Corebridge Financial Inc. Has $13.32 Million Stock Position in NetApp, Inc. (NASDAQ:NTAP)

Corebridge Financial Inc. raised its stake in NetApp, Inc. (NASDAQ:NTAP - Free Report) by 7.9% in the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 114,715 shares of the data storage provider's stock after acquiring an additional 8,442 shares during the period. Corebridge Financial Inc. owned approximately 0.06% of NetApp worth $13,316,000 at the end of the most recent quarter.

Other institutional investors have also recently modified their holdings of the company. M&T Bank Corp raised its stake in NetApp by 4.8% in the fourth quarter. M&T Bank Corp now owns 12,794 shares of the data storage provider's stock valued at $1,485,000 after purchasing an additional 581 shares in the last quarter. Versor Investments LP bought a new position in NetApp in the 4th quarter valued at about $395,000. AMJ Financial Wealth Management raised its position in shares of NetApp by 120.7% in the 4th quarter. AMJ Financial Wealth Management now owns 68,897 shares of the data storage provider's stock valued at $7,998,000 after buying an additional 37,684 shares in the last quarter. Daiwa Securities Group Inc. lifted its holdings in shares of 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 acquiring an additional 7,318 shares during the period. Finally, Robeco Institutional Asset Management B.V. boosted its position 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 acquiring an additional 113,360 shares in the last quarter. 92.17% of the stock is currently owned by institutional investors.

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NetApp Trading Down 3.0 %

Shares of NetApp stock traded down $2.69 during trading on Friday, hitting $88.40. The company's stock had a trading volume of 2,662,211 shares, compared to its average volume of 1,848,948. The stock has a market cap of $17.98 billion, a price-to-earnings ratio of 16.25, a price-to-earnings-growth ratio of 2.45 and a beta of 1.24. The company has a debt-to-equity ratio of 1.39, a current ratio of 0.91 and a quick ratio of 0.84. NetApp, Inc. has a 52 week low of $88.14 and a 52 week high of $135.45. The stock has a 50-day moving average price of $109.82 and a two-hundred day moving average price of $117.26.

NetApp Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Wednesday, April 23rd. Stockholders of record on Friday, April 4th will be paid a $0.52 dividend. The ex-dividend date is Friday, April 4th. This represents a $2.08 annualized dividend and a dividend yield of 2.35%. NetApp's payout ratio is 38.52%.

Insider Transactions at NetApp

In related news, CEO George Kurian sold 8,500 shares of NetApp stock in a transaction on Tuesday, January 21st. The shares were sold at an average price of $123.03, for a total transaction of $1,045,755.00. Following the completion of the transaction, the chief executive officer now owns 271,282 shares of the company's stock, valued at $33,375,824.46. This trade represents a 3.04 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CFO Michael J. Berry sold 12,500 shares of the company's stock in a transaction 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 sale, 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 position. The disclosure for this sale can be found here. Insiders sold 52,931 shares of company stock worth $6,252,759 over the last ninety days. 0.47% of the stock is owned by insiders.

Wall Street Analysts Forecast Growth

Several research analysts have commented on the stock. Bank of America upgraded shares of NetApp from an "underperform" rating to a "neutral" rating and boosted their price objective for the company from $121.00 to $128.00 in a research report on Wednesday, February 19th. Keefe, Bruyette & Woods raised NetApp to an "outperform" rating in a report on Wednesday, February 19th. Citigroup reduced their price objective on NetApp from $135.00 to $110.00 and set a "neutral" rating on the stock in a research note on Monday, March 3rd. Barclays lowered their target price on NetApp from $132.00 to $115.00 and set an "equal weight" rating for the company in a research note on Friday, February 28th. Finally, Wells Fargo & Company reduced their price target on shares of NetApp from $130.00 to $115.00 and set an "equal weight" rating on the stock in a research note on Friday, February 28th. Twelve equities research analysts have rated the stock with a hold rating and six have issued a buy rating to the stock. According to data from MarketBeat.com, the stock currently has a consensus rating of "Hold" and a consensus price target 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.