NetApp, Inc. (NASDAQ:NTAP) Shares Acquired by Connor Clark & Lunn Investment Management Ltd.

Connor Clark & Lunn Investment Management Ltd. boosted its stake in shares of NetApp, Inc. (NASDAQ:NTAP - Free Report) by 44.8% in the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm owned 475,860 shares of the data storage provider's stock after acquiring an additional 147,294 shares during the quarter. Connor Clark & Lunn Investment Management Ltd. owned about 0.23% of NetApp worth $55,238,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds and other institutional investors also recently modified their holdings of the stock. State Street Corp increased its stake in shares of NetApp by 2.0% during the third 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 NetApp by 8.2% during the 3rd quarter. Geode Capital Management LLC now owns 5,985,673 shares of the data storage provider's stock worth $738,280,000 after purchasing an additional 453,324 shares during the period. Amundi raised its stake in shares of NetApp by 25.7% during the 4th quarter. Amundi now owns 1,948,917 shares of the data storage provider's stock worth $228,492,000 after buying an additional 397,871 shares in the last quarter. Robeco Institutional Asset Management B.V. raised its stake in shares of NetApp by 9.2% during the 4th quarter. Robeco Institutional Asset Management B.V. now owns 1,346,212 shares of the data storage provider's stock worth $156,268,000 after buying an additional 113,360 shares in the last quarter. Finally, Charles Schwab Investment Management Inc. lifted its holdings in shares of NetApp by 2.2% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 1,287,432 shares of the data storage provider's stock valued at $149,445,000 after buying an additional 27,857 shares during the period. 92.17% of the stock is currently owned by hedge funds and other institutional investors.

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Insider Activity at NetApp

In related news, President Cesar Cernuda sold 22,000 shares of the company's stock in a transaction on Monday, December 30th. The stock was sold at an average price of $114.99, for a total value of $2,529,780.00. Following the completion of the transaction, the president now directly owns 27,099 shares in the company, valued at approximately $3,116,114.01. This represents a 44.81 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, CEO George Kurian sold 8,500 shares of the stock in a transaction dated Monday, December 16th. The stock was sold at an average price of $124.29, for a total value of $1,056,465.00. Following the transaction, the chief executive officer now owns 279,782 shares in the company, valued at $34,774,104.78. This trade represents a 2.95 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 61,431 shares of company stock valued at $7,309,224. Company insiders own 0.47% of the company's stock.

NetApp Price Performance

NTAP stock traded down $1.43 during trading on Thursday, hitting $90.06. The stock had a trading volume of 2,203,549 shares, compared to its average volume of 1,894,351. NetApp, Inc. has a 1-year low of $89.88 and a 1-year high of $135.45. The stock has a market cap of $18.32 billion, a price-to-earnings ratio of 16.56, a price-to-earnings-growth ratio of 2.45 and a beta of 1.24. The company's 50 day moving average price is $115.43 and its two-hundred day moving average price is $119.48. 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 Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, April 23rd. Investors of record on Friday, April 4th will be paid a dividend of $0.52 per share. This represents a $2.08 annualized dividend and a dividend yield of 2.31%. The ex-dividend date of this dividend is Friday, April 4th. NetApp's payout ratio is 38.52%.

Analyst Ratings Changes

A number of research analysts recently weighed in on the company. TD Cowen dropped their price objective on NetApp from $160.00 to $130.00 and set a "buy" rating on the stock in a report on Friday, February 28th. Bank of America raised shares of NetApp from an "underperform" rating to a "neutral" rating and upped their price target for the stock from $121.00 to $128.00 in a research note on Wednesday, February 19th. Citigroup reduced their price objective on shares of NetApp from $135.00 to $110.00 and set a "neutral" rating for the company in a research note on Monday, March 3rd. Barclays decreased their price objective on shares of NetApp from $132.00 to $115.00 and set an "equal weight" rating on the stock in a report on Friday, February 28th. Finally, Northland Securities increased their target price on shares of NetApp from $108.00 to $120.00 and gave the company a "market perform" rating in a report on Friday, November 22nd. Twelve analysts have rated the stock with a hold rating and six have assigned a buy rating to the stock. According to MarketBeat.com, the stock presently has an average rating of "Hold" and a consensus target price of $129.07.

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.