Lord Abbett & CO. LLC Lowers Stock Holdings in NetApp, Inc. (NASDAQ:NTAP)

Lord Abbett & CO. LLC decreased its stake in NetApp, Inc. (NASDAQ:NTAP - Free Report) by 2.1% in the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 590,049 shares of the data storage provider's stock after selling 12,918 shares during the period. Lord Abbett & CO. LLC owned 0.29% of NetApp worth $68,493,000 as of its most recent filing with the Securities and Exchange Commission.

Several other large investors have also added to or reduced their stakes in NTAP. Migdal Insurance & Financial Holdings Ltd. acquired a new stake in NetApp during the fourth quarter worth approximately $26,000. Assetmark Inc. increased its position in NetApp by 826.9% in the 4th quarter. Assetmark Inc. now owns 241 shares of the data storage provider's stock valued at $28,000 after buying an additional 215 shares in the last quarter. Synergy Investment Management LLC bought a new stake in NetApp in the 4th quarter valued at about $32,000. Golden State Wealth Management LLC acquired a new stake in NetApp in the fourth quarter valued at approximately $35,000. Finally, Coppell Advisory Solutions LLC grew its stake in NetApp by 50.0% in the fourth quarter. Coppell Advisory Solutions LLC now owns 300 shares of the data storage provider's stock valued at $35,000 after acquiring an additional 100 shares during the period. Institutional investors and hedge funds own 92.17% of the company's stock.

Wall Street Analysts Forecast Growth

Several research firms recently issued reports on NTAP. Keefe, Bruyette & Woods raised shares of NetApp to an "outperform" rating in a research report on Wednesday, February 19th. TD Cowen decreased their target price on shares of NetApp from $160.00 to $130.00 and set a "buy" rating for the company in a research report on Friday, February 28th. Wells Fargo & Company dropped their price target on shares of NetApp from $130.00 to $115.00 and set an "equal weight" rating on the stock in a research report on Friday, February 28th. Citigroup cut 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. Finally, StockNews.com downgraded NetApp from a "buy" rating to a "hold" rating in a research note on Friday, February 28th. 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.com, NetApp currently has a consensus rating of "Hold" and an average target price of $123.07.

Insider Buying and Selling

In related news, 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 transaction, the president now directly owns 11,928 shares of the company's stock, valued at approximately $1,075,309.20. The trade was a 62.28 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CFO Michael J. Berry sold 12,500 shares of the company's stock in a transaction dated Tuesday, February 4th. The shares were sold at an average price of $120.74, for a total transaction of $1,509,250.00. Following the sale, the chief financial officer now directly owns 123,243 shares in the company, valued at approximately $14,880,359.82. This trade represents a 9.21 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 50,176 shares of company stock valued at $5,095,701. 0.47% of the stock is owned by insiders.

NetApp Stock Performance

Shares of NASDAQ:NTAP traded down $0.45 during midday trading on Monday, reaching $88.00. The company had a trading volume of 1,383,702 shares, compared to its average volume of 1,926,748. The company's 50 day moving average price is $92.14 and its 200 day moving average price is $111.04. 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 stock has a market cap of $17.90 billion, a P/E ratio of 16.18, 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.

NetApp Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Wednesday, April 23rd. Investors of record on Friday, April 4th were issued a $0.52 dividend. This represents a $2.08 dividend on an annualized basis and a dividend yield of 2.36%. The ex-dividend date of this dividend was Friday, April 4th. NetApp's dividend payout ratio (DPR) is currently 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.