NetApp (NASDAQ:NTAP) was the target of a significant increase in short interest in February. As of February 28th, there was short interest totalling 9,045,044 shares, an increase of 31.7% from the February 15th total of 6,870,446 shares. Based on an average daily volume of 3,953,340 shares, the days-to-cover ratio is presently 2.3 days. Currently, 3.1% of the company’s stock are short sold.
In other NetApp news, CEO George Kurian sold 7,020 shares of the stock in a transaction on Monday, March 5th. The stock was sold at an average price of $60.98, for a total value of $428,079.60. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, VP Joel D. Reich sold 6,500 shares of the stock in a transaction on Wednesday, January 3rd. The stock was sold at an average price of $55.80, for a total value of $362,700.00. Following the completion of the transaction, the vice president now owns 3,950 shares of the company’s stock, valued at approximately $220,410. The disclosure for this sale can be found here. In the last quarter, insiders sold 63,027 shares of company stock valued at $3,653,425. 0.47% of the stock is owned by corporate insiders.
A number of large investors have recently made changes to their positions in the business. Boston Partners boosted its position in NetApp by 68.1% in the fourth quarter. Boston Partners now owns 12,127,140 shares of the data storage provider’s stock worth $670,873,000 after purchasing an additional 4,914,409 shares during the last quarter. Investec Asset Management LTD purchased a new position in NetApp in the fourth quarter worth about $290,829,000. Bank of New York Mellon Corp boosted its position in NetApp by 6.4% in the fourth quarter. Bank of New York Mellon Corp now owns 4,322,669 shares of the data storage provider’s stock worth $239,131,000 after purchasing an additional 260,763 shares during the last quarter. Allianz Asset Management GmbH boosted its position in NetApp by 12.7% in the third quarter. Allianz Asset Management GmbH now owns 2,812,288 shares of the data storage provider’s stock worth $123,066,000 after purchasing an additional 317,489 shares during the last quarter. Finally, Sirios Capital Management L P boosted its position in NetApp by 3.3% in the third quarter. Sirios Capital Management L P now owns 2,340,642 shares of the data storage provider’s stock worth $102,426,000 after purchasing an additional 74,898 shares during the last quarter. 94.99% of the stock is currently owned by institutional investors and hedge funds.
NASDAQ:NTAP traded down $2.53 on Monday, hitting $59.16. The stock had a trading volume of 2,931,662 shares, compared to its average volume of 3,207,057. The stock has a market capitalization of $16,528.15, a price-to-earnings ratio of 28.17, a PEG ratio of 1.96 and a beta of 1.27. The company has a debt-to-equity ratio of 0.71, a quick ratio of 1.88 and a current ratio of 1.91. NetApp has a 52-week low of $37.43 and a 52-week high of $65.58.
NetApp (NASDAQ:NTAP) last announced its earnings results on Wednesday, February 14th. The data storage provider reported $0.99 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.91 by $0.08. The business had revenue of $1.52 billion for the quarter, compared to analysts’ expectations of $1.49 billion. NetApp had a positive return on equity of 29.38% and a negative net margin of 0.09%. During the same period last year, the firm posted $0.82 earnings per share. equities analysts forecast that NetApp will post 2.91 earnings per share for the current fiscal year.
The company also recently announced a quarterly dividend, which will be paid on Wednesday, April 25th. Shareholders of record on Friday, April 6th will be given a $0.20 dividend. The ex-dividend date is Thursday, April 5th. This represents a $0.80 annualized dividend and a yield of 1.35%. NetApp’s payout ratio is 38.10%.
A number of research firms have recently commented on NTAP. Deutsche Bank increased their target price on NetApp from $37.00 to $40.00 and gave the stock a “sell” rating in a research note on Thursday, February 15th. Cross Research cut NetApp from a “buy” rating to a “hold” rating in a research note on Monday. Zacks Investment Research raised NetApp from a “hold” rating to a “buy” rating and set a $64.00 target price on the stock in a research note on Tuesday, February 6th. Pivotal Research set a $62.00 target price on NetApp and gave the stock a “buy” rating in a research note on Thursday, February 15th. Finally, Piper Jaffray reissued an “overweight” rating and issued a $72.00 target price on shares of NetApp in a research note on Friday, March 23rd. One equities research analyst has rated the stock with a sell rating, sixteen have given a hold rating and sixteen have given a buy rating to the company. NetApp currently has an average rating of “Hold” and a consensus price target of $56.69.
NetApp, Inc provides software, systems, and services to manage and store computer data worldwide. It offers flash; flash arrays that support data management; hybrid arrays to deploy the speed of flash storage; hybrid cloud; ONTAP cloud storage data management service; NetApp cloud sync hybrid data management Software as a Service; NetApp private storage for cloud; and AltaVault cloud-integrated solutions.
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