Intact Investment Management Inc. Makes New Investment in NetApp, Inc. (NASDAQ:NTAP)

Intact Investment Management Inc. bought a new position in shares of NetApp, Inc. (NASDAQ:NTAP - Free Report) in the fourth quarter, according to the company in its most recent filing with the SEC. The institutional investor bought 25,700 shares of the data storage provider's stock, valued at approximately $2,983,000.

Other large investors have also recently added to or reduced their stakes in the company. M&T Bank Corp increased its holdings in NetApp by 4.8% during the 4th quarter. M&T Bank Corp now owns 12,794 shares of the data storage provider's stock worth $1,485,000 after purchasing an additional 581 shares in the last quarter. Versor Investments LP bought a new position in NetApp during the 4th quarter worth about $395,000. Intech Investment Management LLC increased its holdings in NetApp by 8.9% during the 3rd quarter. Intech Investment Management LLC now owns 302,010 shares of the data storage provider's stock worth $37,301,000 after purchasing an additional 24,651 shares in the last quarter. AMJ Financial Wealth Management increased its holdings in NetApp by 120.7% during the 4th quarter. AMJ Financial Wealth Management now owns 68,897 shares of the data storage provider's stock worth $7,998,000 after purchasing an additional 37,684 shares in the last quarter. Finally, Daiwa Securities Group Inc. increased its holdings in NetApp by 20.9% during the 3rd 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. Institutional investors own 92.17% of the company's stock.

Analyst Ratings Changes

A number of equities analysts have issued reports on NTAP shares. Wells Fargo & Company lowered 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. Loop Capital decreased their price objective on NetApp from $150.00 to $130.00 and set a "buy" rating for the company in a report on Tuesday, March 4th. StockNews.com cut NetApp from a "buy" rating to a "hold" rating in a report on Friday, February 28th. Barclays decreased their price objective on NetApp from $132.00 to $115.00 and set an "equal weight" rating for the company in a report on Friday, February 28th. Finally, Stifel Nicolaus raised their price objective on NetApp from $140.00 to $145.00 and gave the company a "buy" rating in a report on Friday, November 22nd. Twelve equities research analysts have rated the stock with a hold rating and six have assigned a buy rating to the company. According to MarketBeat, the company has a consensus rating of "Hold" and a consensus price target of $129.07.

Remove Ads

NetApp Price Performance

Shares of NASDAQ NTAP traded up $1.27 during midday trading on Wednesday, reaching $93.53. The company's stock had a trading volume of 2,075,605 shares, compared to its average volume of 1,726,989. The company has a debt-to-equity ratio of 1.39, a quick ratio of 0.84 and a current ratio of 0.91. NetApp, Inc. has a fifty-two week low of $89.88 and a fifty-two week high of $135.45. The business's 50 day moving average price is $113.94 and its two-hundred day moving average price is $118.63. The company has a market cap of $19.03 billion, a P/E ratio of 17.19, a P/E/G ratio of 2.45 and a beta of 1.24.

NetApp Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Wednesday, April 23rd. Stockholders of record on Friday, April 4th will be given a $0.52 dividend. The ex-dividend date of this dividend is Friday, April 4th. This represents a $2.08 dividend on an annualized basis and a dividend yield of 2.22%. NetApp's payout ratio is 38.52%.

Insider Activity

In related news, President Cesar Cernuda sold 22,000 shares of NetApp 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 $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 SEC, which is available through this link. Also, CFO Michael J. Berry sold 12,500 shares of NetApp stock in a transaction that occurred on Tuesday, February 4th. The shares were sold at an average price of $120.74, for a total transaction 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 $14,880,359.82. This trade represents a 9.21 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 52,931 shares of company stock worth $6,252,759. Corporate insiders own 0.47% of the company's stock.

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.