By otakuyassine3@gmail.com 
M&T Bank Corp lifted its stake in NetApp, Inc. (NASDAQ:NTAP – Free Report) by 4.8% in the 4th quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 12,794 shares of the data storage provider’s stock after buying an additional 581 shares during the period. M&T Bank Corp’s holdings in NetApp were worth $1,485,000 at the end of the most recent reporting period.
Other institutional investors have also added to or reduced their stakes in the company. State Street Corp lifted its position in shares of NetApp by 2.0% in the 3rd quarter. State Street Corp now owns 10,261,170 shares of the data storage provider’s stock worth $1,267,357,000 after acquiring an additional 199,384 shares during the period. Geode Capital Management LLC increased its position in shares of NetApp by 8.2% during the third quarter. Geode Capital Management LLC now owns 5,985,673 shares of the data storage provider’s stock valued at $738,280,000 after purchasing an additional 453,324 shares during the period. Robeco Institutional Asset Management B.V. raised its stake in shares of 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 in the last quarter. Charles Schwab Investment Management Inc. lifted its position in NetApp by 2.2% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 1,287,432 shares of the data storage provider’s stock worth $149,445,000 after purchasing an additional 27,857 shares during the period. Finally, KBC Group NV boosted its stake in NetApp by 276.9% during the fourth quarter. KBC Group NV now owns 891,033 shares of the data storage provider’s stock worth $103,431,000 after buying an additional 654,626 shares in the last quarter. 92.17% of the stock is owned by institutional investors and hedge funds.
Insiders Place Their Bets
In other NetApp news, President Cesar Cernuda sold 22,000 shares of the firm’s stock in a transaction that occurred on Monday, December 30th. The shares were sold at an average price of $114.99, for a total value of $2,529,780.00. Following the transaction, the president now directly owns 27,099 shares of the company’s stock, valued at approximately $3,116,114.01. This trade represents a 44.81 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO George Kurian sold 8,500 shares of the company’s stock in a transaction on Monday, December 16th. The shares were sold at an average price of $124.29, for a total transaction of $1,056,465.00. Following the sale, the chief executive officer now owns 279,782 shares of the company’s stock, valued at $34,774,104.78. The trade was a 2.95 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders have sold 60,903 shares of company stock valued at $7,260,341. 0.47% of the stock is currently owned by corporate insiders.
Wall Street Analyst Weigh In
A number of equities analysts have recently issued reports on the stock. Barclays dropped their price objective on shares of NetApp from $132.00 to $115.00 and set an “equal weight” rating for the company in a research note on Friday, February 28th. JPMorgan Chase & Co. dropped their price target on shares of NetApp from $160.00 to $153.00 and set an “overweight” rating for the company in a research report on Friday, February 28th. Wedbush reaffirmed a “neutral” rating and set a $110.00 price objective (down from $120.00) on shares of NetApp in a report on Friday, February 28th. Keefe, Bruyette & Woods raised NetApp to an “outperform” rating in a report on Wednesday, February 19th. Finally, Citigroup decreased their price target on NetApp from $135.00 to $110.00 and set a “neutral” rating on the stock in a research note on Monday, March 3rd. Twelve analysts have rated the stock with a hold rating and six have given a buy rating to the stock. According to MarketBeat, the stock has a consensus rating of “Hold” and a consensus target price of $129.07.
View Our Latest Research Report on NetApp
NetApp Trading Down 1.8 %
NTAP opened at $92.05 on Tuesday. NetApp, Inc. has a 1-year low of $90.12 and a 1-year high of $135.45. The stock has a market capitalization of $18.72 billion, a PE ratio of 16.92, a PEG ratio of 2.45 and a beta of 1.24. The company has a current ratio of 0.91, a quick ratio of 0.84 and a debt-to-equity ratio of 1.39. The firm has a 50-day moving average price of $116.94 and a two-hundred day moving average price of $120.19.
NetApp Dividend Announcement
The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, April 23rd. Shareholders of record on Friday, April 4th will be issued a dividend of $0.52 per share. This represents a $2.08 annualized dividend and a yield of 2.26%. The ex-dividend date is Friday, April 4th. NetApp’s dividend payout ratio is 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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