NetApp, Inc. (NASDAQ:NTAP) Shares Sold by Frank Rimerman Advisors LLC

Frank Rimerman Advisors LLC cut its position in NetApp, Inc. (NASDAQ:NTAP - Free Report) by 33.7% in the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 5,599 shares of the data storage provider's stock after selling 2,848 shares during the quarter. Frank Rimerman Advisors LLC's holdings in NetApp were worth $650,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors and hedge funds have also recently modified their holdings of the company. Ironwood Investment Counsel LLC grew its holdings in shares of NetApp by 3.5% in the fourth quarter. Ironwood Investment Counsel LLC now owns 10,491 shares of the data storage provider's stock valued at $1,218,000 after purchasing an additional 352 shares in the last quarter. Intact Investment Management Inc. purchased a new position in shares of NetApp in the 4th quarter valued at about $2,983,000. LBP AM SA grew its position in shares of NetApp by 3.9% during the fourth quarter. LBP AM SA now owns 126,846 shares of the data storage provider's stock worth $14,724,000 after buying an additional 4,780 shares in the last quarter. PGGM Investments increased its stake in shares of NetApp by 1.3% during the fourth quarter. PGGM Investments now owns 60,133 shares of the data storage provider's stock worth $6,980,000 after buying an additional 777 shares during the period. Finally, Skandinaviska Enskilda Banken AB publ raised its holdings in NetApp by 5.6% in the fourth quarter. Skandinaviska Enskilda Banken AB publ now owns 1,123,764 shares of the data storage provider's stock valued at $130,823,000 after acquiring an additional 59,183 shares in the last quarter. Hedge funds and other institutional investors own 92.17% of the company's stock.

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NetApp Stock Performance

NASDAQ NTAP traded down $1.43 during trading on Thursday, reaching $92.10. The company's stock had a trading volume of 2,845,878 shares, compared to its average volume of 1,731,846. The business's fifty day moving average price is $113.44 and its 200-day moving average price is $118.46. NetApp, Inc. has a twelve month low of $89.88 and a twelve month high of $135.45. The company has a debt-to-equity ratio of 1.39, a quick ratio of 0.84 and a current ratio of 0.91. The firm has a market cap of $18.73 billion, a price-to-earnings ratio of 16.93, a P/E/G ratio of 2.45 and a beta of 1.24.

NetApp Dividend Announcement

The company also recently disclosed 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 dividend on an annualized basis and a yield of 2.26%. NetApp's payout ratio is currently 38.52%.

Insider Transactions at NetApp

In other news, EVP Elizabeth M. O'callahan sold 528 shares of the stock in a transaction that occurred on Monday, March 10th. The stock was sold at an average price of $92.58, for a total transaction of $48,882.24. Following the completion of the transaction, the executive vice president now directly owns 12,900 shares of the company's stock, valued at approximately $1,194,282. This represents a 3.93 % decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, President Cesar Cernuda sold 22,000 shares of NetApp stock in a transaction that occurred on Monday, December 30th. The shares were sold at an average price of $114.99, for a total value of $2,529,780.00. Following the completion of the sale, the president now owns 27,099 shares in the company, valued at approximately $3,116,114.01. This trade represents a 44.81 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders sold 52,931 shares of company stock worth $6,252,759. Company insiders own 0.47% of the company's stock.

Analyst Upgrades and Downgrades

NTAP has been the subject of several analyst reports. Keefe, Bruyette & Woods upgraded shares of NetApp to an "outperform" rating in a report on Wednesday, February 19th. Bank of America raised NetApp from an "underperform" rating to a "neutral" rating and increased their target price for the company from $121.00 to $128.00 in a report on Wednesday, February 19th. JPMorgan Chase & Co. decreased their price target on NetApp from $160.00 to $153.00 and set an "overweight" rating for the company in a report on Friday, February 28th. Wells Fargo & Company lowered their price objective on NetApp from $130.00 to $115.00 and set an "equal weight" rating for the company in a research report on Friday, February 28th. Finally, Loop Capital cut their target price on NetApp from $150.00 to $130.00 and set a "buy" rating on the stock in a research report on Tuesday, March 4th. Twelve research analysts have rated the stock with a hold rating and six have assigned a buy rating to the company. According to MarketBeat, the stock currently has a consensus rating of "Hold" and a consensus target price of $129.07.

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.