Convergence Investment Partners LLC Takes $946,000 Position in NetApp Inc. (NASDAQ:NTAP)

Convergence Investment Partners LLC acquired a new stake in NetApp Inc. (NASDAQ:NTAP) in the 2nd quarter, Holdings Channel.com reports. The fund acquired 21,329 shares of the data storage provider’s stock, valued at approximately $946,000.

Other institutional investors have also recently added to or reduced their stakes in the company. Meeder Asset Management Inc. increased its stake in shares of NetApp by 87.5% in the first quarter. Meeder Asset Management Inc. now owns 662 shares of the data storage provider’s stock valued at $28,000 after buying an additional 309 shares during the period. Hoey Investments Inc. increased its position in NetApp by 125.0% during the 2nd quarter. Hoey Investments Inc. now owns 900 shares of the data storage provider’s stock valued at $40,000 after purchasing an additional 500 shares during the period. Aigen Investment Management LP acquired a new stake in NetApp during the 1st quarter valued at approximately $50,000. Quadrant Capital Group LLC increased its position in NetApp by 61.5% during the 4th quarter. Quadrant Capital Group LLC now owns 1,699 shares of the data storage provider’s stock valued at $102,000 after purchasing an additional 647 shares during the period. Finally, Signaturefd LLC increased its position in NetApp by 58.0% during the 1st quarter. Signaturefd LLC now owns 1,876 shares of the data storage provider’s stock valued at $78,000 after purchasing an additional 689 shares during the period. 90.12% of the stock is owned by institutional investors.

Shares of NTAP traded up $1.45 during trading hours on Friday, reaching $44.30. The stock had a trading volume of 6,108,956 shares, compared to its average volume of 2,066,179. NetApp Inc. has a 12 month low of $34.66 and a 12 month high of $65.38. The firm has a 50-day simple moving average of $43.48 and a 200 day simple moving average of $46.28. The company has a current ratio of 1.18, a quick ratio of 1.14 and a debt-to-equity ratio of 4.74. The company has a market capitalization of $9.80 billion, a price-to-earnings ratio of 12.51, a P/E/G ratio of 1.39 and a beta of 1.30.

NetApp (NASDAQ:NTAP) last issued its earnings results on Wednesday, May 27th. The data storage provider reported $1.19 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.04 by $0.15. NetApp had a return on equity of 168.65% and a net margin of 15.13%. The company had revenue of $1.40 billion for the quarter, compared to analysts’ expectations of $1.37 billion. During the same period last year, the business earned $1.22 EPS. NetApp’s quarterly revenue was down 12.0% compared to the same quarter last year. On average, equities analysts forecast that NetApp Inc. will post 2.68 EPS for the current year.

The company also recently announced a quarterly dividend, which was paid on Wednesday, July 29th. Investors of record on Friday, July 10th were issued a $0.48 dividend. This represents a $1.92 dividend on an annualized basis and a dividend yield of 4.33%. The ex-dividend date was Thursday, July 9th. NetApp’s dividend payout ratio is currently 54.39%.

A number of analysts have weighed in on the stock. Northland Securities reissued a “buy” rating and set a $51.00 target price on shares of NetApp in a research report on Wednesday, July 1st. Cfra decreased their target price on shares of NetApp from $60.00 to $50.00 and set a “hold” rating for the company in a research report on Thursday, May 28th. Morgan Stanley increased their target price on shares of NetApp from $32.00 to $34.00 and gave the company an “underweight” rating in a research report on Thursday, May 28th. Susquehanna Bancshares reissued a “buy” rating and set a $60.00 target price on shares of NetApp in a research report on Friday, July 10th. Finally, Loop Capital downgraded shares of NetApp from a “buy” rating to a “hold” rating and decreased their target price for the company from $70.00 to $43.00 in a research report on Monday, April 27th. Five equities research analysts have rated the stock with a sell rating, fifteen have given a hold rating and six have assigned a buy rating to the company’s stock. The company presently has an average rating of “Hold” and a consensus target price of $50.89.

About NetApp

NetApp, Inc provides software, systems, and services to manage and share data on-premises, and private and public clouds worldwide. It offers cloud data services, such as ONTAP cloud storage data management and NetApp cloud sync data synchronization services; NetApp SaaS backup for Microsoft Office 365; NetApp cloud backup solutions; OnCommand management software and management integration tools; and NetApp private storage for cloud.

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Institutional Ownership by Quarter for NetApp (NASDAQ:NTAP)

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