By otakuyassine3@gmail.com 
US Bancorp DE lifted its stake in shares of NetApp, Inc. (NASDAQ:NTAP – Free Report) by 6.5% in the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 14,989 shares of the data storage provider’s stock after purchasing an additional 915 shares during the quarter. US Bancorp DE’s holdings in NetApp were worth $1,740,000 at the end of the most recent quarter.
Several other hedge funds have also recently modified their holdings of the stock. Versor Investments LP purchased a new position in NetApp during the 4th quarter worth $395,000. Intech Investment Management LLC increased its stake in shares of NetApp by 8.9% during the third quarter. Intech Investment Management LLC now owns 302,010 shares of the data storage provider’s stock worth $37,301,000 after acquiring an additional 24,651 shares during the period. Daiwa Securities Group Inc. raised its holdings in NetApp by 20.9% during the third quarter. Daiwa Securities Group Inc. now owns 42,302 shares of the data storage provider’s stock worth $5,225,000 after purchasing an additional 7,318 shares in the last quarter. Robeco Institutional Asset Management B.V. lifted its position in NetApp by 9.2% in the fourth quarter. Robeco Institutional Asset Management B.V. now owns 1,346,212 shares of the data storage provider’s stock valued at $156,268,000 after purchasing an additional 113,360 shares during the period. Finally, Hilton Capital Management LLC purchased a new stake in NetApp in the 3rd quarter valued at approximately $4,059,000. 92.17% of the stock is owned by institutional investors and hedge funds.
Wall Street Analyst Weigh In
A number of equities analysts have recently issued reports on the company. Morgan Stanley increased their target price on NetApp from $132.00 to $146.00 and gave the stock an “equal weight” rating in a research note on Tuesday, December 17th. Bank of America upgraded NetApp from an “underperform” rating to a “neutral” rating and increased their price objective for the stock from $121.00 to $128.00 in a research report on Wednesday, February 19th. Wells Fargo & Company reduced their target price on NetApp from $130.00 to $115.00 and set an “equal weight” rating for the company in a report on Friday, February 28th. JPMorgan Chase & Co. lowered their price target on shares of NetApp from $160.00 to $153.00 and set an “overweight” rating on the stock in a research note on Friday, February 28th. Finally, Susquehanna cut shares of NetApp from a “positive” rating to a “neutral” rating and reduced their price objective for the company from $155.00 to $130.00 in a research note on Monday, February 10th. Twelve investment analysts have rated the stock with a hold rating and six have given a buy rating to the stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and an average target price of $129.07.
Read Our Latest Analysis on NTAP
Insider Activity
In related news, CFO Michael J. Berry sold 12,500 shares of the company’s stock in a transaction on Tuesday, February 4th. The stock was sold at an average price of $120.74, for a total value of $1,509,250.00. Following the completion of the transaction, the chief financial officer now directly owns 123,243 shares in the company, valued at approximately $14,880,359.82. This represents a 9.21 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, President Cesar Cernuda sold 22,000 shares of the stock in a transaction dated Monday, December 30th. The stock was sold at an average price of $114.99, for a total value of $2,529,780.00. Following the transaction, the president now owns 27,099 shares in the company, valued at $3,116,114.01. This trade represents a 44.81 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 60,903 shares of company stock valued at $7,260,341 over the last 90 days. Insiders own 0.47% of the company’s stock.
NetApp Stock Up 2.1 %
NTAP opened at $93.77 on Friday. The business’s fifty day simple moving average is $117.43 and its 200 day simple moving average is $120.63. NetApp, Inc. has a 52 week low of $91.16 and a 52 week high of $135.45. The firm has a market cap of $19.07 billion, a P/E ratio of 17.24, a PEG ratio of 2.45 and a beta of 1.24. The company has a quick ratio of 0.84, a current ratio of 0.91 and a debt-to-equity ratio of 1.39.
NetApp Announces Dividend
The company also recently declared a quarterly dividend, which will be paid on Wednesday, April 23rd. Stockholders of record on Friday, April 4th will be issued a dividend of $0.52 per share. The ex-dividend date is Friday, April 4th. This represents a $2.08 dividend on an annualized basis and a dividend yield of 2.22%. NetApp’s dividend payout ratio (DPR) is presently 38.52%.
NetApp Company Profile
NetApp, Inc provides cloud-led and data-centric services to manage and share data on-premises, and private and public clouds worldwide. It operates in two segments, Hybrid Cloud and Public Could. The company offers intelligent data management software, such as NetApp ONTAP, NetApp Snapshot, NetApp SnapCenter Backup Management, NetApp SnapMirror Data Replication, NetApp SnapLock Data Compliance, and storage infrastructure solutions, including NetApp All-Flash FAS series, NetApp Fabric Attached Storage, NetApp E/EF series, and NetApp StorageGRID.
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