Marco Investment Management LLC Sells 3,000 Shares of NetApp Inc. (NASDAQ:NTAP)

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Marco Investment Management LLC cut its stake in NetApp Inc. (NASDAQ:NTAP) by 15.9% in the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 15,900 shares of the data storage provider’s stock after selling 3,000 shares during the period. Marco Investment Management LLC’s holdings in NetApp were worth $696,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds and other institutional investors also recently made changes to their positions in the stock. Neuberger Berman Group LLC boosted its stake in NetApp by 0.7% in the 2nd quarter. Neuberger Berman Group LLC now owns 8,201 shares of the data storage provider’s stock worth $328,000 after purchasing an additional 58 shares during the period. HPM Partners LLC boosted its stake in shares of NetApp by 1.1% during the 2nd quarter. HPM Partners LLC now owns 9,955 shares of the data storage provider’s stock worth $399,000 after buying an additional 107 shares during the last quarter. Calamos Advisors LLC boosted its stake in shares of NetApp by 2.4% during the 2nd quarter. Calamos Advisors LLC now owns 6,895 shares of the data storage provider’s stock worth $276,000 after buying an additional 160 shares during the last quarter. Cambridge Investment Research Advisors Inc. boosted its stake in shares of NetApp by 3.7% during the 2nd quarter. Cambridge Investment Research Advisors Inc. now owns 5,189 shares of the data storage provider’s stock worth $208,000 after buying an additional 185 shares during the last quarter. Finally, Arizona State Retirement System boosted its stake in shares of NetApp by 0.3% during the 2nd quarter. Arizona State Retirement System now owns 67,237 shares of the data storage provider’s stock worth $2,693,000 after buying an additional 200 shares during the last quarter. 94.71% of the stock is owned by hedge funds and other institutional investors.

In other news, CEO George Kurian sold 75,000 shares of the firm’s stock in a transaction that occurred on Monday, November 20th. The shares were sold at an average price of $52.50, for a total transaction of $3,937,500.00. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, VP Joel D. Reich sold 15,000 shares of the firm’s stock in a transaction that occurred on Thursday, December 7th. The stock was sold at an average price of $56.99, for a total transaction of $854,850.00. Following the transaction, the vice president now directly owns 441 shares in the company, valued at $25,132.59. The disclosure for this sale can be found here. Over the last three months, insiders sold 200,060 shares of company stock worth $10,087,997. Insiders own 0.47% of the company’s stock.

NTAP has been the subject of a number of recent research reports. Maxim Group increased their price objective on shares of NetApp from $56.00 to $61.00 and gave the stock a “buy” rating in a research note on Thursday, November 16th. Morgan Stanley restated an “underweight” rating on shares of NetApp in a research note on Saturday, September 23rd. Piper Jaffray Companies set a $52.00 price objective on shares of NetApp and gave the stock a “buy” rating in a research note on Tuesday, November 14th. Barclays upgraded shares of NetApp from an “underweight” rating to an “overweight” rating and increased their price objective for the stock from $38.00 to $52.00 in a research note on Thursday, November 9th. Finally, Royal Bank of Canada increased their price objective on shares of NetApp from $45.00 to $50.00 and gave the stock a “sector perform” rating in a research note on Monday, November 13th. Two analysts have rated the stock with a sell rating, nineteen have given a hold rating and fourteen have issued a buy rating to the stock. The stock currently has a consensus rating of “Hold” and an average target price of $49.39.

NetApp Inc. (NASDAQ NTAP) traded up $0.29 during trading on Wednesday, reaching $56.15. 971,350 shares of the company’s stock traded hands, compared to its average volume of 2,965,647. The company has a market cap of $14,930.00, a PE ratio of 24.10, a P/E/G ratio of 1.82 and a beta of 1.29. The company has a debt-to-equity ratio of 0.55, a quick ratio of 1.64 and a current ratio of 1.67. NetApp Inc. has a 52-week low of $35.08 and a 52-week high of $58.99.

NetApp (NASDAQ:NTAP) last released its quarterly earnings results on Wednesday, November 15th. The data storage provider reported $0.81 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $0.69 by $0.12. The firm had revenue of $1.42 billion for the quarter, compared to analysts’ expectations of $1.38 billion. NetApp had a net margin of 11.49% and a return on equity of 26.77%. The business’s revenue was up 6.1% on a year-over-year basis. During the same period in the prior year, the firm earned $0.60 EPS. equities analysts forecast that NetApp Inc. will post 2.72 EPS for the current year.

The business also recently declared a quarterly dividend, which will be paid on Wednesday, January 24th. Shareholders of record on Friday, January 5th will be issued a $0.20 dividend. The ex-dividend date of this dividend is Thursday, January 4th. This represents a $0.80 annualized dividend and a yield of 1.42%. NetApp’s dividend payout ratio is currently 34.33%.

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About NetApp

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.

Institutional Ownership by Quarter for NetApp (NASDAQ:NTAP)

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