Wellington Management Group LLP Reduces Stake in NetApp, Inc. $NTAP

Wellington Management Group LLP lessened its holdings in NetApp, Inc. (NASDAQ:NTAP) by 17.4% during the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 3,860,019 shares of the data storage provider’s stock after selling 810,702 shares during the quarter. Wellington Management Group LLP’s holdings in NetApp were worth $597,377,000 at the end of the most recent reporting period.

Other institutional investors also recently bought and sold shares of the company. Geneos Wealth Management Inc. raised its holdings in shares of NetApp by 38.3% during the first quarter. Geneos Wealth Management Inc. now owns 759 shares of the data storage provider’s stock worth $67,000 after purchasing an additional 210 shares during the last quarter. Sivia Capital Partners LLC purchased a new stake in NetApp in the second quarter valued at $315,000. Cerity Partners LLC boosted its holdings in NetApp by 9.9% in the second quarter. Cerity Partners LLC now owns 46,792 shares of the data storage provider’s stock valued at $4,986,000 after purchasing an additional 4,232 shares during the last quarter. Bank of Nova Scotia grew its position in NetApp by 7.3% during the 2nd quarter. Bank of Nova Scotia now owns 24,301 shares of the data storage provider’s stock worth $2,589,000 after purchasing an additional 1,662 shares during the period. Finally, NewEdge Advisors LLC grew its position in NetApp by 12.7% during the 2nd quarter. NewEdge Advisors LLC now owns 20,161 shares of the data storage provider’s stock worth $2,148,000 after purchasing an additional 2,277 shares during the period. 92.17% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

Several equities analysts have recently issued reports on NTAP shares. Wells Fargo & Company boosted their price objective on NetApp from $115.00 to $180.00 and gave the company an “equal weight” rating in a report on Friday, May 29th. Barclays raised their target price on NetApp from $120.00 to $199.00 and gave the stock an “overweight” rating in a report on Friday, May 29th. Morgan Stanley raised NetApp from an “underweight” rating to an “equal weight” rating and boosted their price target for the company from $137.00 to $173.00 in a report on Monday, August 10th. Weiss Ratings upgraded NetApp from a “hold (c+)” rating to a “buy (b-)” rating in a research report on Monday, June 8th. Finally, UBS Group reaffirmed a “neutral” rating and set a $160.00 price objective on shares of NetApp in a research note on Friday, May 29th. Five equities research analysts have rated the stock with a Buy rating and ten have issued a Hold rating to the company. According to data from MarketBeat, the stock presently has an average rating of “Hold” and an average price target of $179.77.

NetApp Trading Down 1.9%

NTAP stock opened at $187.02 on Friday. The company’s 50-day simple moving average is $175.90 and its 200-day simple moving average is $138.03. The company has a quick ratio of 1.39, a current ratio of 1.44 and a debt-to-equity ratio of 1.84. NetApp, Inc. has a 52-week low of $93.69 and a 52-week high of $209.06. The firm has a market cap of $36.70 billion, a P/E ratio of 29.41, a PEG ratio of 3.33 and a beta of 1.45.

NetApp (NASDAQ:NTAP) last posted its earnings results on Thursday, May 28th. The data storage provider reported $2.03 EPS for the quarter, missing analysts’ consensus estimates of $2.27 by ($0.24). NetApp had a net margin of 18.43% and a return on equity of 117.23%. The business had revenue of $1.95 billion for the quarter, compared to analyst estimates of $1.87 billion. During the same quarter last year, the business earned $1.93 earnings per share. NetApp’s revenue was up 12.5% on a year-over-year basis. As a group, equities analysts forecast that NetApp, Inc. will post 7.34 EPS for the current fiscal year.

Insiders Place Their Bets

In other NetApp news, CAO Lorenzo Daniel De sold 225 shares of the stock in a transaction that occurred on Monday, June 1st. The stock was sold at an average price of $171.09, for a total transaction of $38,495.25. Following the transaction, the chief accounting officer owned 1,090 shares in the company, valued at approximately $186,488.10. This represents a 17.11% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, EVP Elizabeth M. O’callahan sold 1,000 shares of the firm’s stock in a transaction that occurred on Monday, August 10th. The shares were sold at an average price of $193.82, for a total value of $193,820.00. Following the completion of the sale, the executive vice president directly owned 30,297 shares in the company, valued at approximately $5,872,164.54. The trade was a 3.20% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Over the last 90 days, insiders have sold 55,297 shares of company stock worth $8,758,016. 0.36% of the stock is owned by corporate insiders.

NetApp Profile

NetApp, Inc (NASDAQ: NTAP) is a data management and storage company that delivers hybrid cloud data services for applications and data. Founded in 1992 as Network Appliance and rebranded as NetApp in 2008, the company is headquartered in Sunnyvale, California. NetApp’s offering focuses on enabling organizations to store, manage, protect and move data across on-premises environments and major public clouds.

The company’s product portfolio centers on the ONTAP data management software and a range of storage systems and services built around it.