Brooklyn Investment Group Purchases New Shares in NetApp, Inc. (NASDAQ:NTAP)

Brooklyn Investment Group purchased a new stake in NetApp, Inc. (NASDAQ:NTAP) in the third quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund purchased 757 shares of the data storage provider’s stock, valued at approximately $93,000.

A number of other large investors have also added to or reduced their stakes in NTAP. AQR Capital Management LLC grew its position in NetApp by 59.6% during the second quarter. AQR Capital Management LLC now owns 1,643,146 shares of the data storage provider’s stock worth $211,637,000 after buying an additional 613,583 shares in the last quarter. TCW Group Inc. acquired a new stake in NetApp during the second quarter worth approximately $56,313,000. Acadian Asset Management LLC grew its position in NetApp by 17.5% during the second quarter. Acadian Asset Management LLC now owns 2,791,599 shares of the data storage provider’s stock worth $359,517,000 after buying an additional 416,233 shares in the last quarter. APG Asset Management US Inc. acquired a new stake in NetApp during the second quarter worth approximately $48,074,000. Finally, Robeco Institutional Asset Management B.V. grew its position in NetApp by 38.5% during the third quarter. Robeco Institutional Asset Management B.V. now owns 1,232,852 shares of the data storage provider’s stock worth $152,270,000 after buying an additional 342,415 shares in the last quarter. Institutional investors and hedge funds own 92.17% of the company’s stock.

NetApp Price Performance

NTAP stock opened at $122.43 on Friday. NetApp, Inc. has a 1 year low of $77.56 and a 1 year high of $135.45. The firm has a 50-day moving average of $122.36 and a 200 day moving average of $122.95. The company has a market cap of $25.07 billion, a P/E ratio of 22.51, a PEG ratio of 3.04 and a beta of 1.24. The company has a debt-to-equity ratio of 1.39, a current ratio of 0.91 and a quick ratio of 0.84.

NetApp (NASDAQ:NTAP) last posted its quarterly earnings results on Thursday, November 21st. The data storage provider reported $1.87 EPS for the quarter, beating analysts’ consensus estimates of $1.78 by $0.09. NetApp had a net margin of 17.78% and a return on equity of 123.63%. The firm had revenue of $1.66 billion for the quarter, compared to analysts’ expectations of $1.65 billion. During the same quarter in the prior year, the company posted $1.23 earnings per share. The business’s revenue for the quarter was up 6.1% on a year-over-year basis. On average, sell-side analysts forecast that NetApp, Inc. will post 5.79 EPS for the current year.

NetApp Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, January 22nd. Stockholders of record on Friday, January 3rd will be given a dividend of $0.52 per share. This represents a $2.08 dividend on an annualized basis and a dividend yield of 1.70%. The ex-dividend date is Friday, January 3rd. NetApp’s payout ratio is 38.24%.

Analyst Upgrades and Downgrades

A number of equities research analysts have weighed in on the company. Northland Securities raised their target price on NetApp from $108.00 to $120.00 and gave the company a “market perform” rating in a report on Friday, November 22nd. Loop Capital raised NetApp from a “hold” rating to a “buy” rating and raised their target price for the company from $121.00 to $150.00 in a report on Tuesday, September 3rd. JPMorgan Chase & Co. raised their target price on NetApp from $146.00 to $147.00 and gave the company a “neutral” rating in a report on Thursday, August 29th. TD Cowen raised their price objective on NetApp from $145.00 to $160.00 and gave the company a “buy” rating in a report on Friday, November 22nd. Finally, Susquehanna reaffirmed a “positive” rating and set a $155.00 target price on shares of NetApp in a research report on Monday, August 26th. One research analyst has rated the stock with a sell rating, eleven have issued a hold rating and six have issued a buy rating to the stock. According to data from MarketBeat.com, NetApp currently has a consensus rating of “Hold” and an average target price of $134.00.

Insider Activity

In other NetApp news, CAO Lorenzo Daniel De sold 326 shares of the business’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 legal filing with the SEC, which is accessible through this hyperlink. Also, Director Thomas Michael Nevens sold 3,333 shares of the business’s stock in a transaction 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 sale, the director now owns 9,277 shares in the company, valued at approximately $1,106,096.71. The trade was a 26.43 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 23,049 shares of company stock valued at $2,807,851 in the last 90 days. Company insiders own 0.47% of the company’s stock.

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.