Pinebridge Investments L.P. Raises Stock Position in NetApp, Inc. (NASDAQ:NTAP)

Pinebridge Investments L.P. boosted its position in NetApp, Inc. (NASDAQ:NTAP - Free Report) by 38.3% in the fourth quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 135,559 shares of the data storage provider's stock after purchasing an additional 37,573 shares during the period. Pinebridge Investments L.P. owned 0.07% of NetApp worth $15,736,000 at the end of the most recent quarter.

Other hedge funds also recently modified their holdings of the company. Migdal Insurance & Financial Holdings Ltd. bought a new position in NetApp in the fourth quarter worth approximately $26,000. Assetmark Inc. lifted its holdings in NetApp by 826.9% during the fourth quarter. Assetmark Inc. now owns 241 shares of the data storage provider's stock valued at $28,000 after purchasing an additional 215 shares during the last quarter. Synergy Investment Management LLC purchased a new stake in shares of NetApp during the fourth quarter worth $32,000. Golden State Wealth Management LLC purchased a new position in NetApp during the 4th quarter valued at about $35,000. Finally, OFI Invest Asset Management purchased a new position in shares of NetApp during the 4th quarter valued at $39,000. Institutional investors and hedge funds own 92.17% of the company's stock.

NetApp Price Performance

Shares of NTAP stock traded up $0.28 during mid-day trading on Friday, hitting $88.45. The company had a trading volume of 1,699,069 shares, compared to its average volume of 1,928,929. The company has a market capitalization of $17.99 billion, a P/E ratio of 16.26, a P/E/G ratio of 2.45 and a beta of 1.31. NetApp, Inc. has a 52-week low of $71.84 and a 52-week high of $135.45. The company has a debt-to-equity ratio of 1.39, a current ratio of 0.91 and a quick ratio of 0.84. The stock's 50 day moving average price is $92.87 and its 200-day moving average price is $111.41.

NetApp Announces Dividend

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

Analyst Upgrades and Downgrades

NTAP has been the subject of several research reports. Citigroup cut their target price on shares of NetApp from $110.00 to $90.00 and set a "neutral" rating for the company in a research report on Monday, April 14th. StockNews.com cut NetApp from a "buy" rating to a "hold" rating in a research note on Friday, February 28th. TD Cowen lowered their price objective on NetApp from $160.00 to $130.00 and set a "buy" rating on the stock in a research report on Friday, February 28th. Susquehanna lowered shares of NetApp from a "positive" rating to a "neutral" rating and reduced their price target for the stock from $155.00 to $130.00 in a research note on Monday, February 10th. Finally, Keefe, Bruyette & Woods upgraded NetApp to an "outperform" rating in a research note on Wednesday, February 19th. Twelve equities research analysts have rated the stock with a hold rating and six have issued a buy rating to the stock. According to MarketBeat, the company has an average rating of "Hold" and a consensus price target of $125.07.

Insider Buying and Selling at NetApp

In other NetApp news, CEO George Kurian sold 8,500 shares of NetApp stock in a transaction on Monday, April 21st. The stock was sold at an average price of $81.83, for a total transaction of $695,555.00. Following the completion of the sale, the chief executive officer now directly owns 249,765 shares of the company's stock, valued at $20,438,269.95. The trade was a 3.29 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, EVP Elizabeth M. O'callahan sold 452 shares of the business's stock in a transaction dated Monday, February 10th. The shares were sold at an average price of $120.75, for a total transaction of $54,579.00. Following the completion of the sale, the executive vice president now owns 11,553 shares of the company's stock, valued at approximately $1,395,024.75. This represents a 3.77 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 50,176 shares of company stock worth $5,095,701 over the last ninety days. Company insiders own 0.47% of the company's stock.

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.