NetApp, Inc. (NTAP) Sees Significant Drop in Short Interest
NetApp, Inc. (NASDAQ:NTAP) was the target of a large drop in short interest in the month of September. As of September 15th, there was short interest totalling 8,999,351 shares, a drop of 10.8% from the August 31st total of 10,092,028 shares. Approximately 3.3% of the shares of the company are sold short. Based on an average daily volume of 2,978,858 shares, the days-to-cover ratio is currently 3.0 days.
NTAP has been the subject of a number of recent analyst reports. BidaskClub cut shares of NetApp from a “buy” rating to a “hold” rating in a report on Saturday, August 12th. Credit Suisse Group upped their price objective on shares of NetApp from $37.00 to $40.00 and gave the stock a “neutral” rating in a research report on Wednesday, August 9th. Citigroup Inc. increased their target price on shares of NetApp from $41.00 to $43.00 and gave the stock a “neutral” rating in a research note on Thursday, August 17th. Susquehanna Bancshares Inc reissued a “positive” rating and set a $50.00 target price (up from $48.00) on shares of NetApp in a research note on Wednesday, August 16th. Finally, Piper Jaffray Companies set a $50.00 target price on NetApp and gave the company a “buy” rating in a research report on Monday, August 14th. Two research analysts have rated the stock with a sell rating, twenty have given a hold rating and thirteen have issued a buy rating to the stock. The company currently has an average rating of “Hold” and an average target price of $44.85.
NetApp (NASDAQ:NTAP) opened at 44.39 on Wednesday. The stock has a 50 day moving average of $40.55 and a 200 day moving average of $40.68. The firm has a market capitalization of $11.97 billion, a price-to-earnings ratio of 21.43 and a beta of 1.26. NetApp has a one year low of $30.36 and a one year high of $45.24.
NetApp (NASDAQ:NTAP) last issued its earnings results on Wednesday, August 16th. The data storage provider reported $0.62 earnings per share for the quarter, topping the consensus estimate of $0.55 by $0.07. NetApp had a return on equity of 24.13% and a net margin of 10.47%. The business had revenue of $1.33 billion for the quarter, compared to analyst estimates of $1.32 billion. During the same period last year, the company posted $0.46 EPS. The business’s quarterly revenue was up 2.4% on a year-over-year basis. Analysts forecast that NetApp will post $3.13 earnings per share for the current year.
The firm also recently declared a quarterly dividend, which will be paid on Wednesday, October 25th. Investors of record on Friday, October 6th will be issued a $0.20 dividend. The ex-dividend date is Thursday, October 5th. This represents a $0.80 annualized dividend and a yield of 1.80%. NetApp’s payout ratio is 38.65%.
In related news, Director Richard P. Wallace sold 34,000 shares of the business’s stock in a transaction on Friday, September 29th. The shares were sold at an average price of $43.53, for a total value of $1,480,020.00. Following the completion of the transaction, the director now directly owns 24,132 shares in the company, valued at approximately $1,050,465.96. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, EVP Henri P. Richard sold 1,976 shares of the business’s stock in a transaction on Tuesday, August 1st. The shares were sold at an average price of $43.41, for a total transaction of $85,778.16. Following the completion of the transaction, the executive vice president now owns 19,788 shares of the company’s stock, valued at $858,997.08. The disclosure for this sale can be found here. Insiders have sold a total of 52,450 shares of company stock worth $2,250,560 in the last ninety days. Corporate insiders own 0.47% of the company’s stock.
Institutional investors and hedge funds have recently added to or reduced their stakes in the business. BlackRock Inc. increased its position in shares of NetApp by 1,529.1% in the first quarter. BlackRock Inc. now owns 20,130,070 shares of the data storage provider’s stock worth $842,443,000 after acquiring an additional 18,894,401 shares in the last quarter. Renaissance Technologies LLC raised its stake in shares of NetApp by 781.1% in the 2nd quarter. Renaissance Technologies LLC now owns 3,339,574 shares of the data storage provider’s stock valued at $133,750,000 after acquiring an additional 2,960,542 shares during the period. Janus Henderson Group PLC raised its stake in shares of NetApp by 6,495.7% in the 2nd quarter. Janus Henderson Group PLC now owns 2,312,525 shares of the data storage provider’s stock valued at $92,617,000 after acquiring an additional 2,277,464 shares during the period. FMR LLC raised its stake in shares of NetApp by 89.2% in the 2nd quarter. FMR LLC now owns 3,044,302 shares of the data storage provider’s stock valued at $121,924,000 after acquiring an additional 1,435,588 shares during the period. Finally, Lord Abbett & CO. LLC raised its stake in shares of NetApp by 550.9% in the 2nd quarter. Lord Abbett & CO. LLC now owns 1,584,303 shares of the data storage provider’s stock valued at $63,451,000 after acquiring an additional 1,340,903 shares during the period. Institutional investors own 92.08% of the company’s stock.
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NetApp Company Profile
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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