Dynamic Technology Lab Private Ltd Decreases Stake in NetApp, Inc. (NASDAQ:NTAP)

Dynamic Technology Lab Private Ltd reduced its position in NetApp, Inc. (NASDAQ:NTAP - Free Report) by 85.2% in the 4th quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 2,676 shares of the data storage provider's stock after selling 15,417 shares during the quarter. Dynamic Technology Lab Private Ltd's holdings in NetApp were worth $311,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Vanguard Group Inc. boosted its holdings in NetApp by 1.7% in the 4th quarter. Vanguard Group Inc. now owns 26,443,974 shares of the data storage provider's stock valued at $3,069,617,000 after purchasing an additional 429,343 shares during the last quarter. Geode Capital Management LLC lifted its stake 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 acquiring an additional 453,324 shares in the last quarter. Beutel Goodman & Co Ltd. grew its position in NetApp by 0.4% in the 4th quarter. Beutel Goodman & Co Ltd. now owns 2,887,795 shares of the data storage provider's stock valued at $335,215,000 after acquiring an additional 12,919 shares in the last quarter. Norges Bank purchased a new stake in NetApp during the fourth quarter worth about $306,440,000. Finally, Boston Partners lifted its position in shares of NetApp by 53.9% during the fourth quarter. Boston Partners now owns 2,083,189 shares of the data storage provider's stock worth $241,867,000 after purchasing an additional 729,394 shares in the last quarter. Institutional investors and hedge funds own 92.17% of the company's stock.

Analysts Set New Price Targets

NTAP has been the subject of a number of research reports. Loop Capital dropped their price objective on shares of NetApp from $150.00 to $130.00 and set a "buy" rating for the company in a report on Tuesday, March 4th. StockNews.com lowered NetApp from a "buy" rating to a "hold" rating in a research report on Friday, February 28th. TD Cowen decreased their target price on NetApp from $160.00 to $130.00 and set a "buy" rating for the company in a report on Friday, February 28th. Wells Fargo & Company cut their price target on NetApp from $130.00 to $115.00 and set an "equal weight" rating on the stock in a report on Friday, February 28th. Finally, Wedbush reiterated a "neutral" rating and issued a $110.00 price objective (down previously from $120.00) on shares of NetApp in a research note on Friday, February 28th. Twelve equities research analysts have rated the stock with a hold rating and six have given a buy rating to the company. According to data from MarketBeat.com, the company has a consensus rating of "Hold" and an average price target of $127.73.

NetApp Stock Down 0.0 %

NASDAQ:NTAP traded down $0.02 during midday trading on Wednesday, hitting $82.16. 245,840 shares of the company were exchanged, compared to its average volume of 1,915,385. 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, Inc. has a fifty-two week low of $71.84 and a fifty-two week high of $135.45. The company has a market capitalization of $16.71 billion, a PE ratio of 15.11, a price-to-earnings-growth ratio of 2.45 and a beta of 1.31. The company has a fifty day simple moving average of $98.62 and a 200 day simple moving average of $113.63.

NetApp Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Wednesday, April 23rd. Stockholders of record on Friday, April 4th will be issued a $0.52 dividend. This represents a $2.08 annualized dividend and a dividend yield of 2.53%. The ex-dividend date is Friday, April 4th. NetApp's payout ratio is currently 38.52%.

Insider Buying and Selling

In other news, President Cesar Cernuda sold 19,696 shares of the firm's stock in a transaction that occurred on Friday, March 28th. The shares were sold at an average price of $90.15, for a total transaction of $1,775,594.40. Following the transaction, the president now directly owns 11,928 shares in the company, valued at approximately $1,075,309.20. This trade represents a 62.28 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, Director Anders Gustafsson purchased 2,800 shares of NetApp stock in a transaction that occurred on Thursday, March 27th. The stock was acquired at an average price of $91.00 per share, with a total value of $254,800.00. Following the transaction, the director now owns 6,348 shares in the company, valued at $577,668. The trade was a 78.92 % increase in their ownership of the stock. The disclosure for this purchase can be found here. Insiders have sold 50,176 shares of company stock worth $5,445,901 in the last quarter. 0.47% of the stock is owned by insiders.

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.