Invesco Ltd. Purchases 529,471 Shares of NetApp, Inc. (NASDAQ:NTAP)

Invesco Ltd. lifted its position in NetApp, Inc. (NASDAQ:NTAP - Free Report) by 20.4% in the 4th quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 3,123,228 shares of the data storage provider's stock after acquiring an additional 529,471 shares during the quarter. Invesco Ltd. owned approximately 1.54% of NetApp worth $362,544,000 as of its most recent filing with the SEC.

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

Insider Buying and Selling at NetApp

In other news, President Cesar Cernuda sold 19,696 shares of the firm's stock in a transaction dated Friday, March 28th. The stock was 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 sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Anders Gustafsson purchased 2,800 shares of NetApp stock in a transaction that occurred on Thursday, March 27th. The shares were bought at an average cost of $91.00 per share, with a total value of $254,800.00. Following the completion of the transaction, the director now directly owns 6,348 shares of the company's stock, valued at approximately $577,668. The trade was a 78.92 % increase in their position. The disclosure for this purchase can be found here. In the last quarter, insiders have sold 50,176 shares of company stock worth $5,445,901. Corporate insiders own 0.47% of the company's stock.

Remove Ads

NetApp Stock Down 0.8 %

NASDAQ NTAP traded down $0.67 on Tuesday, reaching $82.61. The company had a trading volume of 758,699 shares, compared to its average volume of 1,914,936. The company's fifty day moving average is $99.46 and its 200-day moving average is $113.85. The firm has a market capitalization of $16.80 billion, a price-to-earnings ratio of 15.19, a price-to-earnings-growth ratio of 2.45 and a beta of 1.31. The company has a debt-to-equity ratio of 1.39, a quick ratio of 0.84 and a current ratio of 0.91. NetApp, Inc. has a 1-year low of $71.84 and a 1-year high of $135.45.

NetApp Dividend Announcement

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

Analyst Upgrades and Downgrades

NTAP has been the topic of a number of recent analyst reports. Susquehanna lowered shares of NetApp from a "positive" rating to a "neutral" rating and dropped their price target for the company from $155.00 to $130.00 in a research report on Monday, February 10th. TD Cowen reduced their target price on NetApp from $160.00 to $130.00 and set a "buy" rating for the company in a research report on Friday, February 28th. Wedbush reiterated a "neutral" rating and issued a $110.00 price objective (down from $120.00) on shares of NetApp in a research note on Friday, February 28th. Bank of America upgraded shares of NetApp from an "underperform" rating to a "neutral" rating and increased their target price for the stock from $121.00 to $128.00 in a research report on Wednesday, February 19th. Finally, Barclays reduced their price objective on NetApp from $132.00 to $115.00 and set an "equal weight" rating on the stock in a research note on Friday, February 28th. Twelve analysts have rated the stock with a hold rating and six have given a buy rating to the company. Based on data from MarketBeat.com, NetApp has a consensus rating of "Hold" and an average price target of $127.73.

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.