Commerce Bank Grows Stake in NetApp Inc. (NTAP)

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Commerce Bank grew its holdings in shares of NetApp Inc. (NASDAQ:NTAP) by 1.3% in the 1st quarter, Holdings Channel reports. The firm owned 13,951 shares of the data storage provider’s stock after purchasing an additional 183 shares during the quarter. Commerce Bank’s holdings in NetApp were worth $967,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds and other institutional investors have also added to or reduced their stakes in the company. Destination Wealth Management increased its position in shares of NetApp by 53.3% during the 1st quarter. Destination Wealth Management now owns 460 shares of the data storage provider’s stock valued at $32,000 after purchasing an additional 160 shares during the last quarter. Parallel Advisors LLC increased its holdings in NetApp by 83.8% in the 1st quarter. Parallel Advisors LLC now owns 509 shares of the data storage provider’s stock worth $35,000 after acquiring an additional 232 shares in the last quarter. Cornerstone Advisors Inc. increased its holdings in NetApp by 326.2% in the 1st quarter. Cornerstone Advisors Inc. now owns 520 shares of the data storage provider’s stock worth $36,000 after acquiring an additional 398 shares in the last quarter. Bremer Trust National Association purchased a new stake in NetApp in the 4th quarter worth approximately $33,000. Finally, Financial Gravity Wealth Inc. purchased a new stake in NetApp in the 1st quarter worth approximately $39,000. 91.87% of the stock is owned by hedge funds and other institutional investors.

NTAP stock opened at $61.99 on Monday. NetApp Inc. has a 1-year low of $54.50 and a 1-year high of $88.08. The company has a quick ratio of 1.53, a current ratio of 1.56 and a debt-to-equity ratio of 0.93. The company has a market capitalization of $15.31 billion, a price-to-earnings ratio of 20.73, a price-to-earnings-growth ratio of 1.01 and a beta of 1.40.

NetApp (NASDAQ:NTAP) last posted its quarterly earnings results on Wednesday, May 22nd. The data storage provider reported $1.10 earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of $1.13 by ($0.03). NetApp had a return on equity of 60.32% and a net margin of 16.85%. The business had revenue of $1.59 billion during the quarter, compared to the consensus estimate of $1.64 billion. During the same quarter in the previous year, the company earned $1.05 earnings per share. The company’s revenue for the quarter was down 3.2% compared to the same quarter last year. On average, sell-side analysts expect that NetApp Inc. will post 4.04 EPS for the current fiscal year.

The firm also recently declared a quarterly dividend, which will be paid on Wednesday, July 24th. Shareholders of record on Friday, July 5th will be paid a $0.48 dividend. This represents a $1.92 annualized dividend and a yield of 3.10%. This is an increase from NetApp’s previous quarterly dividend of $0.40. The ex-dividend date is Wednesday, July 3rd. NetApp’s dividend payout ratio is presently 53.51%.

Several equities research analysts recently issued reports on the stock. BidaskClub raised shares of NetApp from a “buy” rating to a “strong-buy” rating in a report on Saturday, April 13th. Goldman Sachs Group lowered shares of NetApp from a “conviction-buy” rating to a “buy” rating in a report on Thursday. Bank of America reduced their target price on shares of NetApp from $78.00 to $74.00 and set a “buy” rating for the company in a report on Thursday. Loop Capital reduced their target price on shares of NetApp to $78.00 and set a “buy” rating for the company in a report on Thursday. Finally, Piper Jaffray Companies reduced their target price on shares of NetApp from $90.00 to $81.00 and set an “overweight” rating for the company in a report on Friday, May 17th. Three investment analysts have rated the stock with a sell rating, twelve have issued a hold rating and fourteen have given a buy rating to the company. The stock presently has an average rating of “Hold” and an average price target of $77.00.

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NetApp Profile

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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Want to see what other hedge funds are holding NTAP? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for NetApp Inc. (NASDAQ:NTAP).

Institutional Ownership by Quarter for NetApp (NASDAQ:NTAP)

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