Elo Mutual Pension Insurance Co Increases Holdings in NetApp, Inc. (NASDAQ:NTAP)

Elo Mutual Pension Insurance Co increased its position in shares of NetApp, Inc. (NASDAQ:NTAP - Free Report) by 28.2% during the fourth quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 23,437 shares of the data storage provider's stock after buying an additional 5,156 shares during the quarter. Elo Mutual Pension Insurance Co's holdings in NetApp were worth $2,721,000 as of its most recent SEC filing.

Other institutional investors also recently added to or reduced their stakes in the company. Mitsubishi UFJ Asset Management Co. Ltd. boosted its stake in shares of NetApp by 9.5% during the fourth quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 359,455 shares of the data storage provider's stock worth $42,035,000 after buying an additional 31,308 shares during the period. Korea Investment CORP lifted its position in NetApp by 40.5% during the 4th quarter. Korea Investment CORP now owns 156,306 shares of the data storage provider's stock worth $18,144,000 after acquiring an additional 45,076 shares during the period. Mitsubishi UFJ Trust & Banking Corp grew its stake in shares of NetApp by 3.7% in the 4th quarter. Mitsubishi UFJ Trust & Banking Corp now owns 543,091 shares of the data storage provider's stock valued at $63,042,000 after purchasing an additional 19,591 shares during the last quarter. Meiji Yasuda Asset Management Co Ltd. increased its holdings in shares of NetApp by 7.9% in the fourth quarter. Meiji Yasuda Asset Management Co Ltd. now owns 8,409 shares of the data storage provider's stock valued at $976,000 after purchasing an additional 614 shares during the period. Finally, EntryPoint Capital LLC acquired a new position in shares of NetApp in the fourth quarter valued at approximately $287,000. Institutional investors and hedge funds own 92.17% of the company's stock.

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Analyst Upgrades and Downgrades

NTAP has been the topic of a number of analyst reports. Keefe, Bruyette & Woods upgraded shares of NetApp to an "outperform" rating in a research report on Wednesday, February 19th. Wedbush reiterated a "neutral" rating and set a $110.00 price target (down from $120.00) on shares of NetApp in a research note on Friday, February 28th. Loop Capital reduced their price objective on shares of NetApp from $150.00 to $130.00 and set a "buy" rating for the company in a research report on Tuesday, March 4th. Morgan Stanley lifted their price objective on NetApp from $132.00 to $146.00 and gave the company an "equal weight" rating in a report on Tuesday, December 17th. Finally, JPMorgan Chase & Co. cut their target price on NetApp from $160.00 to $153.00 and set an "overweight" rating for the company in a research note on Friday, February 28th. Twelve research analysts have rated the stock with a hold rating and six have issued a buy rating to the company's stock. According to data from MarketBeat, the stock currently has a consensus rating of "Hold" and a consensus target price of $129.07.

Insider Activity at NetApp

In related news, President Cesar Cernuda sold 19,696 shares of the company'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 owns 11,928 shares of the company's stock, valued at approximately $1,075,309.20. This represents a 62.28 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, CEO George Kurian sold 8,500 shares of the business's stock in a transaction on Tuesday, January 21st. The shares were sold at an average price of $123.03, for a total value 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 disclosure for this sale can be found here. In the last quarter, insiders sold 50,627 shares of company stock valued at $5,498,573. 0.47% of the stock is owned by insiders.

NetApp Price Performance

NetApp stock traded up $1.33 during mid-day trading on Wednesday, hitting $90.82. 348,488 shares of the company were exchanged, compared to its average volume of 1,852,956. NetApp, Inc. has a 12-month low of $86.40 and a 12-month high of $135.45. The company has a market capitalization of $18.47 billion, a P/E ratio of 16.70, a PEG ratio of 2.45 and a beta of 1.24. The business's 50 day simple moving average is $108.45 and its two-hundred day simple moving average is $116.86. 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 Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, April 23rd. Investors of record on Friday, April 4th will be given a dividend of $0.52 per share. This represents a $2.08 dividend on an annualized basis and a yield of 2.29%. The ex-dividend date is Friday, April 4th. NetApp's dividend payout ratio is presently 38.52%.

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.