Wellington Management Group LLP Lowers Position in NetApp, Inc. (NASDAQ:NTAP)

Wellington Management Group LLP trimmed its position in shares of NetApp, Inc. (NASDAQ:NTAP) by 20.8% during the third quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 14,998 shares of the data storage provider’s stock after selling 3,934 shares during the quarter. Wellington Management Group LLP’s holdings in NetApp were worth $1,852,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds have also recently bought and sold shares of the company. Intech Investment Management LLC lifted its position in shares of NetApp by 8.9% during the third quarter. Intech Investment Management LLC now owns 302,010 shares of the data storage provider’s stock valued at $37,301,000 after purchasing an additional 24,651 shares in the last quarter. Daiwa Securities Group Inc. increased its stake in NetApp by 20.9% in the 3rd quarter. Daiwa Securities Group Inc. now owns 42,302 shares of the data storage provider’s stock valued at $5,225,000 after buying an additional 7,318 shares during the last quarter. The Manufacturers Life Insurance Company lifted its position in shares of NetApp by 4.7% during the 2nd quarter. The Manufacturers Life Insurance Company now owns 186,777 shares of the data storage provider’s stock worth $24,057,000 after buying an additional 8,305 shares in the last quarter. Hilton Capital Management LLC purchased a new position in shares of NetApp in the 3rd quarter worth approximately $4,059,000. Finally, Legal & General Group Plc grew its holdings in shares of NetApp by 3.5% in the second quarter. Legal & General Group Plc now owns 2,405,363 shares of the data storage provider’s stock valued at $309,811,000 after acquiring an additional 82,378 shares in the last quarter. 92.17% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

NTAP has been the topic of several research analyst reports. Susquehanna reissued a “positive” rating and issued a $155.00 price objective on shares of NetApp in a research report on Monday, August 26th. UBS Group increased their price target on shares of NetApp from $121.00 to $134.00 and gave the company a “neutral” rating in a research report on Thursday, August 29th. Wells Fargo & Company lifted their price objective on shares of NetApp from $135.00 to $140.00 and gave the stock an “equal weight” rating in a research report on Friday, November 22nd. Loop Capital raised shares of NetApp from a “hold” rating to a “buy” rating and increased their target price for the company from $121.00 to $150.00 in a research report on Tuesday, September 3rd. Finally, Stifel Nicolaus lifted their price target on shares of NetApp from $140.00 to $145.00 and gave the stock a “buy” rating in a report on Friday, November 22nd. One equities research analyst has rated the stock with a sell rating, ten have issued a hold rating and seven have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock has an average rating of “Hold” and an average price target of $139.20.

NetApp Stock Down 3.4 %

Shares of NASDAQ NTAP opened at $118.34 on Thursday. The business has a 50-day simple moving average of $122.68 and a two-hundred day simple moving average of $124.08. NetApp, Inc. has a 52 week low of $83.62 and a 52 week high of $135.45. The company has a market cap of $24.06 billion, a P/E ratio of 21.75, a P/E/G ratio of 2.92 and a beta of 1.23. The company has a quick ratio of 0.84, a current ratio of 0.91 and a debt-to-equity ratio of 1.39.

NetApp (NASDAQ:NTAP) last issued its quarterly earnings data on Thursday, November 21st. The data storage provider reported $1.87 EPS for the quarter, beating 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 company had revenue of $1.66 billion during the quarter, compared to analysts’ expectations of $1.65 billion. During the same quarter in the previous year, the company earned $1.23 earnings per share. NetApp’s revenue for the quarter was up 6.1% on a year-over-year basis. Research analysts anticipate that NetApp, Inc. will post 5.83 earnings per share for the current fiscal year.

NetApp Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, January 22nd. Investors of record on Friday, January 3rd will be paid a dividend of $0.52 per share. This represents a $2.08 annualized dividend and a yield of 1.76%. The ex-dividend date is Friday, January 3rd. NetApp’s dividend payout ratio is 38.24%.

Insider Buying and Selling

In related news, CAO Lorenzo Daniel De sold 326 shares of the company’s stock in a transaction on Monday, November 18th. The shares were sold at an average price of $117.44, for a total value of $38,285.44. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, EVP Elizabeth M. O’callahan sold 705 shares of the firm’s stock in a transaction dated Thursday, October 10th. The shares were sold at an average price of $126.20, for a total value of $88,971.00. Following the sale, the executive vice president now owns 11,694 shares in the company, valued at $1,475,782.80. The trade was a 5.69 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 31,549 shares of company stock worth $3,864,316 over the last ninety days. 0.47% of the stock is owned by corporate insiders.

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.