Private investment management company Envestnet Portfolio Solutions Inc. has further expanded its investment portfolio by acquiring 15,438 shares of NetApp, Inc. (NASDAQ:NTAP) in the third quarter. The total value of the investment is approximately $1,171,000. This investment demonstrates Envestnet's confidence in the potential of NetApp, Inc. and its commitment to diversifying its holdings in the business and finance sector [9ac2d6e8].
Envestnet is not the only institutional investor to show interest in NetApp, Inc. Other notable investors who recently modified their holdings of NTAP include Wellington Management Group LLP, Norges Bank, Holocene Advisors LP, Capital International Investors, and California Public Employees Retirement System [9ac2d6e8].
NetApp, Inc. provides cloud-led and data-centric services to manage and share data on-premises, and private and public clouds worldwide. The company offers intelligent data management software and storage infrastructure solutions [9ac2d6e8].
In addition to NetApp, Inc., Envestnet Portfolio Solutions Inc. has also purchased 8,620 shares of Splunk Inc. (NASDAQ:SPLK) in the third quarter. The value of this investment is approximately $1,261,000. Envestnet's acquisition of Splunk Inc. shares further demonstrates their commitment to diversifying their investment portfolio and their confidence in the potential of Splunk Inc. [4f3e1234].
Several other hedge funds and institutional investors have also made changes to their positions in SPLK. Splunk Inc. has received various ratings from analysts, with a consensus rating of 'Hold' and a consensus price target of $135.31. The stock has a market cap of $26.21 billion and a 52-week high of $155.83. Splunk Inc. reported $0.77 earnings per share for the quarter, beating analysts' estimates. Insider activity includes a senior vice president selling 5,017 shares of Splunk stock. Splunk Inc. develops and markets cloud services and licensed software solutions [4f3e1234].
NetApp stock (NASDAQ:NTAP) reaches a 23-year high after reporting strong quarterly results, including a beat on top and bottom lines and raising its annual profit guidance. The company's all-flash array (AFA) annualized revenue run rate reached a quarterly record, increasing 21% YoY to $3.4B. NetApp CEO George Kurian highlights the company's momentum in artificial intelligence (AI) and its success in securing customer wins in the AI space. Analysts note the impressive gross margins and the potential for sustained growth as flash storage displaces disk in more applications. NetApp's rival, Pure Storage, also reported strong results for its data storage products. NetApp stock is up 20.4% to $112.48, its highest level since November 2000.