Swedbank AB lifted its stake in NetApp, Inc. (NASDAQ:NTAP – Free Report) by 15.8% in the 1st quarter, Holdings Channel.com reports. The institutional investor owned 112,387 shares of the data storage provider’s stock after acquiring an additional 15,301 shares during the quarter. Swedbank AB’s holdings in NetApp were worth $11,507,000 as of its most recent SEC filing.
A number of other large investors have also added to or reduced their stakes in the company. Geneos Wealth Management Inc. grew its holdings in NetApp by 38.3% during the 1st quarter. Geneos Wealth Management Inc. now owns 759 shares of the data storage provider’s stock worth $67,000 after acquiring an additional 210 shares in the last quarter. Sivia Capital Partners LLC bought a new position in shares of NetApp during the second quarter worth about $315,000. Cerity Partners LLC lifted its position in shares of NetApp by 9.9% during the second quarter. Cerity Partners LLC now owns 46,792 shares of the data storage provider’s stock worth $4,986,000 after purchasing an additional 4,232 shares during the last quarter. Bank of Nova Scotia grew its stake in NetApp by 7.3% in the second quarter. Bank of Nova Scotia now owns 24,301 shares of the data storage provider’s stock worth $2,589,000 after purchasing an additional 1,662 shares in the last quarter. Finally, NewEdge Advisors LLC increased its holdings in NetApp by 12.7% in the second quarter. NewEdge Advisors LLC now owns 20,161 shares of the data storage provider’s stock valued at $2,148,000 after buying an additional 2,277 shares during the last quarter. 92.17% of the stock is owned by institutional investors and hedge funds.
NetApp Stock Performance
Shares of NASDAQ NTAP traded down $2.86 during midday trading on Friday, hitting $168.87. 3,302,832 shares of the company’s stock were exchanged, compared to its average volume of 2,894,544. NetApp, Inc. has a twelve month low of $93.69 and a twelve month high of $192.83. The firm has a market cap of $33.09 billion, a P/E ratio of 26.55, a PEG ratio of 3.14 and a beta of 1.46. The stock’s 50 day moving average price is $148.15 and its 200-day moving average price is $118.63. The company has a debt-to-equity ratio of 1.84, a current ratio of 1.44 and a quick ratio of 1.39.
NetApp Dividend Announcement
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 dividend of $0.52 per share. The ex-dividend date of this dividend is Friday, July 10th. This represents a $2.08 annualized dividend and a yield of 1.2%. NetApp’s dividend payout ratio (DPR) is presently 32.70%.
Insider Buying and Selling
In other news, CAO Lorenzo Daniel De sold 225 shares of NetApp stock in a transaction on Monday, June 1st. The stock was sold at an average price of $171.09, for a total transaction of $38,495.25. Following the transaction, the chief accounting officer directly owned 1,090 shares in the company, valued at approximately $186,488.10. This trade represents a 17.11% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, President Cesar Cernuda sold 49,464 shares of the business’s stock in a transaction on Tuesday, June 23rd. The stock was sold at an average price of $154.82, for a total value of $7,658,016.48. Following the completion of the sale, the president directly owned 46,806 shares in the company, valued at $7,246,504.92. This represents a 51.38% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders have sold a total of 51,964 shares of company stock valued at $8,010,722 over the last quarter. Corporate insiders own 0.28% of the company’s stock.
Analyst Upgrades and Downgrades
A number of equities analysts have commented on the stock. Susquehanna lifted their price objective on shares of NetApp from $110.00 to $185.00 and gave the stock a “neutral” rating in a report on Friday, May 29th. UBS Group reaffirmed a “neutral” rating and set a $160.00 price objective on shares of NetApp in a research report on Friday, May 29th. JPMorgan Chase & Co. increased their price target on NetApp from $110.00 to $150.00 and gave the stock a “neutral” rating in a research report on Friday, May 29th. Wedbush upped their price objective on NetApp from $115.00 to $150.00 and gave the stock a “neutral” rating in a research note on Friday, May 29th. Finally, Argus boosted their price target on shares of NetApp from $130.00 to $200.00 and gave the company a “buy” rating in a report on Monday, June 1st. Five investment analysts have rated the stock with a Buy rating, nine have given a Hold rating and one has issued a Sell rating to the company’s stock. According to data from MarketBeat.com, the company has an average rating of “Hold” and an average price target of $169.33.
Check Out Our Latest Research Report on NTAP
NetApp 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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