Lyrical Asset Management LP cut its stake in NetApp, Inc. (NASDAQ:NTAP – Free Report) by 5.9% during the fourth quarter, HoldingsChannel reports. The firm owned 2,602,766 shares of the data storage provider’s stock after selling 162,361 shares during the period. NetApp accounts for about 3.9% of Lyrical Asset Management LP’s holdings, making the stock its 10th largest position. Lyrical Asset Management LP’s holdings in NetApp were worth $278,730,000 as of its most recent filing with the Securities and Exchange Commission.
Several other institutional investors also recently added to or reduced their stakes in NTAP. Abich Financial Wealth Management LLC bought a new position in NetApp in the 3rd quarter worth about $27,000. Rossby Financial LCC raised its stake in shares of NetApp by 105.5% during the third quarter. Rossby Financial LCC now owns 224 shares of the data storage provider’s stock valued at $27,000 after acquiring an additional 115 shares in the last quarter. Park Square Financial Group LLC boosted its holdings in shares of NetApp by 68.7% in the fourth quarter. Park Square Financial Group LLC now owns 253 shares of the data storage provider’s stock valued at $29,000 after purchasing an additional 103 shares during the period. JFS Wealth Advisors LLC grew its stake in NetApp by 176.3% in the fourth quarter. JFS Wealth Advisors LLC now owns 315 shares of the data storage provider’s stock worth $34,000 after purchasing an additional 201 shares in the last quarter. Finally, Torren Management LLC bought a new position in NetApp in the fourth quarter worth approximately $34,000. Hedge funds and other institutional investors own 92.17% of the company’s stock.
NetApp Price Performance
NetApp stock opened at $167.04 on Monday. The company has a quick ratio of 1.39, a current ratio of 1.44 and a debt-to-equity ratio of 1.84. The firm has a market cap of $32.96 billion, a P/E ratio of 26.26, a P/E/G ratio of 3.06 and a beta of 1.45. The business has a fifty day moving average of $119.80 and a two-hundred day moving average of $110.28. NetApp, Inc. has a twelve month low of $93.69 and a twelve month high of $192.83.
NetApp Announces Dividend
The business also recently announced a quarterly dividend, which will be paid on Wednesday, July 29th. Shareholders of record on Friday, July 10th will be paid a $0.52 dividend. This represents a $2.08 annualized dividend and a yield of 1.2%. The ex-dividend date is Friday, July 10th. NetApp’s payout ratio is 32.70%.
Insider Transactions at NetApp
In other news, EVP Elizabeth M. O’callahan sold 1,000 shares of the firm’s stock in a transaction dated Monday, May 11th. The shares were sold at an average price of $117.73, for a total value of $117,730.00. Following the sale, the executive vice president directly owned 18,382 shares in the company, valued at approximately $2,164,112.86. This trade represents a 5.16% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CAO Lorenzo Daniel De sold 275 shares of NetApp stock in a transaction that occurred on Monday, May 18th. The stock was sold at an average price of $120.00, for a total transaction of $33,000.00. Following the completion of the transaction, the chief accounting officer directly owned 1,090 shares in the company, valued at approximately $130,800. The trade was a 20.15% decrease in their position. The SEC filing for this sale provides additional information. Insiders sold 3,500 shares of company stock valued at $386,145 over the last quarter. 0.28% of the stock is currently owned by corporate insiders.
Analysts Set New Price Targets
A number of equities research analysts have weighed in on the company. JPMorgan Chase & Co. lifted their target price on NetApp from $110.00 to $150.00 and gave the company a “neutral” rating in a research report on Friday, May 29th. Bank of America raised their price target on NetApp from $125.00 to $150.00 and gave the company a “neutral” rating in a research note on Friday, May 29th. Citigroup lifted their price objective on NetApp from $114.00 to $150.00 and gave the company a “neutral” rating in a report on Friday, May 29th. Susquehanna upped their price objective on shares of NetApp from $110.00 to $185.00 and gave the stock a “neutral” rating in a research note on Friday, May 29th. Finally, Wedbush increased their target price on shares of NetApp from $115.00 to $150.00 and gave the stock a “neutral” rating in a report on Friday, May 29th. Four research analysts have rated the stock with a Buy rating, ten have assigned a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat, the stock presently has an average rating of “Hold” and an average target price of $169.33.
Read Our Latest Stock Analysis on NetApp
NetApp Company Profile
NetApp, Inc (NASDAQ: NTAP) is a data management and storage company that delivers hybrid cloud data services for applications and data. Founded in 1992 as Network Appliance and rebranded as NetApp in 2008, the company is headquartered in Sunnyvale, California. NetApp’s offering focuses on enabling organizations to store, manage, protect and move data across on-premises environments and major public clouds.
The company’s product portfolio centers on the ONTAP data management software and a range of storage systems and services built around it.
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