Fort Pitt Capital Group buys $12,386,879 stake in NetApp (NTAP)

NetApp (NTAP) : Fort Pitt Capital Group scooped up 396,837 additional shares in NetApp during the most recent quarter end , the firm said in a disclosure report filed with the SEC on Aug 1, 2016. The investment management firm now holds a total of 472,421 shares of NetApp which is valued at $12,386,879.NetApp makes up approximately 1.47% of Fort Pitt Capital Group’s portfolio.

Other Hedge Funds, Including , Retirement Systems Of Alabama reduced its stake in NTAP by selling 2,548 shares or 0.22% in the most recent quarter. The Hedge Fund company now holds 1,137,378 shares of NTAP which is valued at $30,004,032. NetApp makes up approx 0.17% of Retirement Systems Of Alabama’s portfolio. Pitcairn Co sold out all of its stake in NTAP during the most recent quarter. The investment firm sold 28,126 shares of NTAP which is valued $741,964.Centurylink Investment Management Co reduced its stake in NTAP by selling 3,642 shares or 6.02% in the most recent quarter. The Hedge Fund company now holds 56,827 shares of NTAP which is valued at $1,394,535. NetApp makes up approx 0.49% of Centurylink Investment Management Co’s portfolio.

NetApp opened for trading at $26.3 and hit $26.48 on the upside on Thursday, eventually ending the session at $26.45, with a gain of 0.88% or 0.23 points. The heightened volatility saw the trading volume jump to 10,30,500 shares. Company has a market cap of $7,408 M.

On the company’s financial health, NetApp reported $0.55 EPS for the quarter, missing the analyst consensus estimate by $ -0.03 based on the information available during the earnings call on May 25, 2016. Analyst had a consensus of $0.58. The company had revenue of $1380.00 million for the quarter, compared to analysts expectations of $1403.53 million. The company’s revenue was down -10.4 % compared to the same quarter last year.During the same quarter in the previous year, the company posted $0.65 EPS.

Many Wall Street Analysts have commented on NetApp. Shares were Reiterated by RBC Capital Mkts on May 24, 2016 to “Sector Perform” and Lowered the Price Target to $ 26 from a previous price target of $29 .

NetApp Inc. (NetApp) is engaged in providing software systems and services to manage and store customer data. The Company offers a portfolio of products and services to a range of customer workloads across various data types and deployment models. Its data management solutions enable customers on-premises or in a public cloud resource to control integrate move and manage it. It offers both all-flash arrays and hybrid flash arrays and its portfolio includes hybrid and all-flash storage offerings. The Company also offers FlexPod solutions for workloads such as big data HPC and video analytics that integrate Hadoop. Its scale-out fabric-attached storage (FAS) platform uses the NetApp Data ONTAP storage operating system. Its Data ONTAP software delivers data protection data management and software for virtualized shared infrastructures cloud computing and mixed workload business applications. The Company focuses on the data management and storage markets.

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