Foundry Partners LLC Reduces Stock Position in NetApp, Inc. (NASDAQ:NTAP)

Foundry Partners LLC lowered its position in NetApp, Inc. (NASDAQ:NTAP) by 0.5% during the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 109,278 shares of the data storage provider’s stock after selling 529 shares during the period. Foundry Partners LLC’s holdings in NetApp were worth $13,497,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also recently bought and sold shares of the company. Landscape Capital Management L.L.C. increased its stake in shares of NetApp by 83.0% during the 3rd quarter. Landscape Capital Management L.L.C. now owns 14,136 shares of the data storage provider’s stock worth $1,746,000 after purchasing an additional 6,410 shares in the last quarter. Intech Investment Management LLC raised its holdings in shares of NetApp by 8.9% in the third quarter. Intech Investment Management LLC now owns 302,010 shares of the data storage provider’s stock worth $37,301,000 after acquiring an additional 24,651 shares during the last quarter. BNP PARIBAS ASSET MANAGEMENT Holding S.A. raised its holdings in shares of NetApp by 3.5% in the third quarter. BNP PARIBAS ASSET MANAGEMENT Holding S.A. now owns 545,597 shares of the data storage provider’s stock worth $67,387,000 after acquiring an additional 18,554 shares during the last quarter. Portfolio Design Labs LLC purchased a new stake in shares of NetApp in the third quarter valued at $1,991,000. Finally, Connor Clark & Lunn Investment Management Ltd. boosted its stake in shares of NetApp by 11.7% during the third quarter. Connor Clark & Lunn Investment Management Ltd. now owns 328,566 shares of the data storage provider’s stock valued at $40,581,000 after acquiring an additional 34,472 shares during the last quarter. 92.17% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

NTAP has been the topic of a number of recent research reports. Oppenheimer assumed coverage on shares of NetApp in a report on Wednesday, November 13th. They issued a “market perform” rating on the stock. Susquehanna reissued a “positive” rating and set a $155.00 price objective on shares of NetApp in a research note on Monday, August 26th. Barclays lifted their target price on shares of NetApp from $116.00 to $119.00 and gave the stock an “equal weight” rating in a research note on Thursday, August 29th. Wedbush reissued a “neutral” rating and set a $120.00 price target on shares of NetApp in a research note on Monday, August 26th. Finally, Stifel Nicolaus raised their price objective on NetApp from $138.00 to $140.00 and gave the stock a “buy” rating in a report on Thursday, August 29th. One investment analyst has rated the stock with a sell rating, eleven have given a hold rating and six have assigned a buy rating to the company. According to data from MarketBeat, NetApp presently has a consensus rating of “Hold” and a consensus price target of $129.06.

Insiders Place Their Bets

In other NetApp news, EVP Elizabeth M. O’callahan sold 705 shares of the business’s stock in a transaction dated Thursday, October 10th. The stock was sold at an average price of $126.20, for a total transaction of $88,971.00. Following the sale, the executive vice president now owns 11,694 shares in the company, valued at approximately $1,475,782.80. The trade was a 5.69 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Thomas Michael Nevens sold 3,333 shares of NetApp stock in a transaction that occurred on Monday, November 18th. The stock was sold at an average price of $119.23, for a total transaction of $397,393.59. Following the completion of the transaction, the director now directly owns 9,277 shares in the company, valued at approximately $1,106,096.71. This trade represents a 26.43 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 23,049 shares of company stock worth $2,807,851 over the last ninety days. Company insiders own 0.47% of the company’s stock.

NetApp Stock Performance

Shares of NTAP stock opened at $123.45 on Thursday. The company has a market cap of $25.28 billion, a P/E ratio of 24.11, a PEG ratio of 3.13 and a beta of 1.24. NetApp, Inc. has a 52 week low of $77.30 and a 52 week high of $135.01. The company has a quick ratio of 0.91, a current ratio of 0.96 and a debt-to-equity ratio of 1.34. The business has a 50 day moving average of $121.56 and a two-hundred day moving average of $122.36.

NetApp (NASDAQ:NTAP) last posted its earnings results on Wednesday, August 28th. The data storage provider reported $1.56 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.45 by $0.11. The company had revenue of $1.54 billion for the quarter, compared to analysts’ expectations of $1.53 billion. NetApp had a return on equity of 121.41% and a net margin of 17.01%. The firm’s quarterly revenue was up 7.6% compared to the same quarter last year. During the same period last year, the business posted $0.84 earnings per share. As a group, analysts anticipate that NetApp, Inc. will post 5.71 EPS for the current year.

NetApp Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Wednesday, October 23rd. Investors of record on Friday, October 4th were paid a dividend of $0.52 per share. The ex-dividend date was Friday, October 4th. This represents a $2.08 dividend on an annualized basis and a dividend yield of 1.68%. NetApp’s dividend payout ratio is presently 40.63%.

NetApp Company 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.