Promethos Capital LLC Purchases 22,440 Shares of NetApp, Inc. (NASDAQ:NTAP)

Promethos Capital LLC increased its holdings in NetApp, Inc. (NASDAQ:NTAP - Free Report) by 2,693.9% during the 4th quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 23,273 shares of the data storage provider's stock after acquiring an additional 22,440 shares during the quarter. Promethos Capital LLC's holdings in NetApp were worth $2,702,000 as of its most recent filing with the SEC.

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

Analyst Ratings Changes

A number of equities research analysts have issued reports on NTAP shares. Wedbush reiterated a "neutral" rating and issued a $110.00 target price (down from $120.00) on shares of NetApp in a research note on Friday, February 28th. Wells Fargo & Company reduced their target price on shares of NetApp from $130.00 to $115.00 and set an "equal weight" rating for the company in a research note on Friday, February 28th. TD Cowen cut their price target on NetApp from $160.00 to $130.00 and set a "buy" rating on the stock in a report on Friday, February 28th. JPMorgan Chase & Co. lowered their target price on NetApp from $153.00 to $113.00 and set an "overweight" rating on the stock in a research report on Thursday. Finally, Citigroup decreased their price target on NetApp from $110.00 to $90.00 and set a "neutral" rating for the company in a research note on Monday, April 14th. Twelve equities research analysts have rated the stock with a hold rating and six have issued a buy rating to the company. According to MarketBeat.com, the company presently has an average rating of "Hold" and an average price target of $125.07.

Insider Activity

In other news, 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 transaction of $1,045,755.00. Following the transaction, the chief executive officer now directly owns 271,282 shares in the company, valued at $33,375,824.46. The trade was a 3.04 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, President Cesar Cernuda sold 19,696 shares of the business's stock in a transaction dated Friday, March 28th. The shares were sold at an average price of $90.15, for a total value of $1,775,594.40. Following the completion of the transaction, the president now owns 11,928 shares in the company, valued at $1,075,309.20. This trade represents a 62.28 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 50,176 shares of company stock worth $5,445,901. 0.47% of the stock is owned by corporate insiders.

NetApp Trading Up 1.5 %

Shares of NASDAQ:NTAP traded up $1.26 during mid-day trading on Friday, hitting $82.61. The stock had a trading volume of 1,602,025 shares, compared to its average volume of 1,929,117. The company's 50 day moving average is $96.24 and its 200-day moving average is $112.86. NetApp, Inc. has a 12-month low of $71.84 and a 12-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 company has a market cap of $16.80 billion, a PE ratio of 15.19, a P/E/G ratio of 2.45 and a beta of 1.31.

NetApp Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, April 23rd. Stockholders of record on Friday, April 4th will be given a $0.52 dividend. The ex-dividend date is Friday, April 4th. This represents a $2.08 annualized dividend and a dividend yield of 2.52%. NetApp's dividend payout ratio (DPR) is presently 38.52%.

NetApp 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.