Coldstream Capital Management Inc. Grows Position in NetApp, Inc. (NASDAQ:NTAP)

Coldstream Capital Management Inc. grew its stake in shares of NetApp, Inc. (NASDAQ:NTAP) by 5.7% during the 3rd quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 3,080 shares of the data storage provider’s stock after purchasing an additional 166 shares during the period. Coldstream Capital Management Inc.’s holdings in NetApp were worth $380,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also made changes to their positions in NTAP. State Street Corp lifted its stake in shares of NetApp by 2.0% in the third quarter. State Street Corp now owns 10,261,170 shares of the data storage provider’s stock valued at $1,267,357,000 after purchasing an additional 199,384 shares during the period. Geode Capital Management LLC lifted its position in shares of NetApp by 8.2% during the 3rd quarter. Geode Capital Management LLC now owns 5,985,673 shares of the data storage provider’s stock valued at $738,280,000 after acquiring an additional 453,324 shares during the period. Acadian Asset Management LLC boosted its stake in shares of NetApp by 17.5% during the 2nd quarter. Acadian Asset Management LLC now owns 2,791,599 shares of the data storage provider’s stock worth $359,517,000 after acquiring an additional 416,233 shares in the last quarter. Legal & General Group Plc grew its holdings in shares of NetApp by 3.5% in the 2nd quarter. Legal & General Group Plc now owns 2,405,363 shares of the data storage provider’s stock worth $309,811,000 after acquiring an additional 82,378 shares during the period. Finally, Dimensional Fund Advisors LP boosted its position in NetApp by 12.8% during the second quarter. Dimensional Fund Advisors LP now owns 1,737,578 shares of the data storage provider’s stock worth $223,806,000 after purchasing an additional 196,952 shares in the last quarter. 92.17% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

A number of research analysts have recently weighed in on the company. Wells Fargo & Company raised their price target on NetApp from $135.00 to $140.00 and gave the company an “equal weight” rating in a research report on Friday, November 22nd. Susquehanna restated a “positive” rating and set a $155.00 target price on shares of NetApp in a research report on Monday, August 26th. Citigroup increased their price target on shares of NetApp from $130.00 to $135.00 and gave the company a “neutral” rating in a research report on Friday, November 22nd. Oppenheimer assumed coverage on NetApp in a research report on Wednesday, November 13th. They set a “market perform” rating for the company. Finally, UBS Group increased their target price on NetApp from $121.00 to $134.00 and gave the company a “neutral” rating in a report on Thursday, August 29th. One analyst has rated the stock with a sell rating, eleven have assigned a hold rating and six have given a buy rating to the company’s stock. According to MarketBeat.com, NetApp presently has an average rating of “Hold” and an average target price of $137.40.

Insider Transactions at NetApp

In other news, Director Thomas Michael Nevens sold 3,333 shares of the firm’s stock in a transaction on Monday, November 18th. The shares were sold at an average price of $119.23, for a total value of $397,393.59. Following the transaction, the director now owns 9,277 shares of the company’s stock, valued at approximately $1,106,096.71. This trade represents a 26.43 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, CEO George Kurian sold 8,500 shares of the company’s stock in a transaction on Monday, October 21st. The stock was 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 directly owns 292,778 shares of the company’s stock, valued at approximately $36,922,233.58. This trade represents a 2.82 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 23,049 shares of company stock worth $2,807,851 in the last ninety days. Insiders own 0.47% of the company’s stock.

NetApp Stock Performance

NASDAQ NTAP opened at $121.95 on Friday. The business’s 50-day moving average price is $122.90 and its 200 day moving average price is $123.99. 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, Inc. has a twelve month low of $83.62 and a twelve month high of $135.45. The company has a market capitalization of $24.79 billion, a PE ratio of 22.42, a price-to-earnings-growth ratio of 2.94 and a beta of 1.23.

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

NetApp Announces Dividend

The business 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 dividend of $0.52 per share. The ex-dividend date is Friday, January 3rd. This represents a $2.08 annualized dividend and a dividend yield of 1.71%. NetApp’s dividend payout ratio is presently 38.24%.

NetApp 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.