Hemenway Trust Co LLC reduced its stake in shares of NetApp, Inc. (NASDAQ:NTAP - Free Report) by 16.5% during the fourth quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 20,250 shares of the data storage provider's stock after selling 4,000 shares during the period. Hemenway Trust Co LLC's holdings in NetApp were worth $2,351,000 at the end of the most recent reporting period.
A number of other hedge funds also recently made changes to their positions in NTAP. Migdal Insurance & Financial Holdings Ltd. bought a new stake in NetApp during the 4th quarter valued at approximately $26,000. Assetmark Inc. lifted its holdings in shares of 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 buying an additional 215 shares in the last quarter. Synergy Investment Management LLC bought a new position in shares of NetApp during the fourth quarter worth $32,000. Golden State Wealth Management LLC purchased a new position in NetApp during the fourth quarter valued at $35,000. Finally, OFI Invest Asset Management bought a new stake in NetApp in the 4th quarter valued at $39,000. 92.17% of the stock is currently owned by institutional investors.
NetApp Stock Down 3.8 %
Shares of NTAP traded down $3.24 during midday trading on Thursday, reaching $82.86. 1,558,461 shares of the stock were exchanged, compared to its average volume of 1,898,377. The company has a current ratio of 0.91, a quick ratio of 0.84 and a debt-to-equity ratio of 1.39. The company's 50 day moving average is $101.79 and its two-hundred day moving average is $114.74. The company has a market capitalization of $16.85 billion, a P/E ratio of 15.10, a PEG 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.
NetApp Announces Dividend
The firm also recently announced 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. This represents a $2.08 dividend on an annualized basis and a yield of 2.51%. The ex-dividend date of this dividend is Friday, April 4th. NetApp's dividend payout ratio (DPR) is 38.52%.
Insider Activity
In related news, CFO Michael J. Berry sold 12,500 shares of the company's stock in a transaction on Tuesday, February 4th. The stock was sold at an average price of $120.74, for a total transaction of $1,509,250.00. Following the completion of the sale, the chief financial officer now directly owns 123,243 shares in the company, valued at $14,880,359.82. This represents a 9.21 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this link. Also, EVP Elizabeth M. O'callahan sold 451 shares of NetApp stock in a transaction that occurred on Friday, January 10th. The stock was sold at an average price of $116.79, for a total transaction of $52,672.29. Following the completion of the transaction, the executive vice president now directly owns 12,005 shares in the company, valued at approximately $1,402,063.95. The trade was a 3.62 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders sold 50,627 shares of company stock worth $5,498,573. 0.47% of the stock is currently owned by corporate insiders.
Wall Street Analysts Forecast Growth
Several analysts have recently issued reports on NTAP shares. Barclays decreased their price objective on NetApp from $132.00 to $115.00 and set an "equal weight" rating on the stock in a report on Friday, February 28th. Keefe, Bruyette & Woods raised shares of NetApp to an "outperform" rating in a research note on Wednesday, February 19th. JPMorgan Chase & Co. decreased their target price on shares of NetApp from $160.00 to $153.00 and set an "overweight" rating on the stock in a research report on Friday, February 28th. Bank of America upgraded NetApp from an "underperform" rating to a "neutral" rating and lifted their price target for the stock from $121.00 to $128.00 in a research report on Wednesday, February 19th. Finally, Citigroup decreased their price objective on NetApp from $135.00 to $110.00 and set a "neutral" rating on the stock in a research report on Monday, March 3rd. Twelve investment analysts have rated the stock with a hold rating and six have issued a buy rating to the stock. According to data from MarketBeat.com, the stock has an average rating of "Hold" and a consensus price target of $129.07.
Check Out Our Latest Research Report on NTAP
About NetApp
(
Free Report)
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.
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