Primecap Management Coca Lowers stake in NetApp (NTAP)

NetApp (NTAP) : Primecap Management Coca reduced its stake in NetApp by 1.56% during the most recent quarter end. The investment management company now holds a total of 42,834,501 shares of NetApp which is valued at $1,218,641,553 after selling 680,450 shares in NetApp , the firm said in a disclosure report filed with the SEC on Aug 12, 2016.NetApp makes up approximately 1.19% of Primecap Management Coca’s portfolio.

Other Hedge Funds, Including , Timber Hill sold out all of its stake in NTAP during the most recent quarter. The investment firm sold 48,439 shares of NTAP which is valued $1,313,666.Aberdeen Asset Management Plcuk boosted its stake in NTAP in the latest quarter, The investment management firm added 482 additional shares and now holds a total of 345,817 shares of NetApp which is valued at $9,067,322. NetApp makes up approx 0.03% of Aberdeen Asset Management Plcuk’s portfolio.Stoneridge Investment Partners reduced its stake in NTAP by selling 668 shares or 1.22% in the most recent quarter. The Hedge Fund company now holds 54,128 shares of NTAP which is valued at $1,427,897. NetApp makes up approx 0.20% of Stoneridge Investment Partners’s portfolio.

NetApp opened for trading at $35.1 and hit $35.39 on the upside on Monday, eventually ending the session at $35.13, with a gain of 0.40% or 0.14 points. The heightened volatility saw the trading volume jump to 20,43,849 shares. Company has a market cap of $9,839 M.

On the company’s financial health, NetApp reported $0.46 EPS for the quarter, beating the analyst consensus estimate by $ 0.10 according to the earnings call on Aug 17, 2016. Analyst had a consensus of $0.36. The company had revenue of $1294.00 million for the quarter, compared to analysts expectations of $1260.17 million. The company’s revenue was down -3.1 % compared to the same quarter last year.During the same quarter in the previous year, the company posted $0.29 EPS.

Many Wall Street Analysts have commented on NetApp. Company shares were Upgraded by Goldman on Aug 24, 2016 to ” Neutral”, Firm has raised the Price Target to $ 32 from a previous price target of $26 .NetApp was Upgraded by JP Morgan to ” Neutral” on Aug 18, 2016. NetApp was Upgraded by Susquehanna to ” Positive” on Aug 18, 2016.

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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