Arrowstreet Capital Limited Partnership Cuts Stake in NetApp, Inc. (NASDAQ:NTAP)

Arrowstreet Capital Limited Partnership decreased its stake in NetApp, Inc. (NASDAQ:NTAP - Free Report) by 31.2% in the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 2,453,913 shares of the data storage provider's stock after selling 1,115,413 shares during the period. Arrowstreet Capital Limited Partnership owned 1.21% of NetApp worth $284,850,000 at the end of the most recent reporting period.

Several other large investors have also modified their holdings of the stock. FMR LLC grew its holdings in shares of NetApp by 2.1% during the third quarter. FMR LLC now owns 267,785 shares of the data storage provider's stock worth $33,074,000 after purchasing an additional 5,636 shares during the last quarter. Townsquare Capital LLC grew its stake in NetApp by 66.5% during the 3rd quarter. Townsquare Capital LLC now owns 5,989 shares of the data storage provider's stock worth $740,000 after buying an additional 2,392 shares during the last quarter. Freedom Investment Management Inc. purchased a new position in NetApp during the 3rd quarter worth approximately $205,000. Healthcare of Ontario Pension Plan Trust Fund increased its position in NetApp by 36.9% during the third quarter. Healthcare of Ontario Pension Plan Trust Fund now owns 41,206 shares of the data storage provider's stock worth $5,089,000 after buying an additional 11,106 shares during the period. Finally, Zurcher Kantonalbank Zurich Cantonalbank lifted its stake in NetApp by 5.1% in the third quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 182,867 shares of the data storage provider's stock valued at $22,586,000 after buying an additional 8,896 shares during the last quarter. Institutional investors and hedge funds own 92.17% of the company's stock.

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NetApp Trading Down 8.3 %

NASDAQ:NTAP traded down $7.51 during mid-day trading on Thursday, reaching $82.98. The company's stock had a trading volume of 870,401 shares, compared to its average volume of 1,858,051. NetApp, Inc. has a twelve month low of $81.89 and a twelve month high of $135.45. The company's fifty day simple moving average is $107.74 and its two-hundred day simple moving average is $116.68. 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 has a market cap of $16.88 billion, a P/E ratio of 15.25, a P/E/G ratio of 2.45 and a beta of 1.31.

NetApp Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Wednesday, April 23rd. Investors of record on Friday, April 4th will be issued a $0.52 dividend. The ex-dividend date is Friday, April 4th. This represents a $2.08 dividend on an annualized basis and a yield of 2.51%. NetApp's payout ratio is 38.52%.

Insiders Place Their Bets

In related news, President Cesar Cernuda sold 19,696 shares of the stock in a transaction on 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 transaction, the president now directly owns 11,928 shares of the company's stock, valued at approximately $1,075,309.20. This trade represents a 62.28 % decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, EVP Elizabeth M. O'callahan sold 451 shares of the business's stock in a transaction dated Friday, January 10th. The shares were sold at an average price of $116.79, for a total value of $52,672.29. Following the sale, the executive vice president now directly owns 12,005 shares of the company's stock, valued at approximately $1,402,063.95. This trade represents a 3.62 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 50,627 shares of company stock valued at $5,498,573 over the last quarter. Company insiders own 0.47% of the company's stock.

Wall Street Analysts Forecast Growth

NTAP has been the topic of a number of research reports. TD Cowen lowered their target price on shares of NetApp from $160.00 to $130.00 and set a "buy" rating on the stock in a research report on Friday, February 28th. Citigroup dropped their price objective on shares of NetApp from $135.00 to $110.00 and set a "neutral" rating on the stock in a research note on Monday, March 3rd. StockNews.com downgraded shares of NetApp from a "buy" rating to a "hold" rating in a research note on Friday, February 28th. JPMorgan Chase & Co. reduced their price objective on NetApp from $160.00 to $153.00 and set an "overweight" rating for the company in a research note on Friday, February 28th. 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 assigned a buy rating to the company's stock. According to data from MarketBeat.com, the company presently has a consensus rating of "Hold" and an average price target of $129.07.

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.