Commerce Bank Sells 3,085 Shares of NetApp, Inc. (NASDAQ:NTAP)

Commerce Bank lowered its holdings in shares of NetApp, Inc. (NASDAQ:NTAP - Free Report) by 4.3% in the 4th quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 69,151 shares of the data storage provider's stock after selling 3,085 shares during the quarter. Commerce Bank's holdings in NetApp were worth $8,027,000 as of its most recent filing with the Securities & Exchange Commission.

Other institutional investors and hedge funds also recently made changes to their positions in the company. Migdal Insurance & Financial Holdings Ltd. bought a new position in NetApp in the fourth quarter worth approximately $26,000. Assetmark Inc. grew its position in shares of NetApp by 826.9% during the fourth quarter. Assetmark Inc. now owns 241 shares of the data storage provider's stock worth $28,000 after purchasing an additional 215 shares in the last quarter. Synergy Investment Management LLC bought a new position in NetApp in the 4th quarter worth approximately $32,000. Golden State Wealth Management LLC purchased a new position in shares of NetApp in the fourth quarter worth $35,000. Finally, OFI Invest Asset Management purchased a new position in shares of NetApp in the fourth quarter worth $39,000. Hedge funds and other institutional investors own 92.17% of the company's stock.

Wall Street Analyst Weigh In

A number of analysts have issued reports on NTAP shares. Wedbush reiterated a "neutral" rating and issued a $110.00 price target (down from $120.00) on shares of NetApp in a report on Friday, February 28th. StockNews.com cut NetApp from a "buy" rating to a "hold" rating in a report on Friday, February 28th. Wells Fargo & Company dropped their price target on NetApp from $130.00 to $115.00 and set an "equal weight" rating for the company in a research note on Friday, February 28th. Bank of America raised NetApp from an "underperform" rating to a "neutral" rating and lifted their price objective for the stock from $121.00 to $128.00 in a research note on Wednesday, February 19th. Finally, Susquehanna downgraded NetApp from a "positive" rating to a "neutral" rating and lowered their target price for the company from $155.00 to $130.00 in a research report on Monday, February 10th. Twelve research analysts have rated the stock with a hold rating and six have issued a buy rating to the stock. According to MarketBeat.com, NetApp presently has an average rating of "Hold" and a consensus target price of $125.07.

Insider Activity

In other news, EVP Elizabeth M. O'callahan sold 452 shares of the company's stock in a transaction dated Monday, February 10th. The shares were sold at an average price of $120.75, for a total value of $54,579.00. Following the transaction, the executive vice president now directly owns 11,553 shares in the company, valued at approximately $1,395,024.75. This represents a 3.77 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, CEO George Kurian sold 8,500 shares of NetApp stock in a transaction dated Monday, April 21st. The shares were sold at an average price of $81.83, for a total transaction of $695,555.00. Following the sale, the chief executive officer now owns 249,765 shares of the company's stock, valued at $20,438,269.95. The trade was a 3.29 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 50,176 shares of company stock valued at $5,095,701. 0.47% of the stock is currently owned by insiders.

NetApp Trading Up 3.9 %

Shares of NTAP stock traded up $3.29 during trading hours on Thursday, reaching $88.17. 1,812,990 shares of the stock were exchanged, compared to its average volume of 2,151,238. The firm has a market capitalization of $17.93 billion, a price-to-earnings ratio of 16.21, a price-to-earnings-growth ratio of 2.45 and a beta of 1.31. NetApp, Inc. has a 12-month low of $71.84 and a 12-month high of $135.45. The company's 50-day moving average price is $94.13 and its 200-day moving average price is $112.03. The company has a current ratio of 0.91, a quick ratio of 0.84 and a debt-to-equity ratio of 1.39.

NetApp Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Wednesday, April 23rd. Stockholders of record on Friday, April 4th were paid a dividend of $0.52 per share. The ex-dividend date was Friday, April 4th. This represents a $2.08 dividend on an annualized basis and a dividend yield of 2.36%. NetApp's dividend payout ratio is 38.52%.

About NetApp

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.