp by 13.3% in the third quarter. UBS Asset Management Americas Inc. now owns 880,420 shares of the data storage provider’s stock valued at $31,538,000 after buying an additional 103,235 shares in the last quarter. Institutional investors own 92.52% of the company’s stock.
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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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