Envestnet Asset Management Inc. Acquires 87,878 Shares of NetApp, Inc. (NASDAQ:NTAP)

Envestnet Asset Management Inc. boosted its holdings in NetApp, Inc. (NASDAQ:NTAP - Free Report) by 29.9% in the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 382,136 shares of the data storage provider's stock after purchasing an additional 87,878 shares during the quarter. Envestnet Asset Management Inc. owned about 0.19% of NetApp worth $44,358,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also bought and sold shares of the business. Migdal Insurance & Financial Holdings Ltd. bought a new stake in shares of NetApp during the fourth quarter worth about $26,000. Assetmark Inc. increased its holdings in NetApp by 826.9% during the 4th 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 purchased a new stake in shares of NetApp in the fourth quarter worth approximately $32,000. Golden State Wealth Management LLC bought a new position in shares of NetApp in the fourth quarter valued at approximately $35,000. Finally, OFI Invest Asset Management purchased a new position in shares of NetApp during the fourth quarter valued at approximately $39,000. Institutional investors own 92.17% of the company's stock.

Analyst Ratings Changes

Several equities analysts have weighed in on the company. Loop Capital dropped their price objective on NetApp from $150.00 to $130.00 and set a "buy" rating on the stock in a research note on Tuesday, March 4th. JPMorgan Chase & Co. dropped their price target on shares of NetApp from $160.00 to $153.00 and set an "overweight" rating on the stock in a research report on Friday, February 28th. Bank of America upgraded shares of NetApp from an "underperform" rating to a "neutral" rating and increased their price objective for the company from $121.00 to $128.00 in a research note on Wednesday, February 19th. StockNews.com cut shares of NetApp from a "buy" rating to a "hold" rating in a research report on Friday, February 28th. Finally, Keefe, Bruyette & Woods raised NetApp to an "outperform" rating in a report on Wednesday, February 19th. 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 MarketBeat, the stock currently has an average rating of "Hold" and an average target price of $127.73.

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Insider Activity

In other news, EVP Elizabeth M. O'callahan sold 452 shares of the 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 sale, the executive vice president now directly owns 11,553 shares of the company's stock, valued at approximately $1,395,024.75. This represents a 3.77 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, CEO George Kurian sold 8,500 shares of the business's stock in a transaction that occurred 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 transaction, the chief executive officer now directly owns 271,282 shares of the company's stock, valued at approximately $33,375,824.46. This represents a 3.04 % decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders sold 50,176 shares of company stock worth $5,445,901. 0.47% of the stock is owned by corporate insiders.

NetApp Stock Performance

Shares of NASDAQ NTAP traded down $0.98 during midday trading on Tuesday, hitting $82.30. The company's stock had a trading volume of 1,311,653 shares, compared to its average volume of 1,917,491. The stock has a fifty day moving average price of $99.46 and a 200 day moving average price of $113.85. The firm has a market capitalization of $16.74 billion, a price-to-earnings ratio of 15.13, a P/E/G ratio of 2.45 and a beta of 1.31. NetApp, Inc. has a one year low of $71.84 and a one year high of $135.45. 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 business also recently announced a quarterly dividend, which will be paid on Wednesday, April 23rd. Shareholders of record on Friday, April 4th will be given a dividend of $0.52 per share. The ex-dividend date of this dividend is Friday, April 4th. This represents a $2.08 annualized dividend and a dividend yield of 2.53%. NetApp's dividend payout ratio is currently 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.